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QUESTION

# (11) If you have \$30,000 in your account and want to have \$75,000 in 6 years, how much do you need to deposit monthly if interest is 4.8% compounded

(11) If you have \$30,000 in your account and want to have \$75,000 in 6 years, how much do you need to deposit monthly if interest is 4.8% compounded monthly?

(12) How much do you need in an account in order to withdraw \$4000 quarterly for the first 3 years and \$5000 quarterly for the next 5 years after that? Interest is 6% compounded quarterly for the entire 8 years.

(13) What is the difference in price if you buy a BMW for cash for \$75,000 or lease it with beginning of the month payments of \$1035 for 5 years with a residual value of \$30,000 at the end of the term? Interest is 5% compounded semi-annually.

(14) What quarterly deposits at the end of each quarter will accumulate to \$10,000 in 4.5 years at 4% compounded quarterly?

(15) A loan of \$6000 is paid off over 5 years by monthly payments of \$120.23. What is the nominal rate?

(16) How long will it take \$35,000 to grow to \$87,000 if interest is 4.8% compounded monthly?

(17) Jessie put \$4000 down on a new bedroom set. She made payments of \$800 at the end of every three months for 3.5 years. Interest was 10% compounded quarterly. What was the original purchase price? How much interest did she pay?

(18) How much money will you have in 3 years & 9 months if you invested \$200 at the beginning of every month at 4.8% compounded monthly?

(19) A payment of \$3500 was due today and \$6000 in 3.5years. A new payment schedule was made allowing for two equal payments, one in 1 year and another in 4 years. If interest is 6% compounded quarterly, what is the size of the replacement payments?

(20) What is the accumulated value of depositing \$500 quarterly for 8 years if interest is 5% compounded quarterly for the first 4.5 years and 4.8% compounded monthly for the remaining years?

(21) Simon Cowell donated \$1,500,000 into an Idol Perpetuity to provide semi-annual bursaries to pay lawyers to get past contestants out of legal trouble. What is the amount of each payment if interest is 7% compounded quarterly?

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