Solve by using formulas. (Round your answer to the nearest cent.) Present value (in $) of an annuity due Annuity Payment Time Nominal Interest Present Value Payment Frequency Period (years) Rate (%) Compounded of the Annuity $1,600 every year 5 5.7 annually $ You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Nominal Present Value Loan (years) Rate (%) (Amount of Loan) $ every month 1 6 $30,000 (-/1 Points) DETAILS BRECMBC9 12.111.014. MY NOTES ASK YOUR TEACHER Solve by using tables Table 12-1 and Table 12-2. Paul and Donna Kelsch are planning a Mediterranean cruise in 3 years and will need $9,500 for the trip. They decide to set up a "sinking fund" savings account for the vacation. They intend to make regular payments at the end of each 3 month period into the account that pays 6% interest compounded quarterly, What periodic sinking fund payment (in $) will allow them to achieve their vacation goal? (Round your answer to the nearest cent.) Period 1 Periods 1 2 3 4 2% 35 1.0XXO 1.00000 1.00000 1.000 1.00000 2.00500 2.01000 2.01500 2.02000 2.03000 3.01502 3.03010 3.04522 3.06040 3.09090 403010 4.06040 4,09090 4.12161 4.18363 5.05025 5.10101 5.15227 5.20404 5.30914 4% 5% 1.00000 1.000 2.04600 2.05000 3.12160 3.15250 4.24646 431013 5.41632 5.52563 6% 1.00000 2.06000 3.18360 4.37462 5.63709 75 1.00000 2.07000 3.21.490 4.43994 5.75074 85 1.000 208000 22.46.00 450611 5.86660 5 5 7 8 6.07550 6.15202 6.22955 6.30812 646841 6.63298 6.80191 697532 7.15329 7.10588 7.21354 7.32299 7.43428 7.66346 7.898298.14201 8.39384 8.65102 8.14141 8.28567 8.43284 8.58297 8.89234 9.21423 9.54911 9.89747 10.25980 9.18212 9.36853 9.55933 9.75463 10.15911 10.58280 11.02656 11.49132 11.97799 10.22803 1046221 10.70272 10.94972 11.46388 12.0061112.57789 13.18079 13.81645 892280 1063663 1248756 1448656 7 8 9 9 10 10 11 12 13 11.27917 11.56683 11.86326 12.16872 12.80780 13.48635 14.20679 14.97164 15.78360 16.64509 12.33556 12.68250 13.04121 13.41209 14.19203 15.02581 1591713 16,86994 17.888.45 18.97713 13.39724 13.80933 14.23683 14.68033 15.61779 16.62684 17.71298 18.88214 20.10064 21.49530 14,46423 1494742 15.45038 15.97394 17.08632 18.29191 19,59863 21.01507 22.55049 24.21-492 15.53655 16.04690 16,68214 17.29342 18.59891 20.02359 21.57856 23.27597 25.1272 27.15211 11 12 13 14 IS 15 16 17 18 16 17 16.61423 17.25786 1793237 18.63929 20.15688 21.82453 23.65749 25.67253 27.88805 30,32428 17.69730 18.43044 19.20136 20.01207 21.76159 23.69751 25.84037 28.21288 30.84022 33.75023 18.78579 19.61435 20.48938 2141231 23.41444 25.64541 28.13238 30.90565 33.99903 37.45034 19.87972 2081090 21.79672 22.84056 25.1 1687 27.67123 30.53900 33.75999 37.37896 41.44626 20.97912 22.01900 23.12367 24.29737 26.87037 29.77808 33.06595 36.7855940.99549 45.76196 19 20 18 19 30 21 22 22.08401 23.23919 24.47052 25.78332 28.67649 31.96920 35.71925 39.99273 44.86518 $0.42292 23.19.143 24.47159 25.83758 27.29898 30.53678 34.34797 38.50521 43.39229 49.00574 55.45676 24.31040 25.71630 27.22514 28.84496 32.45288 36.61789 41.44048 46.99583 33.43614 60.89330 25.43196 26,97346 28.63352 30.42186 34,42647 39.08.260 44.50200 50.81558 58.17667 66.76476 26.55912 28.24320 30.06302 32.03030 36.45926 41.64591 47.72710 54.86451 63.24904 73.10894 21 22 23 24 24 25 26 26 27 28 29 30 27.69191 29.52563 31.51397 33.67091 38.55304 44.31174 51.11345 59.15638 68.67647 79.95442 28.83037 30.82089 3298668 35.34432 40.70963 47.08421 54.66913 63.70577 74.4838287.35077 29.97452 32.12910 34.48148 37.05121 42.93092 49.96758 58.40258 68.52811 80.697699533883 31.12439 33.45039 35.99870 38.79223 45.21885 52.96629 62.32271 73.63980 87.34653 103.96395 32.28002 34.78489 37.5386840.56808 47.57542 56,08494 66.43885 79.0581994.46079 113.28321 30 31 32 33 34 35 33.44142 36.13274 39.10176 42.37944 50.00268 59.32834 70.76079 84.80168 102.07304 123 34587 34.60862 37.49407 40.68829 44.22703 52.50276 62.7014775.29883 90.88978 110.21815 134.21354 35.78167 38.8690142.29861 46.11157 55.07784 66.20953 8006377 97.34316 118.93343 145.95062 36.96058 40.25770 43.93309 48.03380 57.73018. 69.85791 85,06696 104.18375 128.25876 158.62667 38.14538 41.66028 45.59209 49 99448 60.46208 73.65222 90.32031 111.43478 138.23688 172.31680 39.33610 43.07688 47.27597 51.99437 63.27594 77.59831 95.83632 119.12067 148.91346 187.10215 34 36 36 (1 + "-1 The values in Table 12-1 were generated by the formula and rounded to five decimal places, where i is the int ante per period and is the total number of periods TABLE 12-1 Future Value (Amount of an Ordinary Annuity of $1 Continued) Periods 1 2 3 4 99 1.00000 2.09000 3.27810 4.57313 5.98471 10% 1.OOXXO 2.10000 3.31000 4.64100 6.10510 119 10000 2.11000 3.34210 4.70973 6.22780 125 13% 145 1.00000 1.00000 1.00000 2.12000 2.13000 2.14000 3.37440 3.40690 3.43960 4.77933 4.84980 492114 6.35285 6.48027 6.61010 155 1.000 2.15000 3.47250 4.99338 165 1.00000 2.16000 3.50560 5.06650 6.87714 175 1.OXXO 2.17000 3.53890 5.14051 7.01440 18% 1.00000 1 2.18000 2 3.57240 3 5.21543 + 7.15421 5 5 6.74238 6 7 8 9 7.52333 7.71561 7.91286 8.11519 8.32271 8.53552 8.75374 8.97748 9.20043 9.48717 9.78327 10.08901 10,40466 10.73049 11.06680 11.41387 11.02847 11.43589 11.85943 12.29969 12.75726 13.23276 13.72682 14.3 13.02104 13.57948 14.16397 14.77566 15.41571 16,08535 16.78584 1751851 15.19293 15.93742 16.72201 17.54874 18.41975 1933730 20.30372 2132147 9.255 9.44197 6 11.77201 12.141527 14.77325 15.32700 8 18.28471 19.08585 9 22.19311 23.52131 10 10 11 12 13 17.56029 18.53117 19.56143 2065458 21.81432 23044523434928 25.73290 20.14072 21.38428 22.71319 24.13313 25.65018 27.27075 29.00167 30.35017 22.95338 24.52271 26.21164 28.02911 29.98470 32.0886534.35192 36.78620 26.01919 27.97498 30.09192 32.39260 34.882713758107 40.50471 43.67199 29.36092 31.77248 34.40536 37.27971 40.41746 43.8424147.58041 51.65951 27.19994 28.75514 11 32.52393 3493107 12 39.40399 42.21866 13 47.10267 50.81802 14 56.11013 60.96527 15 14 15 16 17 18 19 33.6X340 35.94973 39.18995 42.7532846.67173 50.98035 55.71747 0.92503 66.61885 72.93901 16 36.97370 40.54470 44.50084 48.88367 53.7396 59.11760 65.07509 71.67303 78.97915 87.06804 17 41.30134 45.59917 50.39594 55.74971 61.72514 68.39407 75.83636 84.14072 93.4056! 103.74028 18 46.01846 51.15909 56.93949 63.43968 70.74941 78 96923 88.21181 98.60323 110.28456 123.41353 19 51.16012 57.27500 64.20283 72.05244 80.94683 91.02493 102.44358 11537975 130.03294 146.62797 20 21 22 23 24 56.76453 64.00250 72.26514 81.69874 92.46992 104 76842 11881012 134.84051 153.13854 174 02100 21 6287334 71.00275 81.21431 92.S0258 105.49101 120.43600 137.63164 157.41499 180.17209 206.34479 22 69.53194 79.54302 91.14788 104.60289 120.20484 138.29704 159.27638 183.60138 211.80134 244.45685 23 76.78981 88.49733 102.17415 118.15524 136,83147 158 65862 184.16784 213.97761 248.80757 289.49448 24 84.70090 98.34706 114.41331 13333387 155.61956 181.87083 212.79302 349 21400 292.10486 342.60349 25 25 26 27 28 29 30 93.32398 109.18177 127.99877 150.33393 176.85010 205.33274 245.71197 29008527 342.76268 405.27211 26 10272313 121 09994 143.07864 169 37401 200.84061 238 49933 283 56877 337 50239 02.03234 479 22109 27 112.96822 134.20994 159.81729 190.69889 227.94989 27288923 327.10468 392.50277 471.37783 556.48089 28 124.13536 148,63093 178.39719 214.58275 258.58338 312.09373 377.16969 456 30322 52.51207 669.44745 29 136,30754 164.49402 199.02088 241.33258 293.19922 356.78685 434.74515 53031173 647.43912 790.94799 30 31 32 33 34 35 36 149.57522 181.94342 221.91317 271 29261 332.31511 407.73701 500.95682 616.16161758.50377 994.31863 31 164.03699 201.13777 247.32162 304.84772 376,51608 465.82019 577.10016715.74746 888.41941 1103.49598 32 179.80032 222.25154 275.52922 34242945 426.46317 53203501 66456552 831.26706 1040.48581 1303.12526 33 196.98234 245.47670 306.83744 384.52098 482.90338 607.51991 76536535 965.26979 1218.36839 1538.68781 34 215.71075 271,02437 341.58955 431.66350 546,680R2 69357270 88117016 1120.71295 1476,09102 1816.65161 35 236.12472 299.12681 380.16441 484.46312 618.74933 791.67288 101434588 1301.02703 1669.99450 2144.64890 36 (1 + i)" The values in Table 12-1 were generated by the formula ate per period and n is the total number of periods. and rounded to five decimal places, where i is the inte TABLE 12.2 Present Value (Amount of an ordinary Annuity of 51 Periods Periods 1 2 3 14 0.99502 0.99010 1.98510 1.97040 297025 2.94099 3.95050 3.00197 492587 4.85343 0.98522 1.95588 2.91220 3.85438 4.78264 2% 3% 0.98039 0.97087 1.94156 1.91347 2.88388 2.82861 3.80773 3.71710 4.71346 4.57971 4% 0.96154 1.88609 2.77509 3.62990 4.45182 5% 0.95238 1.85941 2.72325 3.54595 4.32948 6% 7% 85 0.94340 0.93458 0.92593 1.83339 1.80802 1.78326 2.67301 2.62432 2.57710 3.46511 338721 3.31213 4.21236 4.10020 3.99271 2 3 4 4 5 5 7 8 5.89638 5.79548 6.86207 6,72819 7.82296 7.65168 8.77906 8.56602 9.73041 9,47130 5.69719 6.59821 7.48593 8.36052 9.22218 5.60143 6.47199 7.32548 8.16224 8.98259 5.41719 6.23028 7,01969 7.78611 8.53020 5.24214 6.00205 6.73274 7,43533 8.11090 5:07569 491732 4.76654 4.62288 5.78637 5.58238 5.38929 5.20637 6.46321 6.20979 5.97130 5.74664 7.10782 6,80169 6.51523624689 7.72173 7.36009 7.02358 6.71008 6 7 8 9 10 9 10 11 12 13 10.67703 10.36763 10.07112 9.78685 9.25262 8.76048 8.30641 7.88687 7.49867 7.13896 11.61893 11.25508 10.90751 10.57534 9.95400 9.38507 8.86325 8.38384 7.94269 7.53608 1255615 12.13374 11.73153 11.34837 10.63496 9.98565 9.39357 8.85268 8.35765 7.90378 13.48871 13.00370 12.54338 12.10625 11.29607 10.56312 9.89864 9.29498 8.74547 8.24424 14.41662 13.86505 13.34323 12.84926 11.93794 TL 11839 10.379669.71225 9.10791 8.55948 11 12 13 14 14 15 15 16 17 18 19 20 15.33993 14.71787 14.13126 13.57771 12.56110 11.65230 10.83777 10.10590 9.446658.85137 16.25863 15.56225 14.90765 14.29187 13.16612 12.16567 11.27407 10.47726 9.76322 9.12164 17.17277 16,39827 15.67256 14.99203 13.75351 12.65930 11.689591082760 10.05909 9.37189 18.08236 17.22601 16,42617 15.67846 14.32380 13.13394 12.08532 1115812 10.33560 9.60360 18.98742 18.04555 17.16864 16.35143 14.87747 13.59033 12.46221 11.46992 10.59401 9.81815 16 17 18 19 20 21 22 23 24 25 19.88798 18.85698 17.90014 17.01121 1541502 14.02916 12.82115 11.76408 10.83553 10.01680 20.78.406 19.66038 18,62082 17.65805 1593692 14.45112 13.16300 12.04158 1106124 10.20074 21.67568 20.45582 19.33086 18.29220 16:44361 14.85684 13.48857 12.30338 11.27219 10.37106 22 56287 21.24339 20.03041 1891393 1693554 15.24696 13.79864 12.55036 11.46933 10.52876 23.44564 22.02316 20.71961 19.52346 17.41315 15.62208 14.09394 12.78336 11.65358 10.67478 21 22 23 24 25 26 27 28 29 30 2432402 22.7952021.39863 20.12104 17.87684 15.98277 14.37519 13.00317 11.82578 10.80998 25.19803 23.55961 22.06762 20,70690 18.32703 16.32959 14.64303 13.21053 11.98671 10.93516 26.06769 24.31644 22.72672 21.28127 18.76411 16,66306 14.89813 13.40616 12.13711 11.05108 2693302 25,06579 23.37608 21.84438 19.18845 16.98371 15.14107 13.59072 12.27767 11.15841 27.79405 25.80771 24.01584 22.39616 19.60044 17.29203 15.37245 13.76483 12.40904 11.25778 26 27 28 29 30 31 32 33 34 31 32 33 28.65080 26.54229 24.64615 22.93770 20.00043 17.58849 15.59281 13.92909 12.53181 11 34980 29 50328 27.26959 25.26714 23,46833 20.38877 17.87355 15.80268 14.08404 12.64656 11.43500 30.35153 27.98969 25.8789523.98856 20.76579 18.14765 16,00255 14.23023 12.75379 11.51389 31.19555 28.70267 26.48173 24.49859 21.13184 18,41120 16.19290 14.36814 12.85401 1.58693 32.03537 29.40858 27.07559 24.99862 21.48722 18.66161 16.37419 14.49825 12.94767 11.65457 32.87102 30.10751 27.66068 25.48884 21.83225 18.90828 16.54685 14.62099 13.03521 11.71719 35 35 The values in Table 12-2 were generated by the formula (1 + i)-1 and rounded to five decimal places, where is the interest (1 + i)" rate per period and n is the total number of periods TABLE 12-2 Present Value (Amount) of an Ordinary Annuity of Si continued) Periods 1 2 3 Periods 1 2 9% 10% 11% 124 13% 14% 154 16" 175 18% 0.91743 0.90909 0.90090 089286 0.88496 0.87719 0.86957 0.86207 0.85470 0.84746 1.75911 1.73554 1.71252 1.69005 1.66810 1.64666 1.62571 1.60523 1.58521 1.56564 2.53129 2.48685 2.44371 2.40183 236115 2.32163 2.28323 2.24589 2.20958 2.17427 3.23972 3.16987 3.10245 3.03735 297447 2.91371 2.85498 2.79818 2.74324 2.6.2006 3.88965 3.79079 3.69590 3.60478 3:51722 3.43308 3.35216 3.274293.19935 3.12717 5 5 6 448592 4.35526 4.23054 4.111413.99755 3.88867 5.03295 4.86842 4.71220 456376 4.42261 4.25830 5.53482 5.33493 5.14612496761 4.79877 4.63886 599525 5,75902533705 5.32825 5.13166 4.94637 6,41766 6.14457 5.88923 5.65022 3.42624 5.21612 7 8 9 10 3.78448 3.68474 3.58918 3.49760 4.16042 4.03857 3.92238 3.81153 4.48732 4.343594.20716 4.07757 4,77158 4.60654 4.45057 4,30302 5,01877 483323 4.65860 4.49.400 6 7 8 10 11 12 13 6.80519 6,49506 6.20652393770 568694 5.45273 5.23371 5.02864 4.83641 4.65601 7.10073 6.81369 6.49236 6.19437 591765 5.66029 5.42062 5.19711 4.98839 4.79322 7.486907.10336 6.749876-423556.12181 5.84236 S.58315 5.34233 5.11828 4.90951 7.78615 7.36669 6.98187 6.62817 630249 6.00207 5.72448 5.46753 5.22930 5.00806 8.06059 7.60608 7.19087681086 646238 6.14217 5.84737 5.57546 5.32419 5.09158 11 12 13 14 15 15 Eng 8.31256 7.823717.37916 697399 6.60388 6.26506 595423 5.66850 8.54363 8.02155 7.54879 7.11963 6.72909 6.37286 6,04716 5.74870 8.73563 8.20141 7.701627.24967 6.83991 6,46742 6.12797 5.81785 8.95011 8.36492 7.83929 736578 6.93797 6.35037 6.19823 5.87746 9.12855 8.51356 7.96333 7.46944 7.02475 6.62313 6.25933 592884 5.40529 5.16235 5.47461 5.22233 5.53385 5.27316 5.58449 5.31624 5.62777 5.35275 16 17 18 19 20 20 21 21 22 23 24 25 9.29224 8.64869 8.07507 7.56200 7.10155 6.68696 6.31246 5.97314 5.66476 5.38368 9.44243 8.77154 8.175747.64465 7.16951 6.74294 6.35866 601133 5.69637 3.49990 9.58021 8.85322 8.26643 7.71843 7.22966 6.79206 6.39884 601425 5.72340 5.43212 9.70661 8.98474 8.34814 7.78432 7.28288 6.83514 6.43377 6.07263 5.74619 5.45095 9.82258 9.07704842174784314 7.32998 6.87293 6.46415 609709 5.76623 5.46691 22 23 25 26 27 28 29 30 992897 9.16095 8.48806 7.89566 7.37167 6.90608 6.49056 10.02658 9.23722 8.54780794255 7.40856 693515 651353 10.11613 9.30657 8.60162 7.984427.441206.96166 6.53351 10.19828 9.36961 8.650118.02181 7.47009 6.98304 6.55088 10.27365 9.42691 8.69379 80SSIS 7.49565 7.00266 6236598 6.11818 6.14636 6.15204 6.16555 6.17720 5.78311 5.48043 5.79753 5,49189 5.809855.50160 5.82039 5.50983 5.82939 5 $1681 26 27 28 29 30 31 32 33 34 35 10.34280 9.47901 8.73315 8.08.499 7.51828 7.01988 6.57911 6.18724 5.83709 5.52272 10.40624 9.52638 8.768608111597.538307.03-498 6,59053 6.19590 5.84366 5.52773 10.46444 9.56943 8.80054 8.13535 7.556027.04823 660046 6.20336 5.84928 5.53197 1051784 9.60857 8.82932815656 757120 7,05985 6.60910 620979 5.85409 553557 1056682 9.61416 8.85524 8.17550 7.58557 7.07005 6.61661 6.21534 5.85820 S51862 10.61176 9.67651 8.87859 8.19241 7.59785 7.07899662314 6.22012 5.86171 554120 31 32 33 34 35 36 (1 + i)-1 The values in Table 12-2 were generated by the formula and rounded to five decimal places, where is the interes (1 + i)" rate per period and is the total number of periods