1. You want to make an investment that will yield a lump sum of $
in 3 years. You will invest at a nominal rate of
%. How much do you need to invest today to reach the above
future value? Enter your answer to the nearest $.01 and as a positive number.
2. Your credit card, upon which you make monthly payments, has a quoted
annual interest rate of
. What is the periodic interest rate? Calculate your answer to
the nearest .01%. Do not use the % sign in your answer. Thus .83%
would be .83 rather than .83% or .0083.
3.You are planning on taking a loan for $
,000. You will repay the loan in annual payments over the next
years and the loan has a stated interest rate of
%. For the very last payment on your loan, how much of this is
repayment of principal? For example, if the loan payment is $400 of
which $30 is interest and $370 is principal, your answer is $370. Enter
your answer to the nearest $.01. Enter your answer as a positive number.