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How much are behind in payments on the day

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Problem 1: Salem plans to deposit $2200 every 6 months for 15 years to save for his son's higher education. The rate of return will be 4% compounded semi-annually for the first 5 years and 8% compounded semi-annually for the subsequent 10 years. Calculate the future value of this ordinary simple annuity, IF HE STOPS payment AFTER 5 YEARS.

Problem 2: You miss the 8th to 12th payments of a loan. The loan payments are $519.27 each month and the interest rate is 8.45% compounded monthly. How much are you behind in your payments on the day that you miss the 12th payment?

Reference no: EM132795386

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