Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer both. Question o 10.00 points) You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments

please answer both. image text in transcribed
Question o 10.00 points) You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 134 (first payment made at t = 1), followed by five annual payments of $ 403, followed by four annual payments of $ 703. How much did you borrow? (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign). Your Answer: Answer Question 7 (6.66 points) Compute the present value of an annuity of $ 877 per year for 21 years, given a discount rate of 10 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t = 1). (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign). Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions