Question
Hi, please help me complete this questions, confused about them and need to get them done as soon as possible. Really appreaciate the help. Thank
Hi, please help me complete this questions, confused about them and need to get them done as soon as possible. Really appreaciate the help. Thank you so much!
1) you have taken out a loan of $10,00 at a rate of 2% compounded semi-annually.To repay the loan you must make quarterly payments (starting at the end of this quarter) for six years. What should the size of the payment be so that this loan is fully repaid at the end of 6 years?
The quarterly payment is $______ (round to nearest cent)
2)you bought a house worth $311,000. You paid 25% of the purchase price in cash and arranged a 25 yr mortgage with a rate of 4.5% compounded semi-annually for the remaining balance. The mortgage has an amortization period of 25 years. How much will your monthly payments be (starting at the first month)?
The monthly payments on your mortgage will be $___________ (round to nearest cent)
3)You have negotiated the best price you can on a car. The payments are $450 per month, starting immediately, for four years at an APR of 7%. The residual on the car is $12,000. What was the price you paid for this car?
The cost of the car is $_________ (round to the nearest cent)
4)How long would it take for $2,500 to double if the money was invested in an account earning 3.3% per year?
It would take _____ years for the investment to double.
5) How much would you pay for a Canada Savings Bond with a face value of $1,00 that offers a 6% coupon (paid in two semi-annual payments starting in six months) and matures in 12 years? Prevailing interest rates are 5% compounded semi-annually.
The bond is worth $_______ (Round to the nearest cent)
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