Lowlife Company defaulted on a $120,000 loan that was due on December 31, 2021. The bank has agreed to allow Lowlife to repay the $120,000 by making a series of equal annual payments beginning on December 31, 2022. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

Required:

1.Calculate the required annual payment if the bank's interest rate is 10% and four payments are to be made.

2.Calculate the required annual payment if the bank's interest rate is 8% and five payments are to be made.

3.If the bank's interest rate is 10%, how many annual payments of $37,856 would be required to repay the debt?

4.If three payments of $48,254 are to be made, what interest rate is the bank charging Lowlife?