The Grooms Diner has just purchased a counter and stools for $45,000. Nick paid $5,000 down and is going to borrow the remaining $40,000. The Manhattan National Bank will loan him the money for four years if he agrees to make monthly payments.
A. What are the monthly payments if the bank charges 5 percent interest?
B. What are the monthly payments if the bank charges 7 percent interest?
C. What are the monthly payments if the bank charges 9 percent interest?
Michael Paul wants to start his own business when he graduates from college in three years and he needs $600,000 to do so. How much money must he put aside today under the following conditions?
A. He can earn 8 percent compounded semiannually.
B. He can earn 8 percent compounded annually.
C. He can earn 8 percent compounded quarterly.
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