A loan of $24,850.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.

a. Calculate the size of the periodic payment.

$2,299.43

$2,883.33

$2,459.37

$2,648.67

b. Calculate the total interest paid.

$4,662.44

$29,512.44

$2,203.07

$7,121.81

Samuel made periodic deposits into a savings account at the end of every month for 2 years. The investments were earning 7.50% compounded quarterly and grew to $13,375.00 at the end of 2 years.

a. Calculate the size of the month-end deposits.

$542.77

$518.51

$446.40

$496.19

b. How long will it take for the $13,375.00 to accumulate to $39,295.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

4 years and 3 months

5 years and 3 months

3 years and 3 months

3 years and 5 months