1. What are the differences between investing $15,000 at 9% p.a. for 15 years when compounded yearly, quarterly, monthly, daily, and continuously? Ignore the effect of leap years.
2. You just borrowed $225,00 to purchase a new house. The nominal interest rate is 6% p.a, compounded monthly, and the monthly payment is $1612 for the loan. What is the duration of the loan?