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Calculate future value at the end of the first four years

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Problem 1: A payment of $10,000 was made into an account at the end of every 3 months for 12 years.

a. If the interest rate for the first 4 years was 5.00% compounded monthly, calculate the future value at the end of the first 4 years.

b. If the interest rate for the next 8 years was 6.00% compounded annually, calculate the future value at the end of the 12 year term.

Problem 2: While buying a new car, George made a down payment of $900 and agreed to make month-end payments of $220 for the next 5 years and 6 months. He was charged an interest rate of 1% compounded semi-annually for the entire term.

a. What was the purchase price of the car?

b. What was the total amount of interest paid over the term?

Reference no: EM132678635

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