1. How many years will it take to pay off a loan of $50,470 at an annual rate of 5.24% compounded monthly if you make monthly payment o $555? Please Explain step by step.
2. Assume that in 2009, a Morgan silver dollar minted in 1884 sold for $8,250. Required: What was the rate of return on this investment?
3. We sometimes need to find how long it will take a sum of money (or anything else) to grow to some specified amount. For example, if a company’s sales are growing at a rate of 20 percent per year, how long will it take sales to double?