What is the size of the monthly payment

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If $38,000 is invested for 15 years at 9.4% compounded quarterly and then pays out $10,000 at the beginning of each year while earning 2.4% compounded annually, how far from today would the last payment occur?

When Sinbad retires, he expects his RRSP to pay him $2,000 at the end of every month for 25 years. If his retirement annuity earns 3.8% compounded quarterly, how much money does he need to have in his RRSP when he retires?

$14,000 loan at 6% compounded monthly is repaid by monthly payments over four years.

a. What is the size of the monthly payment?

b. Calculate the principal portion of the 25th payment.

Reference no: EM132944013

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