Suppose you expect to receive $10,000 per year for five years. What is the present value if the receipts are in the form of an annuity due and interest rate is 5% compounded monthly?

Matthew wants to buy a car. He can make instalment payments of $1,500 per month. If the bank gives him a 5-year loan at a quoted rate of 4%, what is the maximum amount that he can borrow? Assume FLAT basis and an annuity due.