Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $28,000

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Question:

Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)

$28,000 at 3% after 6 years if interest is compounded in the following ways.

(a) $ annually

(b) quarterly
$

2. Use the "rule of 72" to estimate the rate doubling time (in years) and then calculate exactly. (Round your answers to two decimal places.)

Annual compound 3%.

"72 kuralı" _____	year
certain answer _____	year

3. Find the compound interest rate or the effective rate of the investment. (Round your answer to two decimal places.)

Monthly compound 19%. [ Note : This is a typical credit card interest rate and is usually quoted at 1.6% per month.]

%______

4. Since 2007, a particular fund has delivered a compound monthly return of 13.2%. How much would a $6,000 investment in this fund be worth 3 years later? (Round your answer to the nearest cent.)
$ _________

5. In the next regular annual payment, interest is compounded with each payment and paid at the end of the compounding period.

Find the accumulated amount of annual income. (Round your answer to the nearest cent.)

$5500 per year at 7% for 10 years.

$ _________

6. In the next regular annuity, interest is compounded with each payment and paid at the end of the compounding period.

Find the required payment for the sinking fund. (Round your answer to the nearest cent.)

Monthly deposits earning 5% to save $3000 after 10 years.

$ ___________