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Hector Enterprises borrows $124,000 in a 7-year loan from an investor. The terms are: Interest rate = 5.0%, repayable annually. Calculate the amount of the annual payment. Show your calculator inputs or formula calculations. (5 marks) Annual PMT (of PV) = PV/[( 1 - (1/(1+i)^n)) /i] Monthly PMT (of PV) = PV/[( 1 - (1/(1+(i/12))^(n*12))) /(1/12) 1 5% 0.2820 0.2310 0.1970 0.1728 0.1547 6% 0.2886 0.2374 0.2034 0.1791 0.1610 7% 0.2952 0.2439 0.2098 0.1856 0.1675 8% 0.3019 0.2505 0.2163 0.1921 0.1740 9% 0.3087 0.2571 0.2229 0.1987 0.1807 Annual PMTPV factor 4% 4 0.2755 5 0.2246 6 0.1908 7 0.1666 8 0.1485 Annual PMT PV / factor Years 4% 4 3.6299 5 4.4518 6 5.2421 7 6.0021 8 6.7327 5% 3.5460 4.3295 5.0757 5.7864 6.4632 6% 3.4651 4.2124 4.9173 5.5824 6.2098 7% 3.3872 4.1002 4.7665 5.3893 5.9713 8% 3.3121 3.9927 4.6229 5.2064 5.7466 9% 3.2397 3.8897 4.4859 5.0330 5.5348