Calculate the time in months it would take for a $1500 dollar investment in a TFSA to grow to $1545 if the simple interest at a rate paid was 2% per annum. 

2) Calculate the total amount your investment would be worth if you invested $3000 at a rate of 2.6% compounded quarterly for 4 years. 

3) Calculate how much interest you would earn if you invested $15000 in a GIC that paid 3.1% compounded monthly for 5 years. 4) A customer has two payment options at a local furniture store when purchasing appliances worth $6000.

a) Option 1 • Down payment of 15%. • If paid off within 12 months, no interest charged. • If paid off after 12 months, simple interest is charged at 18% per year from the date of purchase. How much would the customer pay using this option if he made one payment for the entire balance after 12 months? b) Option 2 • 5% down payment

 • Monthly payments of $275 for 2 years. 

How much would the customer pay if they chose this option? The are the questions I am struggling with!

Answer rating: 100% (QA)

1 To calculate the time in months it would take for a 1500 investment in a TFSA to grow to 1545 with simple interest at 2 per annum we can use the for... View the full answer