For each of the following situations involving annuities, solve for the unknown (?). Assume that interest is compounded annually and that all annuity amounts are received at the end of each period. (i...

For each of the following situations involving annuities, solve for the unknown (?). Assume that interest is compounded annually and that all annuity amounts are received at the end of each period. (i = interest rate, and n = number of years)

  Present Value       Annuity Amount           i           n

1.                               ?                     $ 3,000                     8%       5
2.                    $ 242,980                    75,000                      ?        4
3.                       161,214                    20,000                      9         ?
4.                       500,000                    80,518                       ?        8
5.                       250,000                         ?                         10        4

Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $12,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months.
Required:
Determine Sandy’s quarterly loan payment.