1. A loan is to be repaid over 30 years, with month-end repayments of 7,000. If the interest rate is 6.3% p.a. compounded monthly. Calculate the loan outstanding balance at the end of 10 years. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)

2. A $11,000 loan is to be repaid with 9 equal half-yearly instalments. Interest is at 8.4%p.a. compounding half-yearly Calculate the principal repaid in the fourth instalment. (use excel; answer to include cents but do not use the comma separator)

3.

Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $200 quarterly, with payments made at the beginning of each quarter, over the next 6 years. How much can he spend on his boat today if the interest rate is 12.1% per annum compounded quarterly?

a.

$3480.19

b.

$819.96

c.

$919.17

d.

$3378.00

4.

Jill is wishing to accumulate $19,000 for a renovation in 5 years time. To do this, she will make 20 deposits (quarterly) with the first deposit today. If she can earn 14.7% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

a.

$2471.48

b.

$1352.60

c.

$636.48

d.

$659.87