16) Calculating the Number of Periods You are saving to buy a $273,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6 percent. How long will it take your initial $96,000 investment to reach the desired level at Bank One, which pays simple interest? How long at Bank Two, which compounds interest monthly? a. Bank One years b. Bank Two years 17) Calculating the Number of Periods You have $905 today. You need $4011. If you earn 1.5 percent per month, how many months will you wait? months 18) Calculating Annuity Present Values You want to borrow $25,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $500, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 72 month loan