5. Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.)

$17,000 at 5% for 10 years if the interest is compounded in the following ways.

(a) annually $ (b) quarterly $

6. Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)

$23,000 after 8 years at 3% if the interest is compounded in the following ways.

(a) annually $ (b) quarterly $

7. Find the term of the compound interest loan. (Round your answer to two decimal places.)

3.9% compounded quarterly to obtain $8900 from a principal of $2000.

Yr

8. Use the "rule of 72" to estimate the doubling time (in years) for the interest rate, and then calculate it exactly. (Round your answers to two decimal places.)8% compounded annually.

"rule of 72" yr
exact answer yr