1. How much was deposited in an account on July 7, 2014 in order to have a balance of $4,000 on January 18, 2016?The account earns 2.65% compounded quarterly.
2. How many months will it take for a short-term investment of $3,275 to mature to $3,400 at a simple interest rate of33/4% per annum?
3. A demand loan of $20,000 on September 1, 2014 at 7% p.a. simple interest was settled by a payment of $600 on February 28, 2015 and the outstanding balance on April 26, 2015.Using the declining balance method, calculate the amount of the last payment.