Question: 1. You borrowed $3000 at 9% per annuum calculated on the unpaid monthly balance and agreed to repay the principal together with interest in monthly payments of $500 each.(1)How much is the outstanding balance of the loan right after the first payment?(2) How much is the outstanding balance of the loan right after the second payment?(3)How many $500 payments will be made before the last smaller payment to pay off the loan?(4) How much will be the last payment?
2. $850 was invested in an bank account at interest 3.6% compounded quarterly for four years.(1)How much money will be in the account at the end of four years?(2) How much interest will be from this investment at the end of four year?
3. $1500 are invested at 7.2% compounded monthly for seven years.(1)How much is the mature value at the end?(2)How much interest will be earned at the end?
4. David borrowed $5000 at 10% compounded semi-annually. He repaid $2000 after two years from now and $2500 after three years from now.(1)How much is the outstanding balnce of his debt right after his payment at the end of two years?(2)How much is the outstanding balnce of his debt right after his payment at the end of three years??(3)How much will he still owe after five years?
5. A variable rate demand loan showed an initial balance of $12000, payments of $5000 after 18 months, $4000 after 30 months, and a final payment after 5 years.Interest was 11% compounded semi-annually for the first two years and 7.5% compounded monthly for the remaining time.(1)What is the outstanding balance of the loan after the first payment at the end of 18 months?(2) What is the outstanding balance of the loan after the second payment at the end of 30 months?(3)What was the size of the final payment?
6. You made a registered retirement savings plan deposit of $1000 on December 1, 2008, at a fixed interest rate of 3% compounded monthly. If you withdraw the deposit on August 1, 2015, how much will you receive? How much interest will you have made?