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- A person decides to pay at the beginning of each semester for 6 years the sum of $3315. Calculate the interest rate compounded semi-annually that will have to be credited on these payments so that she can accumulate the sum of $51,803. a. 4.6816% b. (93632%, 2) c. (8%, 2) d. 8% What would be answer ?A. borrowed $4497.00 compounded quarterly to help finance her education. She contracted to repay the loan in quarterly payments of $255.00 each. If the payments are due at the end of each 3 months and interest is 8% compounded quarterly, how long will Theresa have to make quarterly payments? State your answer in years and months (from 0 to 11 months). Theresa will have to make payments for _--_year(s) and __---_month(s) B. Pearson sets up a fund to pay $1000 at the end of each month for 9.5 years. Interest on the fund is 3.9% compounded monthly. (a) How much money must be deposited into the fund? (b) How much will be paid out of the fund? (c) How much interest is earned by the fund? Please answer all partsJeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 6 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 6-year period? Round to the nearest cent
- Leah received a loan of $35,000 at 3,5% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance $35.000.00o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30Jacqueline received a $30,950 loan from a bank that was charging interest at 4.50% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 5 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 5-year period?
- Matthew received a loan of $31,000 at 4.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. 0.00 Payment Number 0 1 2 Payment $0.00 $0.00 Interest Portion $0.00 $0.00 Principal Portion $0.00 $0.00 Principal Balance $31,000.00 $0.00 $0.003. Ruby Red borrowed $7500 for the diner at 8.1% compounded monthly. She agreed to repay the loan in equal monthly payments over four years. 1. What is the size of the monthly payment? 2. How much of the 15th payment is interest? 3. What is the principal repaid in the 36th payment period? 4. Prepare a partial amortization schedule.1 Sylvie Cardinal bought a business for $45 000. She made a down payment of $10 000 and agreed to repay the balance by equal payments at the end of every three months for eight years. Interest is 8% compounded quarterly. a. What is the size of the quarterly payments? b. What will be the total cost of financing? c. How much will Sylvie owe after five years? d. How much interest will be included in the 20th payment? e. How much of the principal will be repaid by the 24th payment? f. Construct a partial amortization schedule showing details of the first three payments, Payments 10, 11, 12, the last three payments, and totals.
- 4) Megan invests $2,000 at the end of each year into an account earning 3% effective annual interest. She reinvests the interest earned at the end of each year into a second account that will earn her 7% effective annual interest. How much is in the second account after 35 years? Also, fill in the following table (or, redraw the table on your solution sheet being handed in and fill it in). Year Amount in 1st account Amount deposited into 2nd account 0 1 2 3 : : 34 35Bradley received a loan of $32,000 at 4.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 5 years to settle the loan. a. Calculate the size of payments. 0.00 Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 Principal Portion Principal Balance Interest Portion Payment $32,000.00 ↑Anna received a loan of $29,000 at 4.5% compounded semi-annually. He had to make payments at the end of every half-year for a period of 6 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 Payment Interest Portion Principal Portion Principal Balance $29,000.00
