1. Fifteen years ago, you put away $7,500. Today, that investment is now worth $22,068. What is the average annual rate of return you earned on your investment?

2. Your company takes out a 10-year term loan to borrow $1,325,000 to finance a building expansion. The annual interest rate on the loan is 4.75% and equal payments are made monthly. How much will the monthly payment be?                     

3. Referring back to question #2, how much total interest will the company be paying over the life of the term loan?