Question #1:

Jason deposited $100.00 at the end of each month for five years into an account paying 6% compounded monthly. What will be the balance in the account at the end of the five-year term?

Question #2:

What is the discounted value of deposits of $150.00 made at the end of each month for fourteen years if interest is 4.5% compounded monthly?

Question #3:

Annette bought a vacation property for $22 900.00 down and quarterly mortgage payments of $1224.51 at the end of each quarter for six years. Interest is 8.4% compounded quarterly.

a) What was the purchase price of the property?

b) How much interest will Annette pay?

Question #4:

The Chretiens bought a rental property valued at $125 000.00 by paying 25% down and mortgaging the balance over 21.5 years through equal payments at the end of each quarter at 8.6% compounded quarterly. What was the size of the quarterly payments?

Question #5:

How many quarterly payments will it take for $400.00 deposited at the end of each quarter to amount to $11 453.40 at 6% compounded quarterly?

Question #6:

Compute the nominal annual rate of interest (compounded monthly) at which $200.00 deposited at the end of each month for ten years will amount to $30 000.00.

Question #7:

Leanne Simon made ordinary annuity payments of $81.00 per month for fourteen years earning 9% compounded monthly. How much interest is included in the future value of the annuity?

Question #8:

The Olfert Contractors, Inc., are saving $958.00 every month in order to purchase a new paving machine in twelve years. Their savings certificates pay 6% p.a. compounded monthly. How much of the maturity value will be interest?

Question #9:

M r. and Mrs. Fox have each contributed $1825.00 per year for the last eight years into RRSP accounts earning 6.93% compounded annually. Suppose they leave their accumulated contributions for another five years in the RRSP at the same rate of interest.

a) How much will Mr. and Mrs. Fox have in total in their RRSP accounts?

b) How much did the Fox's contribute?

c) How much will be interest?

Question #10:

To what will deposits of $47.00 made at the end of each month amount to after seven years if interest is 10.8% compounded monthly?