Question: NOTE: In all the below questions, write down the complete description/calculation procedures. Just writing the final answer is NOT acceptable. Q-5 Determine the quarterly payment

NOTE:

In all the below questions, write down the complete description/calculation procedures.

Just writing the final answer is NOT acceptable.

Q-5

Determine the quarterly payment necessary to repay a loan of $25,000. The interest is computed at the

rate of 12% per year compounded quarterly. Assume the loan is to be repaid in 10 years. How much

interest will be paid over 10 year period?

[05]

Q-6

A student has received $10,000 loan from a bank in order to finance his education. The terms are that

the loan must be repaid in full after 10 years. If the simple interest rate is 5% semiannually, find the

total amount that must be repaid after 10 years and the total interest.

[05]

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