How much of the amount will be interest

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Reference no: EM132802297

Question -

Q1. Roxanne contributes $167.00 at the beginning of every six months into an RRSP paying interest at 8.9% compounded semi-annually.

a. How much will her RRSP deposits amount to in 31.5 years?

b. How much of the amount will be interest?

Q2. A property was purchased for quarterly payments of $1070.00 for 9 years. If the first payment was made on the date of purchase and interest is 5.57% compounded annually, what was the purchase price of the property?

Q3. Gary and Sandra Duncan bought a property by making semi-annual payments of $4210.00 for 8.5 years. If the first payment is due on the date of purchase and interest is 8.53% compounded quarterly, what is the purchase price of the property?

Q4. Starting three months after her grandchild Crystal's birth, Mrs. Robinson made deposits of $63.25 into a trust fund every three months until Crystal was 19 years old. The trust fund provides for equal withdrawals at the end of each quarter for 5 years beginning three months after the last deposit. If interest is 8.24% compounded quarterly, how much will Crystal receive every three months?

Q5. The Saskatchewan Junior Achievers need to borrow to finance a project. Repayment of the loan involves payments of $8711.00 at the end of every three months for six years. No payments are to be made during the development period of three years. Interest is 9.24% compounded quarterly.

a. How much did the Achievers borrow?

b. What amount will be repaid?

c. How much of that amount will be interest?

Reference no: EM132802297

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