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1. You currently owe $18,000 on a car loan at 8.0% interest. If you make monthly payments of $576.49 per month, how long will

1. You currently owe $18,000 on a car loan at 8.0% interest. If you make monthly payments of $576.49 per month, how long will it take you to repay the loan? Please state the time in months. 2. You have received a bond that will pay $500 at the end of each year forever into the future. If the market yield on the bond is 8.25%, how much it is worth today? 3. What is the future equivalent of $1000 invested at 8% simple interest for 3 years? 4. What are the two basic ways to compute interest? Does it matter which one you use and why?

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