(Solving for r of an annuity) You lend a friend $15,000, which your friend will repay in 10 equal annual end-of-year payments of $2,000, with the first payment to be received 1 year from now. What rate of return does your loan receive? The rate of return your loan will receive is h%. (Round to two decimal places.) (Loan amortization) Mr. Bill S. Preston, Esq., purchased a new house for $120,000. He paid $20,000 down and agreed to pay the rest over the next 15 years in 15 equal end-of-year payments plus 9 percent compound interest on the unpaid balance. What will these equal payments be? The equal payments will be $ 7264.9. (Round to the nearest cent.) (Nonannual compounding using a calculator) Hank Schrader plans to invest $350 at the end of each month for 7 years into an account with an APR of 6.1 percent compounded monthly. He will use this money as a down payment on a new home at the end of the 7 years. How large will his down payment be 7 years from today? After 7 years, Hank will have $ (Round to the nearest cent.)