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What was the purchase price of the piano

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Q1- You are offered payments of $475.00 at the end of each semi-annual period for 6.5 years. You think that the cost of money is 6.14% compounded semi-annually. What is the present cash value?

Q2- Doris purchased a piano with $1300.00 down and monthly payments of $214.00 for 2 years at 9.72% compounded monthly. What was the purchase price of the piano?

Q3- How many quarterly payments will it take for $400.00 deposited at the end of each quarter to amount to $11 453.40 at 6% compounded quarterly?

Q4- A car was purchased for $4500.00 down and payments of $375.00 at the end of each month for 5 years. Interest is 9.72% compounded monthly. What was the purchase price of the car?

Q5- You want to be able to travel and withdraw $3750.00 at the end of every month during your yearlong trip. During your trip your travel fund will earn 6.24% compounded monthly. What is the size of your travel fund if you want to be able to start your trip in 4 years and 7 months?

Q6- How long will it take for quarterly deposits of $425.00 to accumulate to be $16 440.00 at an interest rate of 8.48% compounded quarterly? (Final answer in years and months e.g., 7 years and 4.24 months)

Q7- A loan of $19 850.00 is to be repaid in quarterly payments of $620.00. How many payments are required to repay the loan at 6.5% compounded quarterly?

Q8- What is the term of a mortgage of $235 000.00 repaid by monthly payments of $2475.00 if interest is 7.55% compounded monthly?

Q9- Salem plans to deposit $2200.00 every 6 months for 15 years to save for his son's higher education. The rate of return will be 4% compounded semi-annually for the first 5 years and 8% compounded semi-annually for the subsequent 10 years. Calculate the future value of this simple annuity.

Q10- If a loan was repaid by ordinary monthly payments of $715.00 in 7 years at 9.12%, compounded monthly, how much interest was paid?

Q11- Bonny converted an RRSP balance of $176 875.67 into an RRIF that will pay her $2720.00 at the end of every month for 8 years. What is the nominal rate of interest?

Q12- How many semi-annually payments will it take for $500.00 deposited at the end of each half year to amount to $10 000.00 at 6% compounded semi-annually?

Q13. Calculate the present value of 120 payments of $50.00 made at the end of each of 120 consecutive months respectively if money is worth 12% compounded monthly.

Reference no: EM132938917

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