Business Math

9. Lush Gardens Co. bought a new truck for $52,000. It paid $5,200 of this amount as a down payment and financed the balance at 4.05% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan? years months Express the answer in years and months, rounded to the next payment period 10. You plan to save money for a down payment of $44,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 4.14% compounded annually. How long will it take you to save the planned amount? years months Express the answer in years and months, rounded to the next payment period 11. What should be the amount in an RRSP that is earning 7.00% compounded monthly if it can be converted to an RRIF that will provide $800 at the beginning of each quarter for 6 years? Round to the nearest cent 12. How much did Tyler deposit every month in her savings account if she had $12,000 after 30 month-end deposits? The money in her savings account was growing at 3.96% compounded monthly. Round to the near