Marla borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end of year payment is: (Round to the nearest whole dollar)

Individuals have an advantage over FIs in that individuals more easily can diversify away some of the credit risk of their asset portfolios.

a. true b. false

One of the directors of Independent Pallet Mill purchases 100 acres of timberland. In order for him to sell the timber from this land to Independent, what must he do? If he does not act properly in this situation, what duty would he violate, and what would be the result?