Determine the payment to amortize the debt

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Reference no: EM131948031

1. Determine the payment to amortize the debt. (Round your answer to the nearest cent.)

Quarterly payments on $19,500 at 3.2% for 6 years.

2. Calculate the present value of the annuity. (Round your answer to the nearest cent.)

$13,000 annually at 5% for 10 years.

3. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

How much must you invest each month in a mutual fund yielding 13.5% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.)

4. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the required payment for the sinking fund. (Round your answer to the nearest cent.)

Monthly deposits earning 5% to accumulate $4000 after 10 years.

Reference no: EM131948031

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