1). Loan Shark Company provides short term loans. They will loan you $4 today and expect $5 back in one week! What is the EAR for this loan?

2). You plan to retire with $500,000 savings. How much should you deposit annually into a retirement saving account that pays 10 percent annual interest if you plan to retire in 15 years?

3). You borrow $350,000 at 8 percent compounded monthly. How many years will it take to pay back the loan if the monthly payment is $2,960?

Answer rating: 100% (QA)

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