please show work preferably on a financial calculator

1. A company has just received a huge donation. It would like to make payments for its insurance for two years in advance. Previously, it has paid $91.5 in premiums every week. Assuming interest rate of 12%, what single sum of money should it pay? (Note: the insurance payments are due at the beginning of the period of coverage, and compounding weekly). This is annuity due.

a. 8,236.45

b. 8,695.11

c. 8,471.08

2. Nancy just had a new baby boy and plans to send him to college 18 years from now. She wants to deposit each winter in an education account which pays 15% (compounded annually) so that her boy will have enough money set aside that he can take out $20,000 at the beginning of each year to pay tuition, room and board, etc., for each of his five-year integrated master degree in finance. How much will Nancy need to deposit at the end of each year in order to meet the goal (Note: There will be 18 total deposits and the first deposit will be made in one year. Also, the last deposit will be made the day before the first withdrawal.) Interest rate is the same all through the periods.

Hint: 0-18: ordinary annuity, deposit PMT at the END of every year for 18 times;

18-22: annuity due, withdraw 20,000 at the BEGINNING of every year for five times.

Can you get the PVA of those four 20,000 @ point 18? The number you get is the future value of those 18 pmts (deposits). Then use that value as FV of the ordinary annuity (the 18 pmts), can you get the PMT?

a. 1,016.66

b. 1,098.15

c. 1,213.71

d. 1,291.45

3. How much interest will you pay in the 13th year of a $120,000, 8.5%, 25 year mortgage, assuming annual compounding?

a. 7,351.362

b. 7,514.997

c. 7,665.261

4. How much interest will you pay in the 12th year of a $120,000, 8.5%, 25 year mortgage, assuming monthly compounding? (Hint: 144-AMORT, you need to think about what should be entered for INPUT)

Hint: INPUT = AMORT - # of specified periods + 1

a.7,411.813

b.7,648.124

c.7,911.599