How much money must be invested today if you are able to withdraw $580 payments at the

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Question:

How much money must be invested today if you are able to withdraw $580 payments at the end of each year for 9 years? The nominal rate of interest is 2.2% compounded monthly?

QUESTION:

You deposit $889 into your savings account at the beginning of each month for 6 years. If your savings account pays 3.3% interest compounded monthly, how much money will you have in your account at the end of 6 years?

QUESTION:

For the past 12 years, Yasmin has been investing $400 every month into an RRSP. For the first 8 years, she was earning 3.45% compounded quarterly and for the last 4 years, she was earning 3.87% compounded monthly. How much money does Yasmin have in her account today?

QUESTION:

Ethan made deposits at the end of each month into an account that was earning 3.35% compounded monthly for 18 years. What was the size of the deposits if Ethan has $177540.95 in the account at the end of the 18 years?

QUESTION:

Lauren purchased a new vehicle by making a down payment of $3500 and financing the rest over the next 5 years with monthly payments of $475. If the rate of interest being charged was 2.56% compounded monthly, what was the purchase price of the vehicle?

QUESTION:

Derek borrowed $3,700 and is going to pay it back by making quarterly payments of $300. If Derek is being charged 2.7% compounded monthly, how long in years and months will it take to pay off the loan? Write your answer as years and months (for Example 7 years and 6 months)

QUESTION:

Arpan made monthly payments of $600 at the end of each month for 9 years into an investment account. At the end of the 9 years, he had $75,878.61 in the account. What interest rate compounded semi-annually was Arpan earning?

QUESTION:

Frank purchased a home for $450,000. He was able to put down 20% of the purchase price and is going to amortize the rest over 25 years with monthly payments. He has secured an interest rate of 2.35% compounded semi-annually for the first 4 years.

a) What is the size of the monthly payments for the first 4 years?

b) What will the outstanding balance be at the end of the first 4 years?