Repaying a Loan

While Mary Corens was a student at the University of Tennessee, she borrowed $10,000 in student loans at an annual interest rate of 7%. If Mary repays $1,200 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round answer to the nearest whole numberyear(s)

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Reaching a Financial Goal

You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year - with the first payment being made a year from today - into a bank account that pays 11% annual interest. Your last deposit will be less than $1,100 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round answer up to the nearest whole number year(s)

How large will the last deposit be? Do not round intermediate calculations. Round answer to the nearest cent.

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