Question: I found a cookie jar with a bank note in it from 1900. The value in 1900 was $100 and the bank which is still

I found a cookie jar with a bank note in it from 1900. The value in 1900 was $100 and the bank which is still in existence promises to pay 3% per year compounded annually. What is it worth now?

10. I decided to take a mortgage with a balloon payment - its a $100,000 at 6% annual interest compounded monthly for 20 years. The amount I have to pay (balloon) in 20 years is $10,000. What is the payment I can expect each month?

11. You have a student loan for $5000 at 4.5% interest. No payment is required for 2 years but the loan accrues interest monthly. Once you begin paying the loan you have 10 years to finish payments. Calculate the monthly payment. (Hint: try nesting your financial functions)

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