#4

The correct answer to the problem is provided and circled, I need the work that shows how we got this answer. Financial calculators and excel are not allowed. I need step by step workouts of the problem. Thank you!

Answers are:

A. $22,971.63

B. 7,888

C. $41,561.45

4. Quarterly payments of $675 are required to settle a loan. The interest rate on the loan is 9.6% compounded quarterly. Find the amount of a single payment which will settle the debt on January 1, 2018 given the date of the first payment and the date of the last payment. a) April 1, 2011, October 1, 2016 b) July 1, 2019; April 1, 2023 c) January 1, 2005, July 1, 2010 1,888 Tuls61.45 5. A coupie wants to save $22,000 in five years for a new car. They will make semiannuai deposits for the first three years into an account that pays 10.5% compounded semiannually. The first payment will be made in six months. Determine the size of the deposits needed. ($2619.21) 4. Quarterly payments of $675 are required to settle a loan. The interest rate on the loan is 9.6% compounded quarterly. Find the amount of a single payment which will settle the debt on January 1, 2018 given the date of the first payment and the date of the last payment. a) April 1, 2011, October 1, 2016 b) July 1, 2019; April 1, 2023 c) January 1, 2005, July 1, 2010 1,888 Tuls61.45 5. A coupie wants to save $22,000 in five years for a new car. They will make semiannuai deposits for the first three years into an account that pays 10.5% compounded semiannually. The first payment will be made in six months. Determine the size of the deposits needed. ($2619.21)