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1)Hewlett Plastics Inc. received a loan of $60,000 at 3.75% compounded quarterly to purchase machinery for...

1)Hewlett Plastics Inc. received a loan of $60,000 at 3.75% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total interest paid was $32,165.48.

2)How long would it take for an investment to double its original amount at 3.62% compounded monthly?

3)Calculate the effective interest rate for each of the following nominal interest rates:

a. 2.16% compounded quarterly.

Round to two decimal places

b. 2.16% compounded monthly.

4)Lucy invested $210,000 to purchase a home. After 8 years, she sold the home for $265,000. Calculate the effective interest rate earned on this investment.

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