1. Find the following: (3 marks each)

1. What is the amount of saving required for deposit end of each month in order to have $500,000 in 30 years if interest rate is 9% compounded monthly? Show your working.
2. How long would it take for quarterly payments of $5000 to yield $1,000,000 if the interest rate was 7.85% per annum compounded quarterly? Show your working
3. The effective rate of 9% nominal rate that compound monthly. Show your working.
4. If a borrower is able to make quarterly payment of $3000 for 20 years and annual interest rate is 8.25% per annum compounded quarterly, what is the amount of loan the borrower can obtain? Show your working.