Question: ( FO R QUESTION 2 AND 3: Express the answer in years and months, rounded to the next payment period) QUESTION 2 Lush Gardens Co.

(FOR QUESTION 2 AND 3: Express the answer in years and months, rounded to the next payment period)

QUESTION 2

Lush Gardens Co. bought a new truck for $58,000. It paid $5,220 of this amount as a down payment and financed the balance at 4.13% compounded semi-annually. If the company makes payments of $1,800 at the end of every month, how long will it take to settle the loan?

QUESTION 3

You plan to save money for a down payment of $40,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.75% compounded monthly. How long will it take you to save the planned amount?

QUESTION 4

Bryan received a $20,750 loan from a bank that was charging interest at 5.25% compounded semi-annually.

A. How much does he need to pay at the end of every 6 months to settle the loan in 3 years?

B. What was the amount of interest charged on the loan over the 3-year period?

QUESTION 5

A loan of $31,550.00 at 4.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.

A. Calculate the size of the periodic payment.

B. Calculate the total interest paid.

QUESTION 6

Alicia wants to accumulate $38,000 in a fund with payments of $1,700 made at the end of every six months. The interest rate is 5.83% compounded semi-annually.

A. How many payments (rounded up to the next payment) will it take to accumulate this amount?

B. How long will it take to accumulate this amount?

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