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