(Various Time Value of Money Situations) Using a financial calculator, provide a solution to each of the following situations.

(a) On March 12, 2004, William Scott invests in a $180,000 insurance policy that earns 5.25% compounded annually. The annuity policy allows William to receive annual payments, the first of which is payable to William on March 12, 2005. What will be the amount of each of the 20 equal annual receipts?

(b) Bill Schroeder owes a debt of $35,000 from the purchase of his new sport utility vehicle. The debt bears annual interest of 9.1% compounded monthly. Bill wishes to pay the debt and interest in equal monthly payments over 8 years, beginning one month hence. What equal monthly payments will pay off the debt and interest?

(c) On January 1, 2004, Sammy Sosa offers to buy Mark Grace’s used snowmobile for $8,000, payable in five equal installments, which are to include 8.25% interest on the unpaid balance and a portion of the principal. If the first payment is to be made on January 1, 2004, how much will each payment be?

(d) Repeat the requirements in part (c), assuming Sosa makes the first payment on December 31, 2004.