Compute the amount that can be borrowed under each of the following circumstances:

 (PV of $1, FV of $1, PVA of $1, and FVA of $1) 

1. A promise to repay $99,000 seven years from now at an interest rate of 9%.

2. An agreement made on February 1, 2019, to make three separate payments of $24,000 on February 1 of 2020, 2021, and 2022. The annual interest rate is 1%.