You have to write all of information for: Simple Interest Compound Interest Present Value Amount of an ordinary annuity Present value of an annuity Mortgages (must know how to convert semi-annual interest rates) Questions: I 1. A newlywed couple is saving for a down payment on a house that they plan to purchase in 4 years. They have budgeted their income so that they can deposit $2500 every 3 months into an investment that earns 5.5% compounded quarterly. a) How much will they have after 4 years? b) How much of that will be interest? 2. Liam's goal is to save $ 25000. What principal invested for 5 years at 6% per annum, compounded semi-annually, then for the next 3 years at 6.5% per annum compounded quarterly, will help him achieve this goal in 8 years? 3. Miriam wants to save $100 000, so she makes quarterly payments of $1500 into an account that earns 4.6 %/a compounded quarterly. How long will it take her to reach her goal? 4. Alice won $2500 at the Lottery. She decided to invest to spend one quarter of the money with her friends and to invest half of the remaining amount at 5.2% / a compounded weekly for the next 10 years. a. How much interest on her investment will she earn overall? b. How much interest on her investment will she earn in the 9th year? 5. Steve pays $ 75 for an IPhone and borrows the remaining amount. The loan payments are $ 50 per month for 1 year. The interest rate is 18.6% / a compounded monthly. a. What was the selling price of the IPhone? b. How much interest will Steve have paid over the term of the loan? 6. Jessie borrows $ 60 000 for 10 years at 7.5% / a compounded monthly. How much sooner can she pay off the loan if she quadruples the monthly payment after 5 years?