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What is the size of the monthly payments

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Q1. Lexar purchased a machine for $55,000 using a 7 year loan at 5.10% compounded semi-annually. If the first payment was made one month from when he purchased the machine, what is the size of the monthly payments?

Q2. Orey's retirement fund has an accumulated amount of $60,000. If it has been earning interest at 3.22% compounded monthly for the past 21 years, calculate the size of the equal payments that he deposited at the beginning of every 3 months.

Q3. Histine contributed equal deposits at the end of every month for 3 years into an investment fund. He then decided to stop making payments and left the money in the fund to grow for another 3 years. The fund was earning 2.81% compounded monthly for the entire period and the accumulated amount at the end of the term was $100,000.

a. Calculate the amount in the fund at the end of 3 years.

b. Calculate the size of the periodic deposits into the fund.

Q4. Victoria deposits $1,500 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $32,000, calculate the following:

a. How many deposits will he have to make?

b. How long will he have to make these deposits?

Q5. Gela will make payments of $50 at the end of every month to settle a loan of $800 at 4.20% compounded semi-annually that he received to purchase a television.

a. How many deposits will he have to make?

b. How long will he have to make these payments?

Reference no: EM132772181

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