Word File Edit View Insert Format Tools Table Wind me Insert Draw Design Layout Le Share Co 83 83 Font Paragraph Styles Pickit Open from Save to ste Images SharePoint SharePoint 14. You just received your first credit card and decided to purchase a new lpad. You charged the lpad's. on your new credit card. Assume the nominal interest rate is 18% and that the interest is compounded monthly. The minimum payment on pay the minimum and make no other charges, how long will it take you to fully pay off the charge card? the credit card is only $10 a month. If you 15. A student borrows $10,000 from his uncle to buy a car and you will pay your uncle back at 5 equal payments over the next five years at 5.0% interest. How much will the annual payments be? Create an amortization schedule to display the interest and principal paid each of the five years. 16. The owner of a small business wants to borrow $200,000 from you for 5 years and will make yearly payments of $60,000 at the end of each year. Similar types of investment opportunities will pay 5%. Is this a good investment opportunity? What is the annual return on this offer