# 5. Approximately how long would it take for your investment

5. Approximately how long would it take for your investment to double if you invested at 7%compounded annually? 9. Peter borrows $15,000 from the Schwartz Bank to purchase a car. The interest rate is 6.5%compounded monthly with payments due every month. If the loan is amortized over 4 years, howmuch are the monthly payments?A.) $340.87 B.) $346.29 C.) $350.73 D.) $355.7510. Mike and Carol borrowed $60,000 to buy their house (30 year mortgage). The monthlypayments are $617.17 and the interest rate is 1% per month. What is the balance of their mortgageafter 15 years?A.) $51,422.09 B.) $32,546.05 C.) $33,106.56 D.) $34,398.2811. Let P be the statement “Tiger is a dog”, and let Q be the statement “Fluffy is a cat”. Thenwhich of the following statements represent (~P Λ ~Q).A.) Tiger is not a dog, and Fluffy is a cat.B.) Tiger is not a dog, and Fluffy is not a cat.C.) Tiger is a cat, and Fluffy is a dog.D.) Tiger is not a cat, and Fluffy is not a dog.12. Let P be the statement “Sam will work at the butcher shop tonight”, and Q be the statement“Sam will go bowling tonight”. Then which of the following statements represent [~ (P V Q)]. Becareful on this one.A.) Sam will work at the butcher shop tonight and Sam will go bowling.B.) Sam will not work at the butcher shop tonight or Sam will not go bowling.C.) Sam can’t work tonight or bowl tonight because he has a date with Alice.D.) Sam will not work at the butcher shop tonight and Sam will not go bowling tonight.13. Is the following truth table correct or incorrect?A.) Correct B.) Not Correct14. Are the following two statements logically equivalent?(PQ) Λ (QR), and(PR)A.) Yes, they are logically equivalent.B.) No, they are not logically equivalent.15. Are the following two statements logically equivalent?p V (q Λ r), and(p V q) Λ (p V r)A.) Yes, they are logically equivalent.B.) No, they are not logically equivalent.