Bath's Bank offers you a $50,000, seven-year loan at 3.6% annual interest. What will your annual loan payment be? Round your number to two decimal places.
A bank is willing to lend me $200,000 today if I repay $16,048.52 each year (starting a year from today) for the next 20 years. What interest rate are they charging me?
You are planning to retire 30 years from now. Your goal is to have $1,000,000 when you retire. You plan on making an equal deposit at the end of each year for 30 years to reach your goal. You believe that you will be able to earn 3% per year on your investment. How much do you need to deposit each year? Round your number to two decimal places.