Question 1: If you deposit $17,000 today in an account earning an annual rate of return of 10%, how much interest would be earned in the third year? How much would this amount differ from simple interest?
Question 2: To pay for your education, you have taken out $28,000 in student loans. If you make monthly payments over 13 years at 5% compounded monthly, how much are your monthly student loan payments?
Question 3: , which are made at the end of each year (one payment each year), include both principle and 10% interest on the declining balance. What amount will your annual payment be?To buy a new house, you must borrow $150,000. To do it you take out a $150,000, 20-year, 10% mortgage. Your mortgage payments