A distant cousin named you in their will and has made provisions so that you will receive a single lump sum payment of $97200 in 20 years. What is that worth today, assuming an interest rate of 6.9 percent?

Joe borrowed $15,000 from his uncle, who demanded that Joe repay the loan with interest. Joe's uncle is charging him an annual interest rate of 7.1 percent and wants Joe to pay him at least $250 per month until the loan is repaid. How many months will it take Joe to pay off this loans?

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