Annuity Due. ( LO5-3)\ a. If you borrow

$1,000

and agree to repay the loan in five equal annual payments at an interest rate of

12%

, what will your payment be?\ b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?

37. Annuity Due. ( LO5-3) a. If you borrow $1,000 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year