Show me the steps to solve A loan of $$63,400$ is due $10$ years from today. The borrower wants to make annual payments at the end of each year into a sinking fund that will earn compound interest at an annual rate of $10$ percent.

Required:

What will the annual payments have to be$?$

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.

Suppose the investor makes the payments monthly instead. How much would they need to pay each month?

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.

How much less will the borrower pay each year with monthly payments versus annual payments?

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.