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SECTION B Note : Attempt all questions. Illustrate your answers with the help of appropriate working notes and calculations. Each question carries five marks. (15M) 6. Henry borrows $2000 from a bank and repays it in four equal monthly instalments. If interest is charged at 24% p.a., compounded monthly, find a) the monthly instalment and b) the total amount and interest paid 7. Siegfried Basset is 65 years of age and has a life expectancy of 12 more years. He wishes to invest $20,000 in an annuity that will make a level payment at the end of each year until his death. If the interest rate is 8%, what income can Mr. Basset expect to receive each year? 8. To provide for the purchase of a car. Alexis deposits $1200 at the end of every quarter into an account earning 12% p.a. compounded quarterly. a) How much does Alexis have at the end of four years? b) How much more does she need to save before she can buy a car costing $25 000? c) Will she have enough for this car if she saves for four and a half years