1. You have a chance to buy a promissory note. Natalia Sandino borrowed some money from her mother, agreeing to repay her with 72 monthly payments of $350. Natalia has just made her 26th monthly payment. Natalia's mother offers to sell you the note, in which case you will receive the remaining payments from Natalia. If you want to earn 14.5% compounded monthly, what price should you pay?

a.) $12,295.63

b.) $16,969.53

c.) $12,444.20

2. You loan a friend $200 and are repaid $30 at the end of each month for the first 3 months and $120 at the end of the fourth month. What is your rate of return?

a.) 18.83%

b.) 70.01%

c.) 5.00%

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