1. Alexander leased equipment worth $70,000 for 8 years. If the cost of borrowing is 5.81% compounded quarterly, calculate the size of the lease payment that is required to be made at the beginning of each quarter.

2. You plan to save money for a down payment of $33,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.75% compounded monthly. How long will it take you to save the planned amount?

3. What is the accumulated value of periodic deposits of $5,500 made into an investment fund at the beginning of every quarter, for 5 years, if the interest rate is 4.75% compounded quarterly?

4. Kimmie signed a loan agreement that required monthly payments of $210.75 at the end of each month for 4 years at 11.4% compounded monthly.

a. How much was the original loan?

b. How much interest did she pay in total?

5. Allison secured a 5-year car lease at 6.20% compounded annually that required her to make payments of $885.25 at the beginning of each month. Calculate the cost of the car if she made a down payment of $1,750.

6. Michelle contributed $3,000 at the end of every 3 months into an RRSP fund earning 2.57% compounded quarterly for 9 years.

a. What is the future value of the fund at the end of 9 years?

b. What is the amount of interest earned over this period?

7. A loan, amortized over 5 years, is repaid by making payments of $1,600 at the end of every month. If the interest rate is 3.25% compounded semi-annually, what was the loan principal?

8. Calculate the maturity value of end-of-month payments of $10,000 made at 4.01% compounded quarterly for 6 years.