What is the effective annual rate for an APR of 11.20 percent compounded quarterly? Your parents are giving you $170 a month for 4 years while you are in college. At an interest rate of .51 percent per month, what are these payments worth to you when you first start college? One of your customers has just made a purchase in the amount of $30,400. You have agreed to payments of $690 per month and will charge a monthly interest rate of 1.53 percent. How many months will it take for the account to be paid off? You feel that you will need $1.9 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 8.7 percent compounded monthly and plan to save $240 per month until you reach your goal. How many years will it be until you reach your goal and retire