# 1. Alwinder has $16000 in his saving account. For how long can he withdraw $1600 be from...

## Question:

1. Alwinder has $16000 in his saving account. For how long can he withdraw $1600 be from the account at the end of every quarter starting one month from now if interest is 6% compounded semi- annually?

2. Alen saves $40 at the end of each week and deposits the money in his savings account at the end of each month. His savings account earns interest at the rate of 8.4% compounded monthly. How much will he accumulate in 10 years?

3. Find the size of periodic payments to be made at the end of each month for 15 years to repay a $200,000 mortgage if interest is 9% p.a. compounded monthly?

4. Hannah is buying a house in Prince Edward Island. She paid $45000 cash when she bought the house and agreed to pay $1200 at the end of every month for 15 years. Find the cash price of the house if money earns 6% p.a. compounded monthly.

5. How long will it take to save $35,000 by making deposits of $150 at the end of every month into an account earning interest at 8.6% compounded quarterly?

6. What is the cash value of a property with a mortgage that requires payments of $1200 per month for 25 years if the down payment of $150000.00 is paid when money earns 6% p.a. compounded quarterly?

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