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What annual payment is required to pay off a four-year, $10,000 loan if the interest rate being charged is 5 percent EAR? What would the

What annual payment is required to pay off a four-year, $10,000 loan if the interest rate being charged is 5 percent EAR? What would the monthly payments be for the same loan assuming the same interest rate?

Use Exhibit 1B-4. 4 year and 5 percent is 3.546 (Round time value factors to 3 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Annual payment

Monthly payment

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