32) Explain the concept of time value of money.
33) What is an annuity?
34) Team Shirts borrowed $15,000 at 6% for two years, to be repaid in equal monthly installments over the life of the loan. Calculate the amount of the monthly payments.
35) Team Shirts borrowed $50,000 at 6% for two years, to be repaid in equal monthly installments over the life of the loan. Calculate the amount of the monthly payments.
36) Bank, Rupp & Baroque, Inc. borrowed $100,000 at 6% for two years, to be repaid in equal monthly installments over the life of the loan. Calculate the amount of the monthly payments.
37) Bank, Rupp & Baroque, Inc. borrowed $100,000 at 6% for two years, to be repaid in equal monthly installments over the life of the loan. Calculate the total amount of interest Bank, Rupp & Baroque will pay on this loan.