Juan wants to accumulate at least $35,000 by depositing $1,000 at the end of each month into a fund that earns interest at 5.75% compounded monthly.

a.How many deposits does he need to make to reach his goal?

b. How long will it take Juan to reach his goal?

???years ???months

Alicia wants to accumulate $34,000 in a fund with payments of $1,900 made at the end of every quarter. The interest rate is 5.58% compounded quarterly.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

A.21 payments

B.13 payments

C.16 payments

D.17 payments

b. How long will it take to accumulate this amount?

A.6 years and 3 months

B.7 years and 3 months

C.6 years and 3 months

D.4 years and 3 months

Victoria obtained a business loan of $375,000 at 4.36% compounded semi-annually.

a.What is the size of the semi-annual payments to be made over 25 years in order to pay off the loan?

b. Calculate the interest paid on the loan.