1. What’s the interest rate of a 5-year, annual $4,000 annuity with present value of $15,000?
2. What annual interest rate would you need to earn if you wanted a $1,000 per month contribution to grow to $76,000 in six years?
3. To borrow $1,500, you are offered an add-on interest loan at 10 percent. Two loan payments are to be made, one at six months and the other at the end of the year. Compute the two equal payments.