1. Payday loans are very short-term loans that charge very high interest rates. You can borrow $300 today and repay $390 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to the nearest whole percent.)

2. A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,900 per month for the next three years and then $900 per month for two years after that. If the bank is charging customers 9.50 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

3. What is the value in year 5 of a $2,700 cash flow made in year 8 if interest rates are 9 percent? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

4. Compute the present value of a $4,300 deposit in year 1 and another $3,800 deposit at the end of year 4 using an 8 percent interest rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.)