1. Bill bought a new car for $28,000 with a loan htat will be amortized over 5 years. the best interest rate he could get from his bank for the loan was 1.99% compounded monthly. what is bob's monthly payment ?
2. A monthly annuity starts on 1 February 1998 and ends on 1 January 2001 (inclusive). If the value of this annuity on 1 January 2001 is $8000 and interest is 11% p.a. compounded monthly, what is its value on 1 January 1998?
3. A 120,000 mortgage is amortized over 25 years. if interest on the mortgage is 4.5% compounded semi-anually, calculate the size of monthly payments made at the end of each month.