Reference no: EM133053563
1. A car was purchased for ?$1550 down and payments of $282 at the end of each month for three years. Interest is 7?% compounded quarterly. What was the purchase price of the? car? How much interest will be? paid?
The purchase price of the car was $_______.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
The amount of interest that will be paid is ?$________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
2. One month from? now, Kelly will make her first monthly contribution of $350 to a? Tax-Free Savings Account? (TFSA). She expects to earn 8?% compounded annually. How long will it take for the contributions and accrued earnings to reach $55,000??
It will take _________ months to reach ?$55,000.
?(Round the final answer up to the nearest month as needed. Round all intermediate values to six decimal places as? needed.)
3. Determine the size of the periodic payment of the following ordinary general annuity.
|
Present 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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?$4000
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1 month
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7 years
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3?%
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annually
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The periodic payment is ?$_________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)