1)A lease of $7,800 had to be repaid with payments of $350 at the beginning of every quarter. The interest rate charged was 9.50% compounded quarterly.

a. How many payments are required to repay the debt?

It will take

payments.

Rounded up to the next payment

b. What is the size of the final payment?

Round to the nearest cent

2)Liz purchased a machine for $24,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 5.32% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan.

a. What was the principal portion of payment number 4?

Round to the nearest cent

b. What was the interest portion of payment number 4?

Round to the nearest cent

3)

Lucy purchased a house for $375,000. She made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 3.32% compounded semi-annually amortized over 15 years. The interest rate was fixed for a 4 year period.

a. Calculate the monthly payment amount.

Round to the nearest cent

b. Calculate the principal balance at the end of the 4 year term.

Round to the nearest cent

c. Calculate the monthly payment amount if the mortgage was renewed for another 4 years at 3.72% compounded semi-annually?

Round to the nearest cent