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Problem 5.28 Annuity and Annuity Due Payments (LO3) a. If you borrow $1,000 and agree to repay the loan in five equal annual payments at

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Problem 5.28 Annuity and Annuity Due Payments (LO3) 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.) 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.)

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