7. Suppose you are investing $10,000 in a bank deposit paying interest every year, and the interest rate is 1%, how much money would you have after 5 years when interest income is not reinvested: $_____________________?

What would the result be if interest is reinvested at the same interest rate: $___________________?

What if the bank paid interest every 6 months and interest is reinvested at the same interest rate: $________________________?

All answers are to be rounded to two decimal points and no 1,000 separators.

8. Suppose you are planning to take out a two-year loan of 2,000,000 to purchase a car.

If you intend to pay down the principal in equal installments, that would equal ________________________.

If the interest rate is 2.0%, the first monthly interest payment would be _______________ and thus the total.

payment for that month would be _________________.

On the other hand, if you intend to pay down the loan in equal installments, the monthly payment would be _______________.

In terms of total payment, the latter option would end up paying ________________ (less / more) interest (all numbers to be rounded to the nearest unit and no 1,000 separators).

9.Suppose you are planning to purchase an iPhone 14. Looking at the Apple website you find that Apple is offering a "0% interest" installment plan, which allows you to purchase an iPhone, which costs 119,800 (i.e., the cash price) for 36 monthly payments of 3,327 each. If you think that the interest you would have to pay for a shopping loan is 3.0%, Apple is effectively giving you a ______________% discount over the cash price. Round your answer to one decimal place.