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Problem 5-10 (Algo) Solving for unknowns; Installment notes (LO5-9) Lowlife Company defaulted on a $280,000 loan that was due on December 31, 2021. The bank
Problem 5-10 (Algo) Solving for unknowns; Installment notes (LO5-9) Lowlife Company defaulted on a $280,000 loan that was due on December 31, 2021. The bank has agreed to allow Lowife to repay the $280,000 by making a series of equal annual payments beginning on December 31, 2022. EV of $1. PV of $1. FVA O $1. PVA S. EVAD of $1 and PVAD OS1) (Une appropriate factor(s) from the tables provided.) Required: 1. Calculate the required annual payment if the bank's Interest rate is 10% and four payments are to be made. 2. Calculate the required annual payment if the bank's interest rate is 86 and five payments are to be made. 3. If the bank's interest rate is 10%, how many annual payments of $32.889 would be required to repay the debt? 4. If three payments of $101,857 are to be made, what interest rate is the bank charging Lowlife? Complete this question by entering your answers in the tabs below.Problem Required 1 Required 2 Required 3 Required 4 Calculate the required annual payment if the bank's interest rate is 10% and four payments are to be made. (Round your final answerte nearest whole dollar amount.) Table or calculator function: Present Value Annual Installment 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Calculate the required annual payment if the bank's interest rate is 8% and answers to nearest whole dollar amount.) Table or calculator function: Present Value: i= Annual Installment:
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