Joe, who puts down $3 500 to buy a car, and then makes annual payments of $1 000

Karen, who loans a friend $3 500, and whose friend pays back the loan in four annual instalments of $1 000

Leo, who borrows $3 500, and then pays back the loan in four annual payments of $1 000

Harry, who borrows $3 500, and then receives an annual payment of $1 000