Author Question: South Penn Tracking is financing a new truck with a loan of 10,000 to be repaid in 5 annual ... (Read 67 times)

kshipps · **on:** Jul 10, 2018

South Penn Tracking is financing a new truck with a loan of 10,000 to be repaid in 5 annual end-of-year installments of 2,504.56. What annual interest rate is the company paying?

A) 7
B) 8
C) 9
D) 10
E) 11

Question 2

Approximately how much must Tiffany invest today to accumulate 10,000 in ten years if she can earn 10 compounded annually? (Round to the nearest whole dollar)

A) 4,225
B) 3,753
C) 5,349
D) 3,855
E) 2,973