Please READ and ANSWER ALL THREE questions CORRECTLY. Any wrong OR missing answers will be DOWNVOTED. Please DOUBLE CHECK your work BEFORE posting the solution. Thank you!

1. Given a 12 percent return, how long will it take to triple your investment? (time value, slide 12) 2. Your car requires $3K in cash up front and a car loan that has a 6 percent APR, that compounds monthly, and requires monthly payments of $500 for the next 5 years, starting next month. What is the car worth? (Hint: assume that the car is worth the present value of the cash and the loan. When you apply the annuity formula to the car loan, remember to adjust the interest rate and term of the loan from annual to monthly.) (time value, slide 29) 3. You will pay off your 60K in loans over 5 years, starting next year after you graduate. The loan compounds 3 percent per year. How much do you pay each year? Would the payments average to more than $1K per month or less than $1k per month? (Hint: apply the annuity formula) (time value, slide 36)