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On annual repayment: Assume that you borrow 40,000 USD under the system of 6% yearly compound interest. (1) If you repay annually in the plan

On annual repayment: Assume that you borrow 40,000 USD under the system of 6% yearly compound interest.

(1) If you repay annually in the plan of principal equal payment and pay off at the 10th repayment, calculate the total amount of all 10 repayments.

(2) If you repay annually 7,000 in the plan of total (principal and interest) equal payment, you will pay off at 8th payment. How much is your final(8th) payment ?

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