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In: AccountingLowlife Company defaulted on a $190,000 loan that was due onDecember 31, 2018. The bank...Lowlife Company defaulted on a $190,000 loan that was due onDecember 31, 2018. The bank has agreed to allow Lowlife to repaythe $190,000 by making a series of equal annual payments beginningon December 31, 2019. (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1) (Use appropriate factor(s) fromthe tables provided.)Required:1. Calculate the required annual payment if thebank’s interest rate is 10% and four payments are to be made.2. Calculate the required annual payment if thebank’s interest rate is 8% and five payments are to be made.3. If the bank’s interest rate is 10%, how manyannual payments of $27,885 would be required to repay thedebt?4. If three payments of $69,117 are to be made,what interest rate is the bank charging Lowlife?