If you deposited $1,000 in a bank account earning 5% per year, how long will it take for the money to triple?

You would like to have a loan from a bank for 15 years. You are to make monthly payments at the end of the month at an interest rate of 6% per year, or 0.5% per month (6% / 12-0.5%). If the loan amount is S 175,000 and you would like to keep S 50,000 as a balloon payment at the end of the 15years, what monthly payment will you have to make? $1,305 ? $1,477 O $1,567 $1,679