Reference no: EM133046066
1. Determine the size of the periodic payment of the following ordinary general annuity.
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Future Value
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Payment Period
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Term of Annuity
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Interest Rate
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Conversion Period
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?$16,500
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three months
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6 years
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7.65?%
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monthly
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The periodic payment is $_________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
2. A car valued at ?$11,300 can be purchased for 5?% down and monthly payments of $170 for six years. What is the nominal rate of interest compounded? annually?
The nominal rate of interest is ________% compounded annually.
?(Round to two decimal places as? needed.)
3. Mr.Smith has contributed ?$119.00 at the end of each six months into an RRSP paying 3% per annum compounded quarterly.
How much will Mr.Smith have in the RRSP after 20 years?
?$________
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
How much of the above amount is? interest?
?$________
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)