1. You have $1,583 today, and want to double your money in 9 years. What interest rate must you earn to achieve your goal? Enter rate in percents, accurate to two decimal places.
2. The house you want to buy costs $285 thousand. You plan to make a cash down payment of 10 percent, and borrow the rest in a 30 year mortgage at 3.11 percent APR. What will be the amount of your monthly mortgage payment?
3. Your mortgage statement says that your loan is at 7.02 percent APR, with monthly payments. What is the effective annual rate on your mortgage (i.e., taking into account the monthly compounding)? Enter answer in percents, accurate to two decimal places.
4. Today you deposit $8 thousand into an account paying 7% APR compounded daily. How much money will you have in the account 10 years from now?
5. You will receive $1,378 at the end each year in years 1 through 10, $2,274 in years 11 through 20, and $2,687 in years 21 through 30. How much is all this worth today, if the required rate of return is 9%?