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Calculate the amount of the last payment

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Q1. A demand loan of $45,000 on November 05, 2020 at 5% p.a. simple interest was settled by a payment of $700 on March 15, 2021 and the outstanding balance on June 15, 2021. Using the declining balance method, calculate the amount of the last payment.

Q2. How much was deposited in an account on June 15, 2018 in order to have a balance of $5,300 on February 22, 2020? The account earns 2.55% compounded quarterly.

Q3. An investment today of $1,850 will earn 2.4% compounded quarterly for the first 2.5 years and 2.85% compounded semi-annually for the next 5 years. Find the total interest earned.

Reference no: EM133094529

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