You have a loan outstanding. It requires making 8 annual payments at the end of the next 8 years of $1,000 each. Your bank has offered to allow you to skip making the next 7 payments in lieu of making one large payment at the end of the loan's term in 8 years. If the interest rate on the loan is 7.55 %, what final payment will the bank require you to make so that it is indifferent between the two forms of payment?

The present value of the cash flows is $

Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5.375 %. If you plan to borrow $ 190,000 what will your monthly payment be?