17. MasterTech, Inc. needs to borrow $5,000,000. The company will make 20 annual, equal payments of $430,000 with the first payment made in exactly one year. The interest rate on the loan is %. a. 6.39 b. 6.91 c. 7.75 d. 5.83 e. 8.64 18. Expo, Inc. wants to have $3,000,000 in an account exactly 10 years from today. The company will deposit $250,000 today, and they will make equal quarterly payments beginning next quarter and ending in 10 years. The account earns 8.00% p.a., compounded quarterly. The deposits must be a. 39,127.33 b. 40,528.31 c. 43,726.42 d. 46,924.53 e. 51,111.22 19. You wish to buy a truck today for $35,000. You plan to put 15% down and finance the rest at 6.00% for four years. You will make equal monthly payments of $ a. 698.68 b. 740.04 c. 804.52 d. 849.69 e. 905.05 20. The effective annual rate of 9.00% compounded monthly is % a. 9.22 b. 9.31 c. 9.38 d. 9.46 e. 9.54