1. Upon graduation, you realize you have accumulated $30,000 in student loans. You decide to pay it off in equal installments over ten years. What equal payment must you make every month for ten years to pay off this $30,000 debt if your loan has a monthly interest rate of 0.50%? Your first payment will be made in one month.
227
333
549
925
1744
2. You are scheduled to receive $28,000 in two years. When you receive it, you will invest it for 10 more years at 4.5 percent per year. How much will you have in 12 years?
$43,483.14
$47,484.68
$31,190.38
$41,308.99
$45,657.30