School has raised money for scholarship for students

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Reference no: EM131999586

1. You have borrowed 10,000 to buy a car. the loan has 60 monthly payments and an interest rate of 4% per month. how much interest will you pay in the first year. (Solve this by using a financial Caculator)

2. A school has raised money for a scholarship for students. The scholarship will award 10,000 each year and will grow at 2% per year forever. the first scholarship award will be 3 years from today. if the interst rate is 4%, how much will it cost the school to fully fund the scholarship today?

Reference no: EM131999586

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