1)Time for a lump sum to double

How long will it take $200 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

3%.

year(s)

11%.

year(s)

17%.

year(s)

100%.

year(s)

2)Loan amortization and EAR

You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly.

What will be the monthly loan payment? Round your answer to the nearest cent.

$

What will be the loan's EAR? Round your answer to two decimal places.

%

3)Future value of an annuity

Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent.

$200 per year for 10 years at 14%.

$

$100 per year for 5 years at 7%.

$

$400 per year for 4 years at 0%.

$

Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent.

$200 per year for 10 years at 14%.

$

$100 per year for 5 years at 7%.

$

$400 per year for 4 years at 0%.

$