Question
3 20 points eBook Mc Print Lowlife Company defaulted on a $260,000 loan that was due on December 31, 2024. The bank has agreed to
3 20 points eBook Mc Print Lowlife Company defaulted on a $260,000 loan that was due on December 31, 2024. The bank has agreed to allow Lowlife to repay the $260,000 by making a series of equal annual payments beginning on December 31, 2025. Required: 1. Calculate the required annual payment if the bank's interest rate is 10% and four payments are to be made. 2. Calculate the required annual payment if the bank's interest rate is 8% and five payments are to be made. 3. If the bank's interest rate is 10%, how many annual payments of $31,702 would be required to repay the debt? 4. If three payments of $89,280 are to be made, what interest rate is the bank charging Lowlife? Note: For all requirements, Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below Dequired 1 Dequired 2 Doquired 2 Doquired A 4
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