Question: 16. Consider the following statements: A certain loan involves monthly repayments of $185 over a 24- month period. If 10% per year, compounded continuously, then

16. Consider the following statements: "A certain loan involves monthly repayments of $185 over a 24- month period. If 10% per year, compounded continuously, then more than half of the principal is still owed on the loan after the 10th monthly payment is made." Which of the following is correct? a. False b. True c. d. Inapplicable, since continuous compounding cannot be used with monthly repayments. Indeterminable without additional information. 17, How long would it take a deposit to triple in value if money is worth 8% compounded semiannually? a. 14 years b. 15 years c. 28 years d. This cannot be determined without knowing the amount of the deposit

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