Question

8) If you invest $5,650 in an account paying 8.65% compounded continuously,
how much money will be in the account at the end of 10 years?

9)You have agreed to pay off an $8,000 loan in 30 monthly payments of
$298.79 per month. The annual interest rate is 9% on the unpaid balance.
a) How much of the rst month's payment will apply towards reducing the principal
of $8,000?

b)What is the unpaid balance (on the principal) after 12 monthly payments have
been made?

Answer 1

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