Reference no: EM131402563

1. Fatima wants to buy a boat that is available at two dealerships. The price of the boat is the same at both dealerships. Middlefield Motors would let her make quarterly payments of 2,100 dollars for 11 years at a quarterly interest rate of 2.18 percent. Her first payment to Middlefield Motors would be due in 3 months. If Fairfax Boats would let her make equal monthly payments for 5 years at a monthly interest rate of 0.68 percent and if her first payment to Fairfax Boats would be today, then how much would each monthly payment to Fairfax Boats be?

2. Allysha just borrowed 43,400 dollars. She plans to repay this loan by making a special payment of 6,600 dollars in 3 years and by making regular annual payments of 7,100 dollars per year until the loan is paid off. If the interest rate on the loan is 9.51 percent per year and she makes her first regular annual payment of 7,100 dollars in one year, then how many regular annual payments of 7,100 dollars must Allysha make? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).

3. Siri plans to retire in 3 years from today with 407,000 dollars in her retirement account, which has an annual return of 15.56 percent. If she receives annual retirement payments of X, with her first annual retirement payment of X received in 3 years from today and her last annual retirement payment of X received in 11 years from today, then what is X, the amount of each retirement payment?