If you put up $28,000 today in exchange for a 9.25 percent, 16-year annuity, what will the annual cash flow be?

Prescott Bank offers you a $30,000, 6-year term loan at 10 percent annual interest. What will your annual loan payment be?

Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 10 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?