Exam 12: Ordinary General Annuities

For how long will Jessica have to make payments of $1200.00 at the end of every three months to repay a loan of $10 000.00 if interest is 12% compounded semi-annually?

For how long will Harold have to make payments of $550.00 at the end of every three months to repay a loan of $16 900.00 if interest is 9% compounded monthly?

For her daughter's university education, Carla Hackl has invested an inheritance in a fund paying 9.2% compounded quarterly. If ordinary annuity payments of $4750.00 per month are to be made out of the fund for 5 years and the annuity begins 7.75 years from now, how much was the inheritance?

A mortgage of $326 000 is to be repaid by making payments of $2500 at the end of each month. If interest is 4.75% compounded semi-annually, what is the term of the mortgage?

If a student loan was repaid by monthly payments of $800.00 in 5.0 years at 8.00% compounded yearly, how much interest was paid?

What sum of money can be withdrawn from a fund of $46 950.00 invested at 6.5% compounded semi-annually at the end of every three months for twelve years?

A loan of $91 450.00 is to be repaid by equal semi-annual payments for 11 years. What is the size of each semi-annual payment if the interest is 9.24% compounded annually?

Calculate the accumulated value after twenty years of payments of $12 000.00 made at the end of each year if interest is 6% compounded semi-annually.

Edward Martin borrowed $15 810.00 from his uncle to finance his graduate studies. The loan agreement calls for equal payments at the end of each month for 6 years. The payments are deferred for 3 years and interest is 8.12% compounded semi-annually. What is the size of the monthly payments?

A loan is repaid by making payments of $6000.00 at the end of every six months for twelve years. If interest on the loan is 8% compounded quarterly, what was the principal of the loan?

What is the discounted value of $4760.00 paid at the end of each year for 7 years if interest is 6.52% compounded quarterly?

What is the final amount of an investment where you are making quarterly deposits of $672.31 at the end of the payment period for 7 years and 9 months? The interest rate is 6.16% compounded semi-annually.

Silva saves $100 at the end of each month and deposits the money in an account, paying 7.49% compounded semi-annually. How much of the accumulated amount is interest after 40 years?

Sean Paul borrowed $20 000.00 from his father to finance his new business. The loan agreement calls for equal payments at the end of each month for 10 years. The payments are deferred for 4 years and interest is 4.00% compounded semi-annually. What is the size of the monthly payments?

A real estate developer bought land for $170 000.00 down and monthly payments of $10 450.00 for 5 years. What is the equivalent cash price if money is worth 7.75% compounded semi-annually?

Calculate the accumulated value after ten years of payments of $1000.00 made at the end of each month if interest is 4% compounded semi-annually.

Calculate the amount of money that must be deposited at the end of every three months into an account paying 6% compounded monthly to accumulate to $12 500.00 in ten years?

Dion is planning to buy a brand new BMW. He plans to keep the car for 3 years and then trade it in. He borrows $37 000 at 7.2% compounded semi-annually to purchase the car. What monthly payment will reduce the balance on the loan after 3 years to the expected trade-in value of $16 500?

A loan of $40 000.00 is to be repaid by equal quarterly payments for 5 years. What is the size of each semi-annual payment if the interest is 5.00% compounded annually?

A mortgage of $198 000.00 is to be amortized by payments over 22.5 years. If the payments are made at the end of each month and interest is 8.75% compounded semi-annually, what is the size of the monthly payments?