problem sets

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 Show all the various steps to arrive at the answer.

 Section A 

 3. For an investment of $100,000 at 9% interest for 3 years, find

 (a) the simple  interest, and (b) the compound interest if interest is calculated once per year.

 

4. For an investment of $100,000 at 2% interest for 9 years, find (a) the simple  interest, and (b) the compound interest if interest is calculated once per year
  Section B

  

1)As part of his retirement planning, Mr.Martin purchases an annuity that pays  12.5% compounded quarterly. If the quarterly payment is $9,500, how much will Mr. Martin  have saved in 5 years? 

 
  2)As part of his retirement planning, Mr. White purchases an annuity that pays  8.5% compounded semiannually. If the semi annual payment is $7000, how much will Mr.  White have saved in 5 years?

 

 Section C

1. A house sells for $268,500 and a 40% down payment is made. A 30-year mortgage at 7% was obtained.

(i) Find the down payment.  

(ii) Find the amount of the mortgage.  

(iii) Find the monthly payment.  

(iv) Find the total interest paid    

    • Posted: a month ago
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