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Find the sinking fund with payments

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(a) How many monthly payments of $100 must be planned to have a future value of $1,878.58 when the interest is 6% compounded monthly?

(b) Quantum Landscaping Company wants to build a $250,000 greenhouse in 3 years. The company sets up a sinking fund with payments made quarterly. Find the quarterly payment into this fund if the money earns 5% compounded quarterly.

(c) You buy a car with a down payment of $300 and payments of $200 per month for 3 years. If the interest rate is 4% compounded monthly, what is the total cost of the car?

(d) Uthman borrows $125,000 at 3.6% for 15 years to purchase a house. What is his monthly payment?

(e) A debt of RM1500 due in five years and RM2000 due in seven years is to be repaid by a payment of RM2000 now and a second payment at the end of three years. How much should the second payment be if interest is at 3% compounded annually?

Reference no: EM132622881

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