Otto Co. borrows money on April 30, 2015, by promising to make four payments of $24,000 each on November 1, 2015; May 1, 2016; November 1, 2016; and May 1, 2017. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round PVA factor to 4 decimal places.)

1. How much money is Otto able to borrow if the interest rate is 4%, compounded semiannually? Periodic Cash p (PV of an Present Value Ordinary Annuity) Flow 2. How much money is Otto able to borrow if the interest rate is 8%, compounded semiannually? p (PV of an Periodic Cash Flow x Present Value ordinary Annuity) 3. How much money is Otto able to borrow if the interest rate is 10%, compounded semiannually? p (PV of an Periodic Cash Flow x Present Value Ordinary An