\n Q1-Robert made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $45,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits?\n <\/p>\n
\n Q2-Robert received a $29,350 loan from a bank that was charging interest at 4.50% compounded semi-annually.\n <\/p>\n
\n a.\u00a0How much does she need to pay at the end of every 6 months to settle the loan in 5 years?\n <\/p>\n
\n b.\u00a0What was the amount of interest charged on the loan over the 5-year period?\n <\/p>\n
\n Q3-A loan of $36,000.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.\n <\/p>\n
\n a.\u00a0Calculate the size of the periodic payment.\n <\/p>\n
\n b.\u00a0Calculate the total interest paid.\n <\/p>\n
\n Q4-Blake made periodic deposits into a savings account at the end of every month for 5 years. The investments were earning 6.00% compounded quarterly and grew to $12,375.00 at the end of 5 years.\n <\/p>\n
\n a.\u00a0Calculate the size of the month-end deposits.\n <\/p>\n
\n b.\u00a0How long will it take for the $12,375.00 to accumulate to $31,365.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?\n <\/p>\n
\n Q5-Lush Gardens Co. bought a new truck for $60,000. It paid $6,000 of this amount as a down payment and financed the balance at 4.24% compounded semi-annually. If the company makes payments of $1,900 at the end of every month, how long will it take to settle the loan?\n <\/p>\n
\n Years? Months?\n <\/p>\n
\n Q6-You plan to save money for a down payment of $32,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount?\n <\/p>\n
\n Years? Months?\n <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Q1-Robert made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $45,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits? Q2-Robert received a $29,350 loan from a bank that was charging […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/228619"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=228619"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/228619\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=228619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=228619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=228619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}