Problem 5-13 Time for a lump sum to double

How long will it take $400 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

7%.

year(s)

11%.

year(s)

16%.

year(s)

100%.

year(s)

Loan amortization and EAR

You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly.

What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent.

$

What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.