Problem 4: A financial institution offers deals with nominal interest of 8% compounded monthly. Fayez plans to pay equal monthly payments of $1000 in a sinking fund for 10 years starting at the end of the first month. What will be in the account at end of year 10? Problem 5: A financial institution offers deals with nominal interest of 12% compounded monthly Ramzy plans to pay equal quarterly payments in a sinking fund for 15 years starting at the end of the first quarter. What will be the magnitude of the quarterly payments if Ramzy wants to accumulate $200,000 in the account at end of year 15? Problem 6: How many years it will take an investment to double if the interest rate is 12% compounded monthly? Problem 7: Ahlam wants to buy a car. The price of the car with taxes is SR98,000. She will pay a down payment of 28,000. The remaining will be paid on 24 equal monthly payments. The interest rate is 9% compounded monthly. What is the amount of the monthly payments. How much of the third monthly payment it is due to interest? Problem 8: Sami wants to buy an apartment. The price of the apartment is 180,000. The cost of the apartment will be paid using 48 equal monthly payments. The interest rate is 8% compounded monthly for the first two years and 9% compounded monthly for the remaining years. How much is the monthly payment