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Determine the interest rate

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1. José López has $ 15,000 in a 6-year certificate of deposit (CD) that pays a guaranteed annual rate of 4%. Make a timeline showing when the cash flows will occur.

2. Oliver López deposits $ 12,000 in a bank account that pays 7% annual interest. He calculates the account balance after 5 years.

3. Determine the interest rate you will pay, if you are approved for a loan for $ 112,000 with annual payments of $ 15,000 over 8 years.

4. Reynaldo Sepúlveda is retiring in 20 years and currently has savings of $ 125,000. Reynaldo thinks he will need $ 650,000 at the beginning of his retirement and has no additional funds saved. He determines the annual interest rate he will need to meet his goal.

Reference no: EM133060045

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