1. An amortizing loan has an initial principal balance of $125,000. It has a term of 15 years with monthly payments and an APR of 4%. What is the amount of the monthly payment?
2. You deposit $5,000 into an account for 5 years with quarterly compounding. At the end of 5 years, the account balance is $6,800. You made no additional deposits. What (APR) interest rate must you have earned?
3. You deposited $500 each monthinto your new IRA account at the beginning of each month.There was no previous balance. You were fortunate to have earned 5.2% (APR) the entire time, and your account balance grew to $247,014! For how many years did you make the payments?