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You plan on purchasing a laptop from regular deposits of $100 at the end of every month for a year. If interest is earned at

You plan on purchasing a laptop from regular deposits of $100 at the end of every month for a year. If interest is earned at a rate of 7.6% compounded quarterly. What is the value of i that you will use in the future value annuity formula? 

  1. A loan of $1,456 is to be paid off in 12 equal quarterly payments with an interest rate of 2.4% compounded quarterly. What are the payments if they start today?
  2. Deposits of $558 at the end of every 3 months earn 2% compounded quarterly. How much will be saved after two years of quarterly payments?

  3. A mortgage of $300,000 has an interest rate of 2% compounded monthly. How many monthly payments of $604.4 will need to be made if the payments start one month from today? Round your answer up to the nearest whole number.




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