33. An n uity and An n uity Due P a yments. a. If you borrow $1,000 and agree to repay the loan in 1 answer below »

33. An n uity and An n uity Due P a yments.

a. If you borrow $1,000 and agree to repay the loan in five equal annual payments at an in- terest rate of 12 percent, what will your payment be?

b. What if you make the first payment on the loan immediately instead of at the end of the first year?

 

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