5. A property was purchased for $9772.00 down and payments of $993.00 at the end of every sixmonths for 3 years. Interest is 3% per annum compounded monthly.

What was the purchase price of the property?

How much is the cost of financing?

6. Mr. Kinders has contributed $247.00 at the end of each year into an RRSP paying 3% per annum compounded quarterly.

How much will Mr. Kinders have in the RRSP after 18 years?

How much of the above amount is interest?

7. A car was purchased for $3270 down and payments of $386 at the end of each month for six years. Interest is 3% compounded quarterly.

What was the purchase price of the car?

How much interest will be paid?

8. What payment, made at the end of each threemonths for 11 years, will accumulate to $14,200 at 4% compounded annually?

The required quarterly payment is $____________.