Mathematics Homework Help

SC The Size of The Lease Payment and Math Calculus Question

 

I’m working on a calculus question and need a reference to help me learn.

1. Miguel leased equipment worth $60,000 for 7 years. If the lease rate is 6.50% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year.


Round to the nearest cent

2. Dustin saved $100 at the end of every month for 4 years in his bank account that earned 3.50% compounded monthly.


a. What is the accumulated value of his savings at the end of the period?

$5,029.54

$5,144.21

$73,600.97

$344.21


b. What is the interest earned over the period?

$244.21

$5,144.21

$444.21

$344.21

3. Your RRSP savings of $50,000 are converted to a RRIF at 3.34% compounded monthly that pays $5,138 at the beginning of every month. After how many payments will the fund be depleted?

Round to the next payment

4. Calculate the accumulated amount of end-of-month payments of $3,500 made for 6 years into an investment fund that earns 4.50% compounded quarterly.

Round to the nearest cent

5. Miguel wants to set up a fund for his son’s education such that he could withdraw $2,268.00 at the beginning of every 3 months for the next 3 years. If the fund can earn 2.70% compounded semi-annually, what amount could he deposit today to provide the payment?

Round your answer to the nearest cent

6. Ariel receives $2,800 from an investment at the beginning of every half-year for 12 years and 6 months at 3.98% compounded monthly.


a. What type of annuity is this?

Ordinary simple annuity

Ordinary general annuity

Simple annuity due

General annuity due


b. How many payments are there in this annuity?

Round up to the next payment

7. How much interest will an account earn if you deposited $605 semi-annually for 11 years and the account earned 8.25% compounded semi-annually?

Round to the nearest cent


8. Nicholas made periodic deposits into a savings account at the end of every month for 5 years. The investments were earning 7.50% compounded quarterly and grew to $13,750.00 at the end of 5 years.


a. Calculate the size of the month-end deposits.

$193.67

$189.81

$125.87

$186.09


b. How long will it take for the $13,750.00 to accumulate to $42,675.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

7 years and 10 months

11 years and 10 months

6 years and 10 months

6 years and 13 months

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