$($Annuity payments$)$ A firm borrows $$25,000$ from the bank at $15$ percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next $14$ years.

How much will each annual payment be$?($Round to the nearest cent$)$

$2.($Annuity payments$)$ You plan to buy some property in Florida $5$ years from today. To do this, you estimate that you will need $$29,000$ at that time. You would like to accumulate these funds by making equal annual deposits into your savings account, which pays $13$ percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $$29,000$

when the final deposit is made, how much will you have to deposit into the account annually? $($round to the nearest cent$)$

$($Annuity number of periods$)$ You've just bought a new flat$-$screen TV for $$2,800$ and the store you bought it from offers to let you finance the entire purchase at an annual rate of $11$ percent compounded monthly. If you take the financing and make monthly payments of $$110$

A$.$ how long will it take to pay off the loan?

B$.$ How much will you pay in interest over the life of the Ioan?