First payment to be made at the moment the money is lent

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Reference no: EM131825227

1. A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $76 every month, the monthly interest rate is 0.9%, and the loan is paid off in equal payments over 7 years. How much money was borrowed? Answer and round to the nearest cent.

2. You are offered an investment that will pay you $9561 every year for 21 years. If you require a 6.5% return on investments with the same levels of risk, how much are you willing to invest today? Answer and round to the nearest cent.

Please show every step and how each number was calculated.

Reference no: EM131825227

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