# FINC 300 - Homework #3C (How much will each annual payment be (Using FV or PV)).docx

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Homework #3C (How much will each annual payment be (Using FV or PV)) Your quiz has been submitted successfully. Question 1 1 / 1 point Big Brothers, Inc. borrows \$60,581 from the bank at 18.06 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 9 years. How much will each annual payment be? =PMT (18.06%,9,60581,0,0) Round the answer to two decimal places.
Question 2 1 / 1 point A commercial bank will loan you \$25,907 for 4 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 5.05 percent of the unpaid balance. What is the amount of the monthly payments? =PMT (5.05%/12,4*12,25907,0,0) Round the answer to two decimal places. Correct Response
Question 3 1 / 1 point You need to accumulate \$70,482 for your son's education. You have decided to place equal year-end