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Find the outstanding balance remaining after two years

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Q1. Ben made a down payment of $4000 on a new boat. He then financed the remainder of the purchase price by agreeing to make monthly payments of $500 at the end of each month for the next three years.

a) Determine the purchase price of the boat if the interest rate is 15% compounded monthly.

b) Find the outstanding balance remaining after two years.

Q2. Peter purchased an annuity today for $175,000. The annuity pays interest at 10% compounded monthly, and it will pay Peter equal amounts at the end of each month for the next fifteen years.

a) Determine the size of the monthly payments that Peter will receive.

b) Determine how much interest Peter will receive over the fifteen years.

c) How much of the principal is left after ten years (after the 120th payment?

Q3. Ivan and Marie are planning to buy a commercial property. They have $15,000 saved for a down payment. They can afford monthly mortgage payments of $1000 at the end of each month. Assuming a 25-year mortgage at 8% compounded monthly, what is the most expensive property that they can afford to buy?

Q4. Ursula bought a car having a purchase price of $16,200. Her old car was accepted as a trade-in for $1400 towards the purchase price, and she financed the remainder by agreeing to make equal payments at the end of each month for the next three years. If the interest rate is 5.5% compounded monthly, determine the size of her monthly payments.

Reference no: EM133156581

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