At the end of each year, Thread Crafts Inc. pays $1,000 into a savings account. If interest earned on the account is 3.24 % compounded monthly, what would be the account balance in twelve years? How much interest would they have earned? 1. 7 Marks Tina obtained a loan for $50,000 at 5.0 % compounded semiannually. What monthly payment will repay the loan in 15- years? How much interest will Tina pay over the life of the loan? 2. 7 MARKS How long will $48,000, in an investment that earns 8 % compounded quarterly, sustain month-end withdrawals of $4,000? Round n to the next larger integer. 3. 6 MARKS 4. A property worth $250,000 can be purchased for 20% down and quarterly mortgage payments of $3,000 for 25 years. What nominal rate of interest compounded monthly is charged. Show the mathernatical/algebraic method to verify your answer. 7 MARKS S. Manpreet will make year-end contributions for 10 years to an RRSP earning 10 % compounded annually 3 MARKS How much will she have after 10 years if the annual contribution is $10,000? b. How much more will she have after 10 years if she increases the contributions by 5 % every year? a