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1.Mr. Clark made deposits of $950 at the end of every 6 months for 15 years....

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General Management

1.Mr. Clark made deposits of $950 at the end of every 6 monthsfor 15 years. If interest is 3% compounded monthly and if he leavesthe accumulated balance for another 10 years, what will be thebalance in his account then? (i.e. 10 years after the lastdeposit)   _______________

How much of the accumulated amount is interest?

2.Amy borrowed $6,200 to buy a car to drive to school. She plansto study for three years, and then start her career using hereducation. Interest is charged on the loan at 7.64% compoundedannually. If start making month-end payments of $230 when shebegins working, how many payments will she have to make?

Answer & Explanation Solved by verified expert
3.6 Ratings (416 Votes)
1The payment frequency and compounding frequency are not thesame The payment is made semiannually whereas the compounding ismade    See Answer
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