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Question 1) You borrowed $30,000 from your bank to buy a car. The interest rate is 8%. You amortize the loan over 48 months and you start paying the loan one month from now. (a) What is the monthly payment of your loan, (b) What will be your loan balance after 27 months, (c) How much interest would you have paid in total over the life of the loan?

Question 2) How long (in years, to 2 decimals) does it take for you to save enough money for a house requiring $50,000 down payment if you plan to save $11,100 per year at 8% interest, starting today?

Reference no: EM132497304

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