1. Ashley just borrowed $15,000. Her monthly payment for five years will be $293.49. What interest rate is Ashley paying?

2. David just borrowed $50,000 at 8 percent. If he makes monthly payments of $650.94, how long will it take him to pay off this loan?

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1. Matthew wants to buy a new touring bus for $250,000. His bank is willing to loan him the money for 12 years at 7 percent. What is his monthly payment?

2. **Katie needs to borrow $50,000, but she cannot make periodic payments. Instead she would like to make a lump-sum payment in 10 years. Assuming that Katie and the bank agree on 8 percent interest compounded quarterly, how much money will Katie owe in 10 years?

Joshua needs to borrow some money. The bank agrees to let him make quarterly payments of $2,500 and a final payment of $200,000 in 10 years. If the bank and Joshua agree on a 6 percent rate of interest, compounded quarterly, how much money will Joshua receive?

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