Question $2$: $($Value $3$ marks$)$

Emily paid $$1,200$ as a down payment for a second hand car and she had to borrow the rest of the

money. She had to pay $$150$ at the end of each month for five years to pay back what she

borrowed. The bank charges interest on the loan at $7\mathrm{.}5\%$ compounded monthly. What is the cash

price of the car?

Show all inputs and any other necessary work below.

P$/$Y $=$

C$/$Y $=$

N $=$

I$/$Y $=$

PV $=$

PMT $=$

FV $=$

Final Answer:

Question $3$: $($Value $3$ marks$)$

Sue Price wants to accumulate $$40,000$ into a retirement fund. Sue makes payments into her

account at the end of every three months for twelve years. If the account earns interest at $6\mathrm{.}0\%$

compounded quarterly, what is the size of Sues payments?

Show all inputs and any other necessary work below.

P$/$Y $=$

C$/$Y $=$

N $=$

I$/$Y $=$

PV $=$

PMT $=$

FV $=$

Final Answer: