For a personal loan of $20,000 at a rate of 2.9% amortized over 5 years and paid monthly, calculate the balance after 3 full years of payments.

a) $8,687

b) $8,549

c) $8,011

d) $8,349

Your client received an incomplete bank statement and he would like to know his initial mortgage amount. The current balance after 60 months is $163,500, at an interest rate of 2.89% and his initial amortization period was 25 years.

a) $191,692

b) $163,500

c) $191,626

d) Cannot be calculated

You want to save $100,000 over the next 4 years in order to buy a property. If you make a deposit at the start of each period at an interest rate of 3%, how much would you need to deposit each year to reach your goal?

a) $23,207

b) $23,907

c) $24,907

d) $23,902