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*Show work please 13. Given the following data, calculate the future value of the cash flows (ordinary annuity) in each case. Also calculate the future
*Show work please
13. Given the following data, calculate the future value of the cash flows (ordinary annuity) in each case. Also calculate the future value of the cash flows (annuity due) in each case. Payment Years Interest Rate Future Value $500 10 6% ? $1,200 20 7.5% ? $2,500 12 12% ? $750 7 10% ? 14. Chuck's new car will cost $20,000. How much will his monthly car payments be if gets a loan for 60 months, and the nominal interest rate is 7% per year. In order to start a new business, Miss Sue Me intends to borrow $50,000 from a local bank. The loan contract requires her to repay the loan in five equal installments of $13,870 at the end of each year. Calculate the annual interest rate on the loan. 15Step by Step Solution
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