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Finite Questions on Monthly Payments

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What monthly payment is needed to pay off a loan of $500 amortized at 12% compounded monthly for 2 years?

The following shows the weather conditions each day for the last 100 days:

Snowy days: 5
Rainy days: 20
Cloudy days: 40
Sunny days: 35

Based on this data:
a.) What is the probability that tomorrow will be snowy?
b.) What is the probability that tomorrow will be rainy or cloudy?
c.) What is the probability that tomorrow will be rainy and the day after tomorrow will be sunny?

Assuming your principal is $1000, which rate will yield the larger amount after 1 year?

a.) 9% compounded quarterly
b.) 9.25% compounded annually

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Solution shows calculation of probabilities.

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