Question: c. Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments

c. Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments (annuity) each payed at the end of the following 20 years, starting one year from today. What is the amount of each payment?

d. Same facts as C, but your first payment is due today, and each payment is due at the beginning of the year, what is the amount of each payment?

Please use and show excel formula to solve these problems. Thank you.

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