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Determine the quarterly payment necessary to repay

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Question a) Determine the quarterly payment necessary to repay a $25,500 loan if the interest is computed at a rate of 15% per year compounded quarterly.

i) Assume that the loan is to be repaid in 10 years.

ii) How much interest will be earned over the 10 year period?

Question b) A person wishes to invest $10,000 and wants the investment to grow to $20,000 over the next 10 years. At what interest rate would the $10,000 have to be invested for this growth to occur assuming annual compounding?

Reference no: EM132589794

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