Question: Solve by using formulas. (Round your answer to the nearest cent.) Present value (in $) of an annuity due Annuity Payment Time Nominal Interest Payment

Interest Payment Frequency Period (years) Rate (%) Compounded Present Value of the

Annuity $1,600 every year 5.7 annually $ X You have just been

Solve by using formulas. (Round your answer to the nearest cent.) Present value (in $) of an annuity due Annuity Payment Time Nominal Interest Payment Frequency Period (years) Rate (%) Compounded Present Value of the Annuity $1,600 every year 5.7 annually $ X You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Nominal Loan (years) Rate (%) Present Value (Amount of Loan) every month 6 $30,000 4 TABLE 12.2 Present Value (Amount of an ordinary Annuity of 51 Periods Periods 1 2 3 14 0.99502 0.99010 1.98510 1.97040 297025 2.94099 3.95050 3.00197 492587 4.85343 0.98522 1.95588 2.91220 3.85438 4.78264 2% 3% 0.98039 0.97087 1.94156 1.91347 2.88388 2.82861 3.80773 3.71710 4.71346 4.57971 4% 0.96154 1.88609 2.77509 3.62990 4.45182 5% 0.95238 1.85941 2.72325 3.54595 4.32948 6% 7% 85 0.94340 0.93458 0.92593 1.83339 1.80802 1.78326 2.67301 2.62432 2.57710 3.46511 338721 3.31213 4.21236 4.10020 3.99271 2 3 4 4 5 5 7 8 5.89638 5.79548 6.86207 6,72819 7.82296 7.65168 8.77906 8.56602 9.73041 9,47130 5.69719 6.59821 7.48593 8.36052 9.22218 5.60143 6.47199 7.32548 8.16224 8.98259 5.41719 6.23028 7,01969 7.78611 8.53020 5.24214 6.00205 6.73274 7,43533 8.11090 5:07569 491732 4.76654 4.62288 5.78637 5.58238 5.38929 5.20637 6.46321 6.20979 5.97130 5.74664 7.10782 6,80169 6.51523624689 7.72173 7.36009 7.02358 6.71008 6 7 8 9 10 9 10 11 12 13 10.67703 10.36763 10.07112 9.78685 9.25262 8.76048 8.30641 7.88687 7.49867 7.13896 11.61893 11.25508 10.90751 10.57534 9.95400 9.38507 8.86325 8.38384 7.94269 7.53608 1255615 12.13374 11.73153 11.34837 10.63496 9.98565 9.39357 8.85268 8.35765 7.90378 13.48871 13.00370 12.54338 12.10625 11.29607 10.56312 9.89864 9.29498 8.74547 8.24424 14.41662 13.86505 13.34323 12.84926 11.93794 TL 11839 10.379669.71225 9.10791 8.55948 11 12 13 14 14 15 15 16 17 18 19 20 15.33993 14.71787 14.13126 13.57771 12.56110 11.65230 10.83777 10.10590 9.446658.85137 16.25863 15.56225 14.90765 14.29187 13.16612 12.16567 11.27407 10.47726 9.76322 9.12164 17.17277 16,39827 15.67256 14.99203 13.75351 12.65930 11.689591082760 10.05909 9.37189 18.08236 17.22601 16,42617 15.67846 14.32380 13.13394 12.08532 1115812 10.33560 9.60360 18.98742 18.04555 17.16864 16.35143 14.87747 13.59033 12.46221 11.46992 10.59401 9.81815 16 17 18 19 20 21 22 23 24 25 19.88798 18.85698 17.90014 17.01121 1541502 14.02916 12.82115 11.76408 10.83553 10.01680 20.78.406 19.66038 18,62082 17.65805 1593692 14.45112 13.16300 12.04158 1106124 10.20074 21.67568 20.45582 19.33086 18.29220 16:44361 14.85684 13.48857 12.30338 11.27219 10.37106 22 56287 21.24339 20.03041 1891393 1693554 15.24696 13.79864 12.55036 11.46933 10.52876 23.44564 22.02316 20.71961 19.52346 17.41315 15.62208 14.09394 12.78336 11.65358 10.67478 21 22 23 24 25 26 27 28 29 30 2432402 22.7952021.39863 20.12104 17.87684 15.98277 14.37519 13.00317 11.82578 10.80998 25.19803 23.55961 22.06762 20,70690 18.32703 16.32959 14.64303 13.21053 11.98671 10.93516 26.06769 24.31644 22.72672 21.28127 18.76411 16,66306 14.89813 13.40616 12.13711 11.05108 2693302 25,06579 23.37608 21.84438 19.18845 16.98371 15.14107 13.59072 12.27767 11.15841 27.79405 25.80771 24.01584 22.39616 19.60044 17.29203 15.37245 13.76483 12.40904 11.25778 26 27 28 29 30 31 32 33 34 31 32 33 28.65080 26.54229 24.64615 22.93770 20.00043 17.58849 15.59281 13.92909 12.53181 11 34980 29 50328 27.26959 25.26714 23,46833 20.38877 17.87355 15.80268 14.08404 12.64656 11.43500 30.35153 27.98969 25.8789523.98856 20.76579 18.14765 16,00255 14.23023 12.75379 11.51389 31.19555 28.70267 26.48173 24.49859 21.13184 18,41120 16.19290 14.36814 12.85401 1.58693 32.03537 29.40858 27.07559 24.99862 21.48722 18.66161 16.37419 14.49825 12.94767 11.65457 32.87102 30.10751 27.66068 25.48884 21.83225 18.90828 16.54685 14.62099 13.03521 11.71719 35 35 The values in Table 12-2 were generated by the formula (1 + i)-1 and rounded to five decimal places, where is the interest (1 + i)" rate per period and n is the total number of periods TABLE 12-2 Present Value (Amount) of an Ordinary Annuity of Si continued) Periods 1 2 3 Periods 1 2 9% 10% 11% 124 13% 14% 154 16" 175 18% 0.91743 0.90909 0.90090 089286 0.88496 0.87719 0.86957 0.86207 0.85470 0.84746 1.75911 1.73554 1.71252 1.69005 1.66810 1.64666 1.62571 1.60523 1.58521 1.56564 2.53129 2.48685 2.44371 2.40183 236115 2.32163 2.28323 2.24589 2.20958 2.17427 3.23972 3.16987 3.10245 3.03735 297447 2.91371 2.85498 2.79818 2.74324 2.6.2006 3.88965 3.79079 3.69590 3.60478 3:51722 3.43308 3.35216 3.274293.19935 3.12717 5 5 6 448592 4.35526 4.23054 4.111413.99755 3.88867 5.03295 4.86842 4.71220 456376 4.42261 4.25830 5.53482 5.33493 5.14612496761 4.79877 4.63886 599525 5,75902533705 5.32825 5.13166 4.94637 6,41766 6.14457 5.88923 5.65022 3.42624 5.21612 7 8 9 10 3.78448 3.68474 3.58918 3.49760 4.16042 4.03857 3.92238 3.81153 4.48732 4.343594.20716 4.07757 4,77158 4.60654 4.45057 4,30302 5,01877 483323 4.65860 4.49.400 6 7 8 10 11 12 13 6.80519 6,49506 6.20652393770 568694 5.45273 5.23371 5.02864 4.83641 4.65601 7.10073 6.81369 6.49236 6.19437 591765 5.66029 5.42062 5.19711 4.98839 4.79322 7.486907.10336 6.749876-423556.12181 5.84236 S.58315 5.34233 5.11828 4.90951 7.78615 7.36669 6.98187 6.62817 630249 6.00207 5.72448 5.46753 5.22930 5.00806 8.06059 7.60608 7.19087681086 646238 6.14217 5.84737 5.57546 5.32419 5.09158 11 12 13 14 15 15 Eng 8.31256 7.823717.37916 697399 6.60388 6.26506 595423 5.66850 8.54363 8.02155 7.54879 7.11963 6.72909 6.37286 6,04716 5.74870 8.73563 8.20141 7.701627.24967 6.83991 6,46742 6.12797 5.81785 8.95011 8.36492 7.83929 736578 6.93797 6.35037 6.19823 5.87746 9.12855 8.51356 7.96333 7.46944 7.02475 6.62313 6.25933 592884 5.40529 5.16235 5.47461 5.22233 5.53385 5.27316 5.58449 5.31624 5.62777 5.35275 16 17 18 19 20 20 21 21 22 23 24 25 9.29224 8.64869 8.07507 7.56200 7.10155 6.68696 6.31246 5.97314 5.66476 5.38368 9.44243 8.77154 8.175747.64465 7.16951 6.74294 6.35866 601133 5.69637 3.49990 9.58021 8.85322 8.26643 7.71843 7.22966 6.79206 6.39884 601425 5.72340 5.43212 9.70661 8.98474 8.34814 7.78432 7.28288 6.83514 6.43377 6.07263 5.74619 5.45095 9.82258 9.07704842174784314 7.32998 6.87293 6.46415 609709 5.76623 5.46691 22 23 25 26 27 28 29 30 992897 9.16095 8.48806 7.89566 7.37167 6.90608 6.49056 10.02658 9.23722 8.54780794255 7.40856 693515 651353 10.11613 9.30657 8.60162 7.984427.441206.96166 6.53351 10.19828 9.36961 8.650118.02181 7.47009 6.98304 6.55088 10.27365 9.42691 8.69379 80SSIS 7.49565 7.00266 6236598 6.11818 6.14636 6.15204 6.16555 6.17720 5.78311 5.48043 5.79753 5,49189 5.809855.50160 5.82039 5.50983 5.82939 5 $1681 26 27 28 29 30 31 32 33 34 35 10.34280 9.47901 8.73315 8.08.499 7.51828 7.01988 6.57911 6.18724 5.83709 5.52272 10.40624 9.52638 8.768608111597.538307.03-498 6,59053 6.19590 5.84366 5.52773 10.46444 9.56943 8.80054 8.13535 7.556027.04823 660046 6.20336 5.84928 5.53197 1051784 9.60857 8.82932815656 757120 7,05985 6.60910 620979 5.85409 553557 1056682 9.61416 8.85524 8.17550 7.58557 7.07005 6.61661 6.21534 5.85820 S51862 10.61176 9.67651 8.87859 8.19241 7.59785 7.07899662314 6.22012 5.86171 554120 31 32 33 34 35 36 (1 + i)-1 The values in Table 12-2 were generated by the formula and rounded to five decimal places, where is the interes (1 + i)" rate per period and is the total number of periods

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