What amount of money should you pay each month to retire a $12000 debt in five years if the interest rate on money is 10% nominal annual interest rate compounded monthly?
a. What amount of money should you pay each month to retire a $12000 debt in five years if the interest rate on money is 10% nominal annual interest rate compounded monthly?
b. What amount of money today is equivalent to $100 per month compounded quarterly for ten years at 5%?
c. If you buy a piece of land for $10,000 and spend $1000 per year on taxes, what is your rate of return if you sell the land for $20,000 in 6 years?
d. If the equivalent annual interest rate is 15%, what is the monthly rate that would be compounded to achieve this?
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