Requirement 1: At 8.75 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Length of time years
Requirement 2: At 8.75 percent interest, how long does it take to quadruple your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Length of time years
| Requirement 1: | |
| At 8.75 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) |
| Length of time | years |
| Requirement 2: | |
| At 8.75 percent interest, how long does it take to quadruple your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) |
| Length of time | years |
Related questions
You want to buy a new sports coupe for $74,400, and the finance office at the dealership has quoted you a loan with an APR of 6.8 percent for 48 months to buy the car.
| Requirement 1: |
| What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) |
| Requirement 2: |
| What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) |
