Prescott Bank offers you a $30,000, 6-year term loan at 10 percent annual interest. What will your annual loan payment be?

Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 10 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?

You are planning to make monthly deposits of $90 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 21 years?