Rate =5.5%
PMT =4800
Number of Periods =5
PV of Loan =PMT*((1-(1+r)^-n)/r =4800*((1-(1+5.5%)^-5)/5.5%
=20497.3655
a. The Payoff for one year =PV*(1+r)-PMT =20497.3655*(1+5.5%)-4800
=16824.72
b. Payoff for four years =PV*(1+r)-PMT*((1+r)^n-1)/r
=20497.3655*(1+5.5%)^5-4800*((1+5.5%)^4-1)/5.5% =5946.36
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