1.a

1.b

1.c

1.d

You have taken a 20-year $300,000 mortgage loan today at 0.25% monthly interest rate. You will repay the entire loan amount over the next 20 years by making equal monthly payments of $1,663.79 at the end of each month over the 20-year loan term. To the nearest dollar, what will be the principal outstanding after 10 years of monthly payments (right after your 120th payment)? $210,612 $190,782 $182,425 $172,305 Sam has invested $10,000 at a rate of 6% compounded quarterly. How long will it take for the investment to grow to $40,000? 1.33 years 23.28 years 50 years 93.11 years You have $5000, and you want that money to triple in 15 years. The bank says that it has quarterly compounding. What needs to be the APR so that your money triples in 15 years? 6.85% 7.04% 7.39% 7.60% You sign up for a new credit card with an Annual Percentage Rate (APR) of 15% compounded daily (assuming 365 days in a year). What is the Effective Annual Rate (EAR) on this credit card? 13.98% 15% 16.08% 16.18%