Deposit placed in interest-earning account earns

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1. If you deposit $994 in an account that earns 3% per year, what would be the balance in the account at the end of 11 years if interest compounds monthly?

2. A deposit placed in an interest-earning account earns 35.1% a year. How many years will it take to double in value?

3. A borrower takes out a 10-year mortgage loan for $300,000 with an interest rate of 11.3%. What would the constant monthly payment be?

Reference no: EM131597227

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