Problem
I. A property was purchased for $9772.00 down and payments of $993.00 at the end of every six months for 3 years. Interest is 3% per annum compounded monthly. What was the purchase price of the property? How much is the cost offinancing?
II. A car was purchased for $3270 down and payments of $386 at the end of each month for six years. Interest is 3% compounded quarterly. What was the purchase price of the car? How much interest will bepaid?
III. What payment, made at the end of each three months for 11 years, will accumulate to $14,200 at 4% compounded annually?