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Please show all steps, Thanks! $5000 is owed and is to be repaid in 5 years, together with 8% annual interest. There are four different
Please show all steps, Thanks! $5000 is owed and is to be repaid in 5 years, together with 8% annual interest. There are four different plans in which debts are repaid. - Plan 1 (Constant Principal): $1000 will be paid at the end of cach year plus the interest due at the end of the year for the use of money to that point. - Plan 2 (Interest Only): only the interest due is paid each year, with no principal payment. - Plan 3 (Constant Payment): five equal end-of-year payments of $1252 each. - Plan 4 (All at Maturity): no payment is made until the end of Year 5 , when the loan is completely repaid. Complete required columns (b), (c), (d), (c), and (f) for each plan? If you were given your choice between the alternatives, which one would you choose? Plan 4: All payment at end of 5 years \begin{tabular}{|c|c|c|c|c|c|} \hline 1 & & & 0 & 0 \\ \hline 2 & & & & 0 & 0 \\ \hline 3 & & & & 0 & 0 \\ \hline 4 & & & 0 & 0 \\ \hline 5 & & & & 5000 & 7347 \\ \hline Sum & & 2347 & & 5000 & 7347 \\ \hline \end{tabular}
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