Solution-What was the original amount of the mortgage

What was the original amount of the mortgage

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Reference no: EM133150101

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Q1. Grandma wants to give you $460 at the beginning of each month while you are at school for 3 years. If interest is 4.2% compounded monthly, how much does she have to invest today to provide this?

Q2. Jimmy paid off a mortgage by paying $775 per month for 16 years. What was the original amount of the mortgage if the interest rate charged was 4.30% compounded semi-annually? Round to the nearest cent.

Q3. Kelsey's investment manager offers him an interest rate of 8.0% compounded monthly on his Investments. If the manager changes his mind and offers him a rate of 8.0% compounded annually how much more would he have to deposit at the end of each year in order to accumulate $425,000 in 20 years? Round to the nearest cent

Q4. Michelle invested $1,750 at the end of every 6 months into an RRSP for 14 years. For the first 7 years she earned interest at a rate of 4.90% compounded semi-annually and for the next 7 years she earned interest at a rate of 6.70% compounded semi-annually.

a. Calculate the accumulated value of her investment after the first 7 years. Round to the nearest cent

b. Calculate the accumulated value of her investment at the end of 14 years. Round to the nearest cent

c. How much interest did she earn in her investment over the 14 years.

Reference no: EM133150101

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What was the original amount of the mortgage

Reference no: EM133150101

Reference no: EM133150101

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