Problem # 13: (4 Marks)

A company bought a piece of land for $440,000. They made a down payment of $140,000 and agreed to pay the balance in 4 years with equal monthly payments. If the interest rate charged was 6% compounded monthly, how much should the company pay each month?

Problem # 14: (4 Marks)

Every six months a father deposits $1200 in a bank at 8% interest compounded semi- annually to provide his son the expensive university education expected to start after 8 years from now. How much amount would be available to him for this purpose after 8 years? How much total interest he can get?

Problem # 15: (4 Marks)

A man wishes that his son may receive $300 at the end of each month for 4 years to meet his expenses of education as he has taken admission in a college to study for a degree. How much should he deposit now in a bank which pays interest at 12% compounded monthly so that his son may get the required monthly payment from bank for the stipulated period? How much total interest he can get?

I need the answer within an hour .. please solve it using formula and show all calculations