You have a loan outstanding. It requires making eight annual payments of $3,000 each at the end of the next eigh years. Your bank has offered to allow you to skip making the next seven payments in lieu of making one large payment at the end of the loan's term in eight years. If the interest rate on the loan is 5%, what final payment will bank require you to make so that it is indifferent to the two forms of payment? The final payment the bank will require you to make is $ (Round to the nearest dollar.) You have $500,000 to donate to your college. The college's discount rate is 3%. You donate the money today, but you ask the college to delay the scholarship payment so that the first scholarship payment is made 10 years from today. How large will the annual payment be? The annual scholarship payment will be $ (Round to the nearest cent.) When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6.1% per year. The annual payment on the car is $4,900. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the car for four years (so there is one year left on the loan)? a. You have owned the car for one year (so there are four years left on the loan)? The payoff if you have owned the car for one year (so there are four years left on the loan) is $ (Round to the nearest cent.)