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Round your answers to the nearest hundredth.
1. Melissa took out a loan of $16 000 at 8.4% interest compounded monthly. Melissa makes end of the month payments for 5 years. What size payments is Melissa making?
2. Sam invests $250 at the end of two weeks for 15 years. If he is investing his money at 7.48% compounded weekly, what will his money mature to? Grade 22
3. Wendy invests $500 at the end of the month and earns 5.9% interest compounded semi-annually on her money. How long with it take for Wendy to earn $50 000?
4. Victor wants to save up $400 000 in 10 years. What end of the week payments does he need to make if his money earns 9.3% interest compounded quarterly
This document contains various important questions and their appropriate answers in the subject field of Economics.
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