1. What single payment 10 months from now would be equivalent to payments of $799, due (but not paid) 3 months ago, and $569 due in 12 months? Assume that money can earn 9.75% compounded monthly. Include a labeled timeline in your answer.
2. Morgan received the proceeds from an inheritance on March 17. He wants to set aside enough on March 18 so that he will have $25 000 available on October 20 to purchase a car when the new models are introduced. If the current interest rate on short-term deposits is 6 %, what amount should he place in the term deposit? How much interest will he earn?
3. An empty commercial lot in a small town near Calgary is for sale at a cash price of $135,000. The buyer has the option of a payment plan that includes three equal payments at an interest rate of 8.4% per annum. The first payment will occur the date of the purchase, another payment in 6 months, and a final payment in 12 months. What is the value of the payments? Include a labeled timeline in your answe