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Determining the compound interest

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Reference no: EM132481717

Compound interest

1) Find the principal that will accumulate to $6000 in fifteen years at 5% compounded monthly.

2) A debt of $7000 due today is to be settled by three equal payments due 3 months from now, 15 months from now and 27 months form now, respectively. What is the size of the equal payments at 11% compounded quarterly?

(Annuities)

1. Payments of $360 are made into a fund at the end of each quarter for 12 years. The fund earns 6% compounded quarterly?

a) What will be the balance in the fund after 12 years?

b) How much of the balance is deposits?

c) How much of the balance is interest?

Reference no: EM132481717

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