Robert placed $7,000 in a 10-month term deposit paying 6.25%. How much will the term deposit be worth when it matures?

A) $3,645.83
B) $7,991.81
C) $7,364.58
D) $6,653.46
E) $7,769.89

Brendina Gillespie wanted to buy a new car. A bank would loan the sum of $18,000 if Brendina would repay the loan over two years. Compute the size of the monthly payment that Brendina needs to pay in order to amortize the loan with interest of 12% compounded monthly on the unpaid balance. Use Tables 23-2A and 23-2B or a calculator.​