6. Assume that you borrow $200,000 for five years at an interest rate of 7.9% per year. If the loan has monthly payments, what is the amount of interest in the first payment?
7. Assume that you borrow $9,300 for five years at an interest rate of 6.6% per year. If the loan has

annual payments, what is the amount of principal in the first payment?

8. What is the present value of a perpetuity that pays $20,000 per year when the discount rate is 12.1% per year?
9. Assume that you will invest $300 in one year, $400 in two years, and $500 in three years. If you

earn an interest rate of 8.2% per year, how much will you have in three years?

10. Assume that you have $100,000 in your retirement account, you plan to invest $15,000 at the end of each year, and your goal is to have $1,000,000. If you earn an interest rate of 6.7% per year, how many years will it take for you to achieve your goal?