After placing $13,000 in a savings account paying annual compound interest of 3%

Subject: Business    / Finance
1
After placing $13,000 in a savings account paying annual compound interest of 3%, Leona will
accumulate what amount if she leaves the money in the bank for 4 years?
2
If you deposit $17,000 today in an account earning an annual rate of return of 10%, how much interest
would be earned in the third year? How much would this amount differ from simple interest?
3
To pay for your education, you have taken out $28,000 in student loans. If you make monthly payments
over 13 years at 5% compounded monthly, how much are your monthly student loan payments?
4
To buy a new house, you must borrow $150,000. To do this, you take out a $150,000, 20-year, 10%
mortgage. Your mortgage payments, which are made at the end of each year (one payment each year),
include both principle and 10% interest on the declining balance. What amount will your annual
payment be?