1. When a business sells its stocks or bonds to investors without going through any type of intermediary or financial institution, this process is known as a(an) _____. best-effort arrangement, initial public offering, direct transfer, primary market offeringm or underwriting
2. A borrower borrows 50,000 for 5 years at 7.5%; he pays 6,000 for each of the first 2 years and then catches up in the remaining 3 years. What is the payment in the last 3 years? Show all work.