Question $4$: $($Value $3$ marks$)$

Mancor Enterprises purchased a $$175,000$ plot of land in order to construct a new factory. Mancor

made a $$25,000$ down payment and the balance is amortized with $$6,000$ payments at the end of

every $3$ months. If interest is $7\mathrm{.}2\%$ compounded semi$-$annually, what is the size of the final payment?

Show all inputs and any other necessary work below.

Final Answer:

Question $5$: $($Value $3$ marks$)$

Horatio acquired a loan of $$48,000$ to be repaid by payments of $$2,200$ at the end of every quarter. If

interest is $6\%$ compounded quarterly, what is the size of Horatio's final payment?

Show all inputs and any other necessary work below. Question $6$: $($Value $5$ marks$)$

When Gary purchased a home, he borrowed $$200,000$ as a mortgage to be amortized by making

monthly payments for $25$ years. Interest is fixed at $3\mathrm{.}39\%$ compounded semi$-$annually for a three$-$year

term.

$($a$)$ Compute the monthly payment.

$($b$)$ Determine the balance at the end of the three$-$year term.

$($c$)$ If the mortgage is renewed for a four$-$year term at $5\mathrm{.}24\%$ compounded semi$-$annually, what is the

size of the monthly payment for the renewal term?

Show all inputs and any other necessary work below.

Page $7$ of $8$

Question $7$: $($Value $5$ marks$)$

The Templar family purchased a new home valued at $$329,000.$ They made a $20\%$ down payment

and mortgaged the balance with end of month payments over $20$ years that is renewable after five

years.

$($a$)$ If interest is set at $3\mathrm{.}5\%$ compounded semi$-$annually, what is the outstanding balance at the end of

the $5-$year term?

$($b$)$ At the end of the $5-$year term, the Templars renew the mortgage for a $3-$year term at $2\mathrm{.}9\%$

compounded semi$-$annually. What is the balance owing after the $3-$year term?Question $3$: $($Value $4$ marks$)$

Mrs$.$ Currie borrowed $$8,321$ at $11\mathrm{.}12\%$ compounded monthly. She agreed to repay the loan in

equal end$-$of$-$month payments over five years.

$($a$)$ What is the size of the monthly payment?

$($b$)$ How much principal did Mrs$.$ Currie repay during the first two years of the loan?

$($c$)$ How much interest did Mrs$.$ Currie pay during the last year of the loan?

$($d$)$ What is the outstanding balance after Mrs$.$ Currie has made half of her payments?

Show all inputs and any other necessary work below. Use the table for part $($a$).$

For parts $($b$),($c$),$ and $($d$)$ show the inputs you used for $P1$ and $P2$ in the blank area below.