Question 2

A.You borrowed 10,000 at 14% compound annual interest for four (4) years. The loan is repayable in four equal installments payable at the end of the year

i.What is the annual payment that will amortize completely the loan over four years (you may wish to round to the nearest dollar)

ii.Of each equal payment, what is the amount of interest and the amount of loan principal?

B.Nana Akoto wants to have 50,000 at the end of 10 years. To accumulate this sum, he has decided to save a certain amount at the end of each year for the next 10 years and deposit it in a bank that pays an annual interest rate of 8% compounded annually.How much will he have to save at the end of each year

DescribeTHREEmajor functions of a finance manager