Ordinary Simple Annuities & Ordinary General Annuities 16. A loan of $40000.00 is to be repaid by equal quarterly payments for 5 years. What is the size of each quarterly payment if the interest is 5.00% compounded semi-annually? 17. Jane Bowen received $16600.00 from her parents to finance her graduate studies. Jane promised to make equal payments at the end of each month for 6 years. The payments are deferred for 3 years and interest is 8.12% compounded semi-annually. What is the size of the monthly payments?

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Answer Ordinary annuities are a type of financial arrangement where payments are made at fixed intervals typically at the end of each period They can ... View the full answer