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1) You need to have $30,000 for a down payment on a house 8 in years. If you can earn an annual interest rate of 4.4 percent, how much will you have to deposit today?

2) You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $3,500 with low monthly payments of $60 per month. If the interest rate on the loan is an APR of 13.9 percent compounded monthly, how long will it take for you to pay off the loan?

3) Bob bought some land costing $16,390. Today, that same land is valued at $46,817. How long has Bob owned this land if the price of land has been increasing at 6 percent per year?

Financial Management, Finance

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