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(11) A 5 year $10,000 promissory note pays 6% compounded monthly. It was sold 3 years later to yield the purchaser 7% compounded quarterly. Find the...
(11) A 5 year $10,000 promissory note pays 6% compounded monthly. It was sold 3 years later to yield the purchaser 7% compounded quarterly. Find the proceeds of the note.
(12) A $3500 two year loan requires quarterly payments of $488.14. What is the nominal rate of interest?
(13) How much do you need to deposit today so that you can withdraw 15 monthly payments of $400 starting in 4 months if interest is 3% compounded monthly? (Deferred annuity)
(14) An endowment fund of $850,000 pays out, in perpetuity, quarterly grants with the first one in 3 months. If the fund earns 6% compounded quarterly, what is the size of the grant payments?
(15) You have $200,000 in an account earning 6% compounded monthly. 6 years from now you want to make quarterly deposits for 9 years so that when you retire 15 years from now you will have accumulated $750,000. How much should your deposits be to achieve that goal?
(16) How much do you need to have today if you want to withdraw $1000/mth for 5 yrs & $2000/mth for another ten years and interest is 6% compounded monthly for the first 5 yrs & 5% c.m. for the last 10 yrs?
