13 Your credit card charges you 18.000% (M) interest. What would be the equivalent semi-annual rate of interest? Answer as %, to three decimal places, i.e. x.xo% 14 You take a traditional loan from the bank, borrowing $50,000 for five years. The interest rate is 6.000% (SA). Your semi-annual payments are only interest, and at the end of the 5 years, you then must pay back the bank the original $50,000. What is the semi- annual payment? Answer in $, to two decimal places i.e. $x,xx.xx 15 You take a loan from the bank, borrowing $50,000 for five years. The interest rate is 6.000% (SA). Your semi-annual payments are principal and interest, and at the end of the 5 years, you owe the bank $0 (i.e. FV = 0). What is the semi-annual payment amount? Answer in $, to two decimal places i.e. $x,xxx.xx 16 You successfully saved $1,000,000 for retirement. The money is sitting in a savings account that is earning 7.200%(M). How much can you withdraw from the account per month, taking the account down to a zero value over 35 years. Answer in S, to two decimal places i.e. $x.xx.xx 17 How much do you need to put in the bank today, earning 5.000% (SA), if you also plan to deposit $2,500 every six months, in order to have $500,000 in the account at the end of 10 years? Answer in S, to two decimal places i.e. $x xx.xx 18 You deposit $50,000 into a saving account. What nominal rate of interest do you need to earn for that money to grow to $100,000 over 10 years, if that interest rate is compounded annually? Answer as %, to three decimal places, le. x.xx.x%. 19 You deposit $50,000 into a saving account. What nominal rate of interest do you need to earn for that money to grow to $100,000 over 10 years, if that interest rate is compounded semiannually? Answer as %, to three decimal places, le. x.x%. 20 You deposit $50,000 into a saving account. What nominal rate of interest do you need to earn for that money to grow to $100,000 over 10 years, if that interest rate is compounded monthly? Answer as X, to three decimal places, le. x.xoor