You are required to pay the loan off in equal annual, Financial Management

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You are required to pay the loan off in equal annual

1. You obtain an installment loan to pay for graduate school in the amount of $30,000. If the lender charges you 7% interest and you are required to pay the loan off in equal annual installments over a period of 8 years, what is the amount of each installment?

2. If you place $4,000 a year in your pension plan and the plan earns 9% per year, how much will you have available for your retirement in 40 years?

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