Problem $5-28$ Annuity and Annuity Due Payments $($LO$3)$

a$.$ If you borrow $$1,000$ and agree to repay the loan in five equal annual payments at an interest rate of $12\%,$ what will your payment be$?($Round your answer to the nearest cent.$)$

PMT $,$$ $$

b$.$ If you make the first payment on the loan immediately instead of at the end of the first year, what is your payment? $($Round your answer to the nearest cent.$)$

PMT

$

$14$