What is the quarterly amount you need to pay to repay loan

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Q1. You will save £900.00 this year and increase this by 2% each year for the next 12 years. How much will you have at the end of the saving period if interest rates are 8%? What annuity would this give you in 13 years if interest rates are then 6% and the income should last for 10 years?

Q2. You aim to buy a new car in five years' time. The car will cost you $35,000. Interest rates are 4.5%. How much should you save a month in order to have the right amount of money available?

Q3. You are going to borrow CHF 220,000 for twelve years at 4.7% to finance a house extension. What is the quarterly amount you need to pay to repay the loan over 12 years?

Reference no: EM132960094

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