1) Suppose that 16 years ago, you borrowed a certain amount of money. The loan had an annual interest rate of 5.7% with continuous compounding, and today yourepaid a total of $72,627.

How much interest did you pay on this loan,as a percentage of how much you borrowed?

For example, if you borrowed $1000 and you paid $175in interest, the answer would be17.5 (percent).

Round your answer to the nearest percent.

2) Sam and Randy eachtake out a loan for$7,033.Sam'sloanhas an annual rate of18.2% withsemi-annualcompounding (twice per year). Randy'sloanhas the same annual rate, butit uses continuouscompounding. How many months does Randy need to wait in order to have the samedebt that Sam will have after 109 months?

In this question you will need to solve for t in FV = PVert. Start by dividing both sides by PV. Thenuselogarithms to "bring down"the exponent.

Round your answer to the nearest tenth of a month.

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