10. Brittany should be willing to pay $____ today in order to receive $5,000 per year, the first payment received three years from today. Assume a discount rate of 6%.
a. 62,388.48
b. 74,166.37
c. 86,134.27
d. 90,702.95
e. 94,555.33
11. You need to borrow $42,000 to buy a truck. The current loan rate is 7% p.a. compounding. You want to pay the loan off in equal monthly payments over ____ monthly payments must be $
____
a. 409.38
b. 466.29
c. 487.66
d. 503.21
e. 532.04