Your bank will give you a loan at 11% compounded monthly. You look at your budget and decide that you can afford a payment of $267 a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions? (Convert your answers to years.) 12.7 years 8.5 years 3.6 years 6.0 years Question 15 (5 points) How many years does it take an investment of $9813.99 to grow to $22466.89 if the [5] investment earns 8.46% APR compounded continuously. 7.01 years 7.30 years 5.41 years 9.79 years You just won the lottery! As your prize you will receive $1,500 a month for twenty years. If you can earn 9 percent on your money, what is this prize worth to you today? (A) (B) (C) (D) (E) $156,098.29 $152,087.19 $157,408.16 $164,313.82 $166,717.43 Question 12 (5 points) The monthly payments on a $54,000 loan at 12% annual interest are $568.62. How much of the first monthly payment will go toward the principal? (A) (B) (C) (D)