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Determine the amount to be paid each month

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Reference no: EM132933243

Problem 1: A person wishes to receive $1000 at the end of each of the next 4 quarters. If the bank account pays 8% per annum compoundable quarterly, how much should the initial deposit be?

Problem 2: Mr. Gates borrowed $5,000 from the bank to repay in 16 monthly installments. If the interest rate is 1.5% per month, determine the amount to be paid each month.

Reference no: EM132933243

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