9. You will need $3,000 for a lump sum payment to a friend. If you have $1,200 today to invest at 6% per year, how long will it take to grow to the desired amount (assuming annual compounding and constant reinvestment)?

10. A car can be purchased for $40,000. If borrowing rates are 3% per annum for a term of 5 years with monthly payments, what is the payment each month starting one month from today when the total amount of $40,000 is financed?

11. You are being paid 5% on your current bond portfolio, however inflation is currently 1.6%. What is the Real Rate your bond portfolio is paying you?

12. Your grandparents placed $5,000 in a trust fund. Twelve years later the fund was valued at $10,000. What rate of return per year did the trust fund earn?