1. An annuity consists of equal payments at the end of each quarter for 5 years to be purchased for $10,000. If the interest rate is 8% compounded quarterly, how much is each payment?
2. You are getting a $100,000 loan from your bank at an annual percentage rate of 8% for 10 years. a. What would be your yearly payment? b. What is the total interest that you will be paying to the bank?
3. A car is purchased for $5,000 down with payments of $350 at the end of every 6 months for 5 years. If interest is 8% compounded semiannually, find the corresponding cash value of the car.
Please answer the above questions without using a finance calculator. Only formulas with steps.