# Q1-Robert made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of \$45,000. If the RRSP was earning 4.50% compounded monthly, wh

Q1-Robert made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of \$45,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits?

Q2-Robert received a \$29,350 loan from a bank that was charging interest at 4.50% compounded semi-annually.

a. How much does she need to pay at the end of every 6 months to settle the loan in 5 years?

### Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

b. What was the amount of interest charged on the loan over the 5-year period?

Q3-A loan of \$36,000.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.

a. Calculate the size of the periodic payment.

b. Calculate the total interest paid.

Q4-Blake made periodic deposits into a savings account at the end of every month for 5 years. The investments were earning 6.00% compounded quarterly and grew to \$12,375.00 at the end of 5 years.

a. Calculate the size of the month-end deposits.

b. How long will it take for the \$12,375.00 to accumulate to \$31,365.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

Q5-Lush Gardens Co. bought a new truck for \$60,000. It paid \$6,000 of this amount as a down payment and financed the balance at 4.24% compounded semi-annually. If the company makes payments of \$1,900 at the end of every month, how long will it take to settle the loan?

Years? Months?

Q6-You plan to save money for a down payment of \$32,000 to purchase an apartment. You can only afford to save \$6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount?

Years? Months?