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What will be your monthly payment on this loan

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Question 1 - Suppose you deposit $7,000 into an investment account today. If the account pays interest of 5.57% (APR, compounded quarterly), how much will you have in your account 8.5 years from today?

Question 2 - Suppose you want to borrow $6,500 today to pay for a vacation. A bank has offered to lend you that amount today. The loan is to be paid off over a 4-year period with monthly payments. The first payment will be 1 month from today. The interest rate on the loan is 7.09% (APR, compounded monthly}. What will be your monthly payment on this loan?

Reference no: EM133118871

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