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How many payments will it take to settle the loans

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Q1- Eric saved $700 at the end of every year in his savings account at 4% compounded annually for 6 years. What is the accumulated value of the money at the end of 6 years? What is the interest earned?

Q2- Longcore Technologies has to settle a business loan of $60,000, which has an interest rate of 13% compounded semi-annually. The settlement will consist of semi-annual payments of $12,000 (with the first payment being made six months from now). How many payments will it take to settle the loans?

Reference no: EM133048977

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