10. Mrs Byte wants to buy a computer. The Friendly Credit Union will lend her 3? 300 at 14% interest per annum calculated quarterly on the reducing balance. The repayments would be $900 per quarter except for the last quarter when less than this would be required to pay out the loan. (3) Calculate the balance of the loan after 2 years. Copy the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable, type the answer [CA5 output} to include only the first 4 digits AHER the decimal point. The amount still owing after 2 years = S E (nearest cent) F amber Mathematics Unit 3 Pa e 6 Week 14 SEND Work airline (b) Find the least number of quarters needed to pay off the loan and the interest. Copyr the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable, type the answer [CA5 output] to Include only the rst 4 digits AFTER the decimal point. Therefore Mrs Byte has to make E repayments in order to pay off the loan completely. (c) What is the amount of the final payment? Note: There are more than one way to calculate the final repayment. Amount of the final repayment is $ (nearest cent)(d) Mrs Byte's husband will only enter such a loan agreement if the loan can be repaid in 2 years. Given that the loan is for $1300, the interest rate per annum is 14% and the interest is calculated quarterly on the reducing balance, how much will the Bytes have to pay per quarter if they are to repay it in 2 years? Give your answer to the nearest dollar. Copy the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable, type the answer (CA5 output} to include only the first 4 digits AFTER the decimal point. Therefore the Bytes have to pay 3 E (nearest dollar) every quarter if they want to nish the loan in 2 years. Further Mathematics Unit 3 Page 7 Week 14 SEND Workfonline! l 1. Arthur purchases an annuity for $35 500, with interest of 7.25% per annum compounded quarterly. (a) If he receives quarterly payments for 10 years, how much will he receive each quarter? Copy the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable, type the answer (CA5 output} to include only the first 4 digits AFTER the decimal point. Therefore the quarterly payment = S E (nearest cent) 12. John saves $500 per month in an account which pays interest at a rate of 6% per annum compounding monthly. (3) If he makes monthly deposits of $500 to the account, how much will he have in the account at the end of 10 years? Copy the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable. type the answer (CA5 output) to include only the first 4 digits AFTER the decimal point. At the end of 10 years, Jarrod has :5 E (nearest cent) (b) Suppose that after 10 years of making deposits, Jarrod starts withdrawing $500 each month from the account. How much will he have in the account at the end of anotherlO years? Reminder: If you need to use any moneyr value (PU or PMT or W) from the previous question, copy and paste the full value from the previous calculation on the Finance Solver. Copy the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable. type the answer (CA5 output) to include only the first 4 digits AFTER the decimal point. Amount of money left at the end of another 10 years is $ I:I (nearest cent) (b) If he receives a regular quarterly payment of $5000, how long will the annuity last? Give you answer to the nearest quarter. Copvr the same exact values that you input into the Finance Solver into the textboxes provided below. In the textbox for the unknown variable. type the answer (CA5 output) to include only the first 4 digits AFTER the decimal point. Therefore the annuity will last about E quarters (nearest whole number)