1. You receive a $5 comma 000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 6% per year and you think you will need to have $10 comma 000 saved for the down payment. How long will it be before the $5 comma 000 has grown to $10 comma 000 ? To double the money you received from your grandparents, it will take nothing years.(Round to one decimal place.)

2. When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5.7 % per year. The annual payment on the car is $ 4 comma 900. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the car for four years (so there is one year left on the loan)? a. You have owned the car for one year (so there are four years left on the loan)? The payoff if you have owned the car for one year (so there are four years left on the loan) is $ nothing. (Round to the nearest cent.) b. You have owned the car for four years (so there is one year left on the loan)? The payoff if you have owned the car for four years (so there is one year left on the loan) is $ nothing. (Round to the nearest cent.)