Q1. Jack borrows $6,000 to be repaid in 5 equal year-end amounts over 5 years. If the interest rate is 4.9% per annum compounded quarterly, Jacks annual repayment is (rounded to nearest dollar; dont include the $ sign or commas):

Q2. Jane wants to buy a house and approaches the bank to borrow $563,000. The bank agrees to lend her the money and quotes a monthly repayment amount of $4,000 with no additional loan fees. If the banks quoted annual interest rate is 5%p.a compounding monthly calculate the number of full month-end repayments using Excel. (answer by rounding down to whole number eg 50).

Q3. Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $4400 in 8 years. (Solve using excel =RATE function; Answer in percentage rounded to two decimals without the % sign e.g. 1.8891 is 1.89)

Q4. You invest in your savings account $4153 today, $1900 at the end of year one and $3800 at the end of year three. If the interest rate is 8.8% per annum, compounded annually, then the amount you will have in exactly three years is closest to:

a. $10536.51

b. $11215.90

c. $11397.82

d. $11732.22

thank you!!!!