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I hope someone can help me check my homework answers:
A loan of $21,814 was repaid at the end of 14 months. What size repayment check (principal and interest) was written, if an 11.1 percent annual rate of interest was charged?
A newborn child receives $8,000 gift toward a college education from her grandparents. How much will the $8,000 be worth in 19 years if it is invested at 7.4% compounded quarterly?
A company estimates that it will need $65,000 in 16 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 6% compounded monthly, how much should each payment be?
ELoan, an online lending service, recently offered 36month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $421, how much can you borrow from ELoan? What is the total interest you will pay for this loan?
