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Calculate the size of the periodic payment

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Q1. A loan of $36,000.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.

a. Calculate the size of the periodic payment.

b. Calculate the total interest paid.

Q2. Blake made periodic deposits into a savings account at the end of every month for 5 years. The investments were earning 6.00% compounded quarterly and grew to $12,375.00 at the end of 5 years.

a. Calculate the size of the month-end deposits.

b. How long will it take for the $12,375.00 to accumulate to $31,365.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

Reference no: EM133037600

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