Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A loan of $33,450.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled
A loan of $33,450.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years. a. Calculate the size of the periodic payment. $3,565.31 $4,437.74 $3,871.49 $4,246.17 b. Calculate the total interest paid. $5,264.90 $38,714.90 $1,393.41 $9,136.39 Alexandra made periodic deposits into a savings account at the end of every month for 3 years. The investments were earning 6.60% compounded quarterly and grew to $14,000.00 at the end of 3 years. a. Calculate the size of the month-end deposits. $364.02 $352.91 $287.86 $342.41 b. How long will it take for the $14,000.00 to accumulate to $41,375.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term? 5 years and 7 months 7 years and 7 months 4 years and 7 months 4 years and 9 months
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started