1. How many years to double initial amount if interest rate is 7.2% compounded annually?
2. You plan to buy a house in five years at about 300,000. How much do you need to save monthly to buy it? If you can earn 5% annually.
3. If you open a savings account that earns 1% interest per year, what is the minimum number of years you must wait to double your balance?
4. You obtained a loan of $20,000 to finance an automobile. Based on monthly compounding over 60 months, the payment is (i = 6%)?