Reference no: EM132896264
Question -
a) Kiran Deep Kaur is 30 years old today. How much will she accumulate in her RRSP by age 60 if shem semi-annual contributions of $1,000 starting on her 30th birthday? Assume that the RRSP earn compounded semi-annually and that no contribution is made on her birthday.
b) Harsimran Kaur has accumulated $104,000 in her RRSP. Her goal is to build it to $ 50, 000 with contributions every 6 months for the next 7 years. If she earns 8.5% compounded semi-annually, starts today find the size of her contributions.
(2) Lease Payments with Down Payment and Residual Value :-
a) A car sells for $27,900. The manufacturer offers an interest rate of 1.8% compounded monthly on a three ease. If the residual value is $14,500, find the monthly lease payments assuming a $2,500 down payment
3) Mortgage scenario:-
a) Daljeet Singh's parents are discussing the terms of the $100,000 mortgage that they have offers contribute in the purchase of his first home in Toronto. They are considering an interest rate o compounded monthly. If Daljeet were to take 20 years to repay the mortgage, find the size monthly payment.
b) How much interest will Daljeet pay his parents over the 20 year period?
c) As this amount of Interest shocks Daljeethe discusses the possibility of making payment 700 / month save some time and interest costs. Determine the time it will take him to repay mortgage at this new rate marks.
4) Navjot Kaur's father convinced her that she cannot afford the car of her dream (Mercedes S-Class), price $28,800. He has therefore advised her to save up for 4 years and then pay cash. How much would Navjot to save each month, If she could invest with a return of 4% compounded monthly?
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: They are considering an interest rate o compounded monthly. If Daljeet were to take 20 years to repay the mortgage, find the size monthly payment
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