13)A recent graduate's student loans total $17,000. If these loans are at 4.6%, compounded quarterly, for 8

Fantastic news! We've Found the answer you've been seeking!

Question:

13)A recent graduate's student loans total $17,000. If these loans are at 4.6%, compounded quarterly, for 8 years, what are the quarterly payments? (Round your answer to the nearest cent.)

14.John Fare purchased $24,000 worth of equipment by making a $4000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 6 years. The interest rate on the debt is 12%, compounded semiannually. Find the following. (Round your answers to the nearest cent.) (a) the size of each payment

(b) the total amount paid over the life of the loan

18.Find the present value of an annuity of $7000 paid at the end of each 6-month period for 10 years if the interest rate is 5%, compounded semiannually. (Round your answer to the nearest cent.)

19.Find the present value of an annuity due that pays $2000 at the beginning of each quarter for the next 5 years. Assume that money is worth 6.6%, compounded quarterly. (Round your answer to the nearest cent.)

20.Suppose an annuity will pay $19,000 at the beginning of each year for the next 7 years. How much money is needed to start this annuity if it earns 6.3%, compounded annually? (Round your answer to the nearest cent.)

21.A debt of $9000 is to be amortized with 8 equal semiannual payments. If the interest rate is 6%, compounded semiannually, what is the size of each payment? (Round your answer to the nearest cent.)

22.The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $340,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 11years. The interest rate on the debt is 12%, compounded semiannually.

(a) Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the life of the loan.

17.A sinking fund is established to discharge a debt of $40,000 in 25 years. If deposits are made at the end of each 6-month period and interest is paid at the rate of 2%, compounded semiannually, what is the amount of each deposit? (Round your answer to the nearest cent.)