5. What is the present value of an 8%, 20-year ordinary annuity that pays $15,000 each year? If this was an annuity due, what would its present value be? 6. An investment will pay $150 at the end of the first year, $300 at the end of the years 2 and 3, and $400 at the end of year 4. If other investments of equal risk earn 7 percent annually, what is its present value? 7. You want to buy a car and have to finance $22,000. The loan will be fully amortized over 5 years and the nominal interest rate will be 2.9% with interest and payments paid monthly. What will be the monthly loan payment? 8. When you apply for a credit card, you read that the annual interest rate is 22%. However, the fine print at the bottom of your monthly statement says that the interest compounds daily. What is the effective interest rate (the real rate you are paying)? I do not have a financial calculator and I need to see each step