A loan of $24,850.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.
a. Calculate the size of the periodic payment.
$2,299.43
$2,883.33
$2,459.37
$2,648.67
b. Calculate the total interest paid.
$4,662.44
$29,512.44
$2,203.07
$7,121.81
Samuel made periodic deposits into a savings account at the end of every month for 2 years. The investments were earning 7.50% compounded quarterly and grew to $13,375.00 at the end of 2 years.
a. Calculate the size of the month-end deposits.
$542.77
$518.51
$446.40
$496.19
b. How long will it take for the $13,375.00 to accumulate to $39,295.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?
4 years and 3 months
5 years and 3 months
3 years and 3 months
3 years and 5 months