(a) Lush Gardens Co. bought a new truck for $60,000. It paid $6,000 of this amount as a down payment and financed the balance at 5.19% compounded semi-annually. If the company makes payments of $2,200 at the end of every month, how long will it take to settle the loan?(IN YEARS, MONTHS) 

(b) Evan deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded semi-annually. For the RRSP to accumulate to $33,000, calculate the following:

 

1. How many deposits will he have to make?

 

2. How long will he have to make these deposits?(in years, months)

Answer rating: 100% (QA)

Lush Gardens Co Loan Payment a 1 Loan amount Loan amount Total cost Down payment Loan amount 60000 6... View the full answer