Exam 12: Ordinary General Annuities

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?

You make 4 semi-annual deposits starting at $350 and increasing at a constant rate of 2.14%.The interest rate is 5.12% compounded annually.How much has been deposited in total?

How much should you invest today into account paying 3.2% compounded quarterly if you want to be able to withdraw at the end of every 3 month the amounts of money growing at a constant rate of 3% for the period of 5 years ,if the first withdrawal is to be $100 five years three months from now?

How much must be deposited at the end of each month for 10 years to accumulate to $100 000.00 at 6.00% compounded yearly?

You can buy a piece of equipment for $8600.The equipment is expected to last for 9 years and you want to have it completely paid off 3.5 years before it becomes unusable.Current loan rates are 9.5% compounded annually.What is the size of your semi-annual payment?

Calculate the nominal interest rate of interest compounded quarterly if a loan of 43 000.00 is repaid in seven years by payments of $4000.00 made at the end of every six months.

A dealer sold a car to Kristy for $2000 down and monthly payments of $259.50 for 3.5 years,including interest at 7.5% compounded annually.What was the selling price of the car?

Note: The calculations for this question were done using Excel's RATE function. A property worth $15 000.00 is purchased for 10% down and semi-annual payments of $1750.00 for twelve years.What is the effective rate of interest if interest is compounded semi-annually?

What is the payment size of a loan that has semi-annual payments and an interest rate of 5.52% compounded monthly? The loan principal is $1641.12 and the loan is for 48 months.