5. Anchor Industries borrows $720,000 from State Bank and Trust. The bank loans the money for 12 years and charges 14% annual interest. a. How much is each annual payment? b. Assume that the bank will make the loan only on condition that Anchor Industries' initial 6 payments are $175,000 each. How much will each subsequent payment be? c. How much is each semi-annual payment under the original conditions but with interest compounded semi-annually? Frank would like to purchase a Mercedes 450 SL that sells for $50,000. He plans to take out a 5-year loan at a 12% annual rate. The most that Frank can afford for monthly payments is $1,000, but he can sell his current car to raise additional cash for a down payment. What is the minimum amount that Frank can accept for his current car and still be able to purchase the Mercedes