3. Joshua just got a new job and is going to buy a new minivan so that he can do all of his grocery shopping in one trip. He can either pay $30,000 today or pay six equal annual payments of $5,000 starting at the end of this year. The appropriate interest rate is 6%. Which payment plan should he choose? 4. Charlie's lifetime ambition is to own a beauty salon. John currently owns one, but has decided to offer to selit to Charlie to help make his dream come true. John proposes that Charlie wait for 5 years to buy his business, at which time Charlie will pay him $6,000,000. How much will Charlie need to invest at 7% today to have enough money for the purchase in 5 years? 5. Anna has been taking night classes at ITT Tech to learn the skills of an auto body repair specialist. Anna wants to buy Monica's recently totaled car so that she can rebuild it. However, because of Anna's poor credit history, she cannot obtain a loan. Therefore, Monica has decided to finance the sale of her car to Anna. Anna is willing to pay $8,000 (in today's dollars) for the car. If the appropriate interest rate is 5%, how much are Anna's annual payments if she pays Monica back over 5 years