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QUESTION 6 You believe in the power of compounding and decide to save $1 per day by avoiding the purchase of a soda. You deposit the 51 per day in a bank account that pays 8% interest compounded daily. You are going to take a trip in 20 years with the money you have accumulated. How much will you have in 20 years, assuming 365 days per year. 18,032 QUESTION 7 You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 16% annual interest compounded monthly. If you make the minimum payments of $25 per month, how long wil it take to the nearest month) to pay off your balance! QUESTIONS Auto Loans R Them loans your $24,000 for four years to buy a car. The loan must be repaid in 4 monthly 14 years) payments. The annual interest rate on the loan is 9. What is the monthly payments [HINT: you do not divide annual payment by 12.1 597.24