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How many years to double initial amount

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Reference no: EM131583198

1. How many years to double initial amount if interest rate is 7.2% compounded annually?

2. You plan to buy a house in five years at about 300,000. How much do you need to save monthly to buy it? If you can earn 5% annually.

3. If you open a savings account that earns 1% interest per year, what is the minimum number of years you must wait to double your balance?

4. You obtained a loan of $20,000 to finance an automobile. Based on monthly compounding over 60 months, the payment is (i = 6%)?

Reference no: EM131583198

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