9. Frank was making annual payments of $1,000 on a 15-year loan with the first payment due one year after taking out the loan. The interest on the loan was 11% effective. After making 8 payments he renegotiated the loan to pay off the debt in 4 more years with the lender being satisfied with a 9% effective yield over the entire 12-year period. Determine the amount of his new payments. 10. A 20-year loan of 20,000 may be repaid under the following two methods: i) amortization method with equal annual payments at an annual effective rate of 6.5% ii) sinking fund method in which the lender receives an annual effective rate of 8% and the sinking fund earns an annual effective rate of j. Both methods require a payment of X to be made at the end of each year for 20 years. Calculate i 11. Julie borrows $25,000 at an effective annual interest rate of 12%. She has the following options for repayment. (i) Annual amortization method, with payments made at year-end for 10 years (ii) Paying annual interest at year-end and building up a sinking fund (earning an effective annual interest rate of 7%), by making level annual payments at year-end, to pay off the loan at the end of 10 years. Determine the absolute value of the difference between the total annual outlays under two options