You must include the problem statement with this $($and all assignments$).$ You should also include all

calculations and copy$/$paste or screen capture of spreadsheets in your submission. This is a formal

engineering report and should be treated as such $($it will be graded as an engineering report$).$

Name$/$Date$,$ Problem Statement, Approach, Calculations, Results.

Q$1)$ Ryan Borrowed $$15,000$ now with a $7\%$ interest rate compounded annually. He intends to pay

this amount back over $7$ years, starting from the end of the first year. You will need to calculate the

amount of the annual payments. If Ryan misses the payment in year $4,$ how much will he owe at

the end of the $7$ years? If he pays the calculated amount in Year $7-$ what will be the amount of the

payment remaining in Year $8?$ To solve this, you will want to set up a payment schedule and

calculate the amount owed at the end of each year. This is very similar to creating a mortgage

amortization table $($actually simpler since payments are annual$).$ I do expect you to research this to

be able to solve this problem.

Q$2)$ If you borrowed $$24,000$ today and you have to pay it back in five equal payments over $10$

years $($one payment every $2$ years$).$ With $8\%$ interest rate compounded annually, what is

the amount of each payment? $(C=?)$