Property worth $462,000.00 can be purchased for 5% down and mortgage payments of $2550.00 at the...

   

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Property worth $462,000.00 can be purchased for 5% down and mortgage payments of $2550.00 at the end of each month for 30 years. What is the nominal annual rate of interest compounded monthly? Monique contributed $4,000.00 every year into an RRSP for 20 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $225,000.00? Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $85 into a trust fund every three months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each quarter for three years, beginning three months after the last deposit. If interest is 6.17% compounded quarterly, how much will Robin receive every three months? Property worth $462,000.00 can be purchased for 5% down and mortgage payments of $2550.00 at the end of each month for 30 years. What is the nominal annual rate of interest compounded monthly? Monique contributed $4,000.00 every year into an RRSP for 20 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $225,000.00? Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $85 into a trust fund every three months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each quarter for three years, beginning three months after the last deposit. If interest is 6.17% compounded quarterly, how much will Robin receive every three months?

Answer rating: 100% (QA)

Answer To find the nominal annual rate of interest we can use the future value formula for ... View the full answer