Question 1 Lisa set up a savings plan with BMO whereby he deposits $322 at the end of each quarter for 4 years. Interest throughout the 4-year time period is 1.06% compounded quarterly. The amount in his account at that time will become a term deposit withdrawable after a further 5 years, where interest changes to 1.16% compounded semi-annually. Calculate the total interest earned on the investment. Round your answer to the nearest dollar. Full solution to this problem required in the rough work.

Question 2 Flander’s mortgage is repaid over 24 years by payments of $1196 made at the end of each month. If interest is 4.68% compounded monthly, what is the mortgage principal? Use the appropriate simple annuity formula. Round your answer to the nearest dollar. Full solution to this problem required in the rough work

Question 3

For the last 3 years Homer has made deposits of $446 at the end of every six months earning interest at 1.37% compounded semi-annually. If he leaves the accumulated amount in an account earning 2.88% compounded quarterly, what will the balance be in Homer’s account at the end of another 9 years? Round your answer to the nearest dollar. Full solution to this problem required in the rough work.