## (Solution Document) you have a choice of either receiving \$10,000 at the end of each year for the next 5 years or receiving \$4000 per year for the next 10 years.

1. you have a choice of either receiving \$10,000 at the end of each year for the next 5 years or receiving \$4000 per year for the next 10 years. If the current interest rate is 3 percent compounded annually, which is better?
2. Compute the monthly payment for a house loan of %325,000 to be financed over 30 years at an interest rate of 4.5 percent.
3. An amount of 2,500 is borrowed at a discount rate of 10 percent, find the proceeds if the length of the loan is 90 days.
4. If a bank pays 3 percent (annually) compounded monthly, what is the effective interest rate?
5. You visit your bank and have a talk with a financial planner. You would like to retire in 15 years. You are lucky in that you have some savings and retirement already, but you need \$800,000 more to meet your financial goals for retirement. What monthly payment made at the end of each month to an account that pays 2.9 percent compounded monthly will achieve his objective?

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