5. A payday loan business in town advances short-term loans. The following advertisement appeared in the local newspaper. "Borrow $200 now and payback $203 in two weeks." What is the nominal annual interest rate for this transaction 2Wnte vour answer as a percentage with two decimal aces eg l 23% 6. A series of five payments, $4,000, $3,000, $2,000, $1,000, and X are to be made at the end of years 1, 2,3, 4 and 5 respectively, in order to retire a loan of $10,000 taken at time "0" at an interest rate of 12%, what is the payment X at the end of year 5? Write your answer in dollars with two decimal places.eg S123 7. Joe Grant won the state lottery for $20M. He will receive $600,000 per year after taxes for 20 years. Ifhis expected Write your answer in dollars to the nearest integer. e.g.$123 annual interest rate is 10%, what is the present worth of Joe's winnings? 8. Annual income from a rented house is $24,000, and annual expenses are $6,000. If the house can be sold fr $245,000 at the end of 10 years, how much could you afford to pay for it now, if you considered 9% p.a. to be a suitable interest rate? Write your answer in dollars to the nearest integer.e.g.$123 9. How much would the owner of a building be justified in paying for a sprinkler system that will save $750 a year in insurance premiums if the system has to be replaced every 20 years and has a scrap value equal to 10% of its initial cost? Assume interest rate of 7% pa. Write y our answer u o ars to e nearest integer.c.g. s 123