Find Answers, with explanation.

1.) Consider a principal amount of $1,000 to be invested at a nominal rate of 12% compounded semi annually. What would be equivalent annuities payment per year for three years?

2.) Janine has a bank loan for $10,000 to pay for his new truck. This loan is to be repaid in equal end month installments for five years with a nominal interest rate of 12% compounded monthly. What is the amount of each payment?

3.) Suppose that a $100 lump sum amount is invested for 10 years at a nominal interest rate of 6% compounded quarterly. How much is it worth at the end of tenth year?