Assume that you are about to sell property $($a vacant parcel of real estate$)$ you own but otherwise have no use for. The net$-$of$-$sales$-$

commission selling price for the property is $$490,000.$ You are willing to finance this transaction over a $21-$year period and have told

the buyer that you expect a $13\%$ pretax return on the transaction. The buyer has asked you for a payment schedule under several

alternatives.

Required:

What will be your total cash receipts, to earn a $13\%$ return, if payments are received from the purchaser:

NOTE: to answer the above questions, use the PMT function in Excel, as follows:

PMT$($rate$,$ nper,pv$,$fv$,$type$)$

where: rate is the interest rate for the loan, nper is the total number of payments, $pv$ is the present value $($i$.$e$.,$ the total amount that a

series of future payments is worth now; also known as the principal$),$ fv is the future value $($or a cash balance you want to attain after

the last payment is made; if $fv$ is omitted, it is assumed to be $0($zero$)),$ and type is the number $0($zero$)$ or $1$ and indicates when

payments are due $($if omitted, or $1$ is chosen, it is assumed that payments occur at the end of each period$).$

Additionally, what is the total of cash receipts over a $21-$year period for each of the four situations?

a$.$ At the end of each week?

b$.$ At the end of each month?

c$.$ At the end of each quarter?

d$.$ At the end of each year?

Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.