|1. Using the PVIFA table (table 9.4 in the textbook), determine the annual payment on a $600,000, 10 percent, business loan from a commercial bank that is to be amortized over a five-year period.
2. Assume a $1,000 face value bond has a coupon rate of 9.5% paid semiannually and has an eight-year life. If investors are willing to accept a 12 percent rate of return on bonds of similar quality, what is the present value or worth of this bond?
3. Use a financial calculator or computer software program to answer the following questions:
a. What is the present value of $450,000 that is to be received at the end of 20 years if the discount rate is 10%?
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