Exam 12: Ordinary General Annuities

Keith bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at the end of each month for 20 years. Interest is 4.4% compounded semi-annually. What is the purchase price of the property?

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.

In order to purchase a truck Shandex Transport (ST) obtained a $50 000 loan for 5 years at 7.8% compounded semi-annually. The loan is structured to reduce the balance owing to $10 000 at the end of the 5 year period. How much are ST's payments at the end of each month?

You won $150 000.00 in a lottery and you want to set some of that sum of money aside for 6 years. After 6 years you would like to receive $2710.00 at the end of every 6 months for 8 years. If interest is 6% compounded quarterly, how much of your winnings must you set aside?