Reference no: EM132158600
Answer the following Questions :
1. $13,000 is invested for 8 years at annual simple interest rate of 15%.
(a) How much interest will be earned?
(b) What is the future value of the investment?
2. What interest will be earned if $6100 is invested for 6 years at 13% compounded monthly?
3. What lump sum does Diana need to deposit in an account earning 9%, compounded quarterly, so that it will grow to $70,000 in 10 years?
4. Find the future value of an ordinary annuity of $70 paid quarterly for 5 years, if the interest rate is 7%, compounded quarterly.
5. Peter is saving to buy a car by depositing $250 at the end of each month in an account that pays 4.8% compounded monthly. What will the final amount be in 5 years?
6. Juanita Domingo's parents want to establish a college trust for her. They want to make 16 quarterly withdrawals of $2500, with the first withdrawal 3 months from now. If money is worth 6.5%, compounded quarterly, how much must be deposited now to provide for this trust?
7. A sinking fund is established to discharge a debt of $60,000 in 15 years. If deposits are made at the end of each 6-month period and interest is paid at the rate of 8%, compounded semiannually, what is the amount of each deposit?
8. If a bank pays 3.25% compounded monthly, what is the effective interest rate? (round your final answer to 2 decimal places)
9. A recent graduate's student loans total $15,000. If these loans are at 5%, compounded quarterly, for 12 years, what are the quarterly payments?
10. John buys a house for $370,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 13 years. The interest rate on the debt is 10%, compounded semiannually.
(a) Find the size of each payment.
(b) Find the total amount paid for the purchase.
(c) Find the total interest paid over the life of the loan.
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