What''s the future value of ordinary annuity

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1. Assume you agreed to a bank that in the beginning of first month you borrowed $8,500 and in the beginning of second month you borrowed $10,000 at 6% interest rate monthly and must repay the loan in equal monthly payments in the following three years (36 months). What are the amounts of monthly payments?

2. What's the future value of a 4%, 5-year ordinary annuity that pays $100 each year? Round your answer to the nearest cent. $ If this was an annuity due, what would its future value be? Round your answer to the nearest cent. $

Reference no: EM131847796

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