Calculate the present value of a perpetuity with annual payments of $22,000. Use an interest rate of 8% and assume that the first payment occurs one year from today (Calculate to two decimal places) You are going to borrow 997,000 to find the start of your new restaurant. The bank wants to be repaid with a balloon payment in 4 years. They charge 9 interest. How much will your payment be (Round your answer to two decimal places.)
