Chapter 3 Annuities (annuities certain) 170 contract when he offered Hunter a $50,000 check at the end Finley's default on his contractual obligation led to Htrh agency. The New York Yankees signed Hunter to a five-year, $3 contract.) end of the season. Hunter's hist $3,150,000 made , (b) Suppose that the contracted payments had been made to the company from April 16, 1974 through September 30, 1974, a accumulated at an annual effective interest rate of 6%. Furthe that Hunter had drawn a level January 1st salary for twenty ginning on January 1, 1980, the first January after his retirem the amount of the annual salary payments. (Hunter died on September 1999, so he would not have received a January 1,2000 annuit adhat they Suppose y payment.) (3.6) Outstanding loan balances (1) On May 12, Jemeel takes out a personal loan at an annual effective interest of the next ten M rate of 6%. The loan is to be repaid by payments on each 12s, the first six being for $822 and the final four being for $1,516 3.7 (a) Find the loan balance immediately after the sixth payment. (b) Find the outstanding loan balance immediately after the third payment (2) lena loans her sister Irini $8,000. The loan is to be repaid at a nominal interest rate of48% payable monthly. The monthly payments are to be for $100 except year? for a final smaller payment. How much does Irini owe Olena at the end of one (3) Mr. Bell buys a home for an unspecified amount. He pays a down payment f $20,000 and finances the remainder for 15 years with level end-of-month payments of $1,692. The annual effective interest rate for the first five years is 4%, and thereafter it is 6%. Mr. Bell sells the house just after making his 100th mortgage payment. The selling price is $258,000. How much money will Mr. Bell get at closing? (Remember, the loa Mr. Bell receives the balance of the inflow from the resale.) n holder is paid first, and then