Today is January 1st. Time to make your dream come true and buy a private jet! The one that you like costs $110,000 and you are planning to borrow money to cover this cost. The borrowing interest rate is 8% per year. The lender requires that on December 31st each year, starting at the end of this year, you make loan payments in the amount of $18,800 each.

• This is a(n) [ Select ] ["single cash flow", "multiple different cash flows", "perpetuity", "ordinary annuity", "annuity due"] problem.
• $18,800 that is given is [ Select ] ["Future Value (FV)", "Present Value (PV)", "recurring cash flow amount (PMT)"] , and $110,000 that is given is [ Select ] ["Future Value (PV)", "Present Value (FV)", "recurring cash flow amount (PMT)"] .
• The number of loan payments it will take you to pay off this loan is [ Select ] ["0", "1", "2", "3", "4", "5", "6", "7", "8", "9"] . [ Select ] ["0", "1", "2", "3", "4", "5", "6", "7", "8", "9"] [ Select ] ["0", "1", "2", "3", "4", "5", "6", "7", "8", "9"] (rounded to two decimal places). The answer may not be a whole number.