Imagine immediately upon graduating you borrow 5000 to buy a car and agree to pay the principal amount, 5000, in five annual installments of 1000. Your lender charges an interest rate of 5% per annum on the outstanding balance. Assuming you repaid your loan on the agreed times, what is the total payment including the interest paid?(hint: your balance would be 5000 in year 1) In order to finance his daughter's college tuition fee of 9,463 in 9 years from now, Mr Smith wants to put some fund aside now. At a current annual interest rate of 5.0% compounded monthly, how much should he deposit now in order to get the stated amount by then