1. Sue obtains a one year loan of$3000 based on an annual interest rate of 12 percent. What would be the monthly payment to pay it off in oneyear?
2. Kelly deposits$1000 in a three year GIC with four percent interest compounded annually. How much interest would she earn bymaturity? (correct answer is 124.86, can you show the me solution how to get 124.86?) Thank you appreciate it!
3. Travis has invested $4,500 in a oneyear GIC at 2.1 percent, compounded annually. How much will Travis have when the GICmatures?
4. Identify the three types of depository institutions. Select all that apply.I

A.

Chartered banks

B.

Finance and lease companies

C.

Trust and loan companies

D.

Credit unions

E.

Pawnshops

F.

Insurance companies

G. Mutual fund companies

Short answer question:

(Blank) are financial institutions that accept deposits in (Blank) and use the funds to provide business and personal loans. (blank) are financial institutionsthat, in addition to providing services similar to abank, can provide financial planningservices, such as (Blank)and acting as trustee in the administration of trust accounts. (Blank) are provincially incorporatedco-operative financial institutions that are owned and controlled by their (Blank).. ***there was no choices given on blanks***