4. You o we $6800 to your mother. You have agreed to make monthly payments over the next 5 years at 8% compounded monthly. After 2 years of payments, you have decided to pay your mother the remaining balance. What was the initial payment and what was the remaini ng balance after 2 years of payments?

5. In 6 years you wish to have a sinking fund of $18,000. How much will you have to deposit each quarter if interest is 12% compounded quarterly?

6. How much should be deposited now at 10% compounded semiannually to make possible withdrawals of $3,000 every 6 months for the next 10 years? Also, what will the total interest be? 7. If you deposit $1,600 into an account paying interest at 8% compounded continuously, how much will be in your account at the end of 12 years?

8. You have purchased $40,000 worth of securities earning 12% compounded semiannually. Ten years from now, you plan to use the securities and interest to establish an account earning 7% compounded annually, and to exhaust this account by equal withdrawals at th e end of each year for five years. How much will each withdrawal be?