Question: Problem 4-25 Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual

Problem 4-25 Repaying a Loan

While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 7.30%. If Mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?

year(s)

Problem 4-26 Reaching a Financial Goal

You need to accumulate $10,000. To do so, you plan to make deposits of $1,900 per year - with the first payment being made a year from today - into a bank account that pays 6.87% annual interest. Your last deposit will be less than $1,900 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number. year(s)

How large will the last deposit be? Round your answer to the nearest cent. $

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