1. A pottery factory purchases a continuous belt conveyor kiln for ?$51,000. A 4.1?% APR monthly compound loan is taken out to purchase the kiln.
If the monthly payments are ?$505?, over what term is this loan being? paid? ____ monthly payments
2. A scholarship is to be established that will pay $2000 per year. It is estimated that a fund for this purpose will earn 10% interest. What lump sum at the beginning of the year, when deposited, will assure that the scholarship may be continued into perpetuity?
3. Suppose an investment offers to quintuple your money in 18 months (don’t believe it). What rate of return per quarter are you being offered? (Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return %