Kevin East Minerals could purchase van equipment outright from a dealer for $51,000. The same equipment is also advertised for lease by the dealer at $4,481 per quarter, payable at the beginning of each quarter for 3 years. The residual value of the equipment is $12,200 after the lease. That is, Kevin East could purchase the equipment for $12,200 at the end of the lease if they choose to. What nominal interest rate compounded semi-annually did the dealer factor into the lease?

BINDU  has already saved $17,550 in her investment account today. Suppose she plans to continue adding $589 at the end of every three months for the next 7 years. In order to achieve her goal of having $47,000 at the end of the 7 years, what monthly nominal rate of return must her investment earn?

 

MEERAN has $21,410 in his savings account and wants this to accumulate to $90,000 for a condominium down payment. Suppose he plans to make deposits of $320 at the beginning of every month into this account which earns 3.62% compounded semi-annually. How long will it take to accumulate the $90,000?

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