6. You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 9 years at 9% interest, compounded quarterly. (Round your answers to two decimal places.)

(a) What is the maturity value of the loan? $ (b) How much interest are you paying on the loan? $

7. Suppose your salary in 2014 is $70,000. Assuming an annual inflation rate of 6%, what salary do you need to earn in 2016 in order to have the same purchasing power? (Round your answer to two decimal places.)

8. Chuong Ngo borrows $3600 from a bank that advertises a 8% simple interest rate and repays the loan in six equal monthly payments. Estimate the APR.

Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula.

9. Arrowood's Camera Store advertises a Canon Power Shot 3.34-megapixel camera for $325, including taxes. If you finance the purchase of this camera for 1 year at an annual percentage rate of 6.3%, find the monthly payment. (Round your answer to the nearest cent.)

10. Jeffery Wei received a 6-year non-subsidized student loan of $30,000 at an annual interest rate of 5.2%. What are Jeffery's monthly loan payments for this loan after he graduates in 4 years? (Round your answer to the nearest cent.)