Make equal monthly payments over ten year period

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Reference no: EM131976575

1. You would like to borrow $30,000 from a local bank. You will make equal monthly payments over a ten year period. What will your monthly payment be if yearly interest rates are 15%?

2. You plan to invest $20,000 today, with a goal of accumulating $51,874 in ten years. What annual interest rate would be necessary to achieve this goal?

3. A company is financing a new truck with a loan of $10,000 to be repaid in 5 annual end-of- year installments of $2,504.56. What annual interest rate is the company paying?

Reference no: EM131976575

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