19. If you borrow $15,000 from quarter for 2 years, what is the annual interest rate on the a) 6.13% b) 5.83% c) 9.21% a local finance company and you are required to pay $2.000 per loan? d) 16.5% e) 17.3% 20. You are setting up a college account for your newborn daughter. If the account pays 8 percent monthly compounding, how much will you need to deposit at the end of each month for with the account to accumulate 125,000 after 18 years? a) $260.37 b) $284.72 c) $251.80 d) $212.76 e) $276.14 21. If you want to have $90,000 saved after 6 years, how much money must you place in a savings account today? Assume that the savings account pays 7.5% and is compounded quarterly. a) $56,373 b) $57,626 c) $49,249 d) $60,333 e) $59,127 22. Suppose you deposited $40,000 in an account that had annual compounding. After 6 years, you have $55,000 in the account. What rate of interest did the account pay? a) 5.45% b) 5.54% c) 6.06% d) 5.49% e) 5.39% 23. Suppose you decided to place $3,000 in a savings account at First Savings and Loan. If the account pays 7% compounded continuously, how much money will you have in the account after 10 years? (Be precise). a) $6,131 d) $7,189 e) $6,041 b) $6,458 c) $6,366 24. You are trying to save $50,000 for a down payment on a house. Your account pays 7% with monthly compounding. If you deposit $15,000 in the account today, how much must you save at the end of each month to have the required amount saved in 2 years? e)$1,275.37 b) $1,327.52 d) $1,147.93 e) $1,493.13 c)$1,264.91