28. Nathan Drake is considering borrowing $100,000 for 30 years at a compound annual interest rate of 9% p.a. The loan agreement calls for 30 equal annual payments, to be paid at the end of each of the next 30 years (payments include both principal and interest.) What is the annual payment that will fully amortize Nathan's loan? 29. Cloud Strife is going to place $12,500 into a certificate of deposit (CD) at a 6% annual rate (compounded annually) with a maturity of 30 months. How much money will Cloud receive when the CD matures? 30. Clementine and Lee expect to deposit the following cash flows at the end of years 1 through 5, $1,000; $4,000; $9,000; $5,000; and $2,000 respectively. Alternatively, they could deposit a single amount today and have the same amount in your account at the end of year 5. How large does the single deposit need to be today if Clementine and Lee can earn 10% compounded annually on their account? 31. What is the future value at the end of year 18 of $10,000 deposited today into an account that pays interest of 4.5% p.a., but with daily compounding (assume 365 days per year)? 32. Ellie is evaluating an investment that will provide the following returns at the end of each of the following years: year 1, $11,500; year 2, $10,000; year 3, $7,500; year 4, $5,000; year 5, $2,500; year 6, $0; and year 7, $12,500. Ellie believes that she should earn an annual rate of 8 percent on this investment. How much should Ellie pay for this investment? 31. What is the future value at the end of year 18 of $10,000 deposited today into an account that pays interest of 4.5% p.a., but with daily compounding (assume 365 days per year)? 33. On the day that his first child was born, Ezio Auditore de Firenze deposited $6,200 into an investment account. The only purpose for the account was to pay for his son's first year of college tuition. Assume that his son, Flavia, started college on his 18th birthday and his first year tuition payment had to be made that day. The amount needed on that day was $45,000. If that was indeed the amount of money in the account on Flavia's 18th birthday, what annual rate of return did Ezio earn on his investment account? 34. Marcus Holloway has $1,000 that he will use as a down payment on a car. Assuming that he can afford a payment of $225 per month, how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can purchase) if the interest rate is 3.75% and if he will finance his purchase with a 5 year, monthly payment loan? 35. Suppose Link deposits $5,000 into an account earning 5.875 percent interest, compounded monthly. How many years (rounded to one decimal place for example, 32.1843 year = 32.2) will it take for Link 's account to be worth $20,000? 36. Suppose Crash Bandicoot deposits $5,000 into an account earning 4 percent interest, compounded monthly and Crash also make monthly contributions of $50 (first monthly contribution made one month after the initial deposit is made). How many years (rounded to one decimal place for example, 32.1843 year = 32.2) will it take for the account to grow to $7,500 in this case? 37. Assume that Ratchet and Clank are trying to borrow money from you to finance their new business. Assume that Ratchet and Clank promise to repay you in three installments, one payment of $5,000 to be made exactly 2 years from today, a second payment of $10,000 to be made exactly 5 years from today, and a final payment of $15,000 to be made 8 years from today. If your opportunity cost of funds is 7.5% p.a., (that is, use an interest rate of 7.5% for this question), how much should you be willing to lend Ratchet and Clank today? 38. What is the future value at the end of year 28 of depositing $5,000 today, $3,500 at the end of years 1, 2 and 3, $5,000 at the end of years 4, 5, 6 and 7 and $4,250 at the end of years 8, 9, 10, 11 and 12 into an account that pays 9.5% p.a.? (No deposits will be made into the account after year 12)