Your employer is planning to create a new product line, including completely new operations. The up$-$

front investment will be partly financed with a five$-$year term loan from a bank, in the amount of

$$2,500,000\mathrm{.}00.$ This term loan will require fixed payments $($either monthly or semi$-$annual $[$every six

months$])$ until maturity. The loan officer believes that an EAR of $4\mathrm{.}65\%$ is appropriate.

a$.$ What would the firm's semi$-$annual payments be$?$

b$.$ What would the firm's monthly payments be$?$

c$.$ What total payments would the firm make over one year with either semi$-$annual or monthly

payments? $($Just add up the payments, ignore any time$-$value$-$of$-$money issues.$)$

d$.$ Compare your two answers to Question $2.$c$.$ Is one total larger than the other? Explain! $($No need to

calculate anything, explain in words.$)$

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