of 2 + Automatic Zoom Math 11 - Math Fundamentals of Business Studies Activity 12...
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of 2 + Automatic Zoom Math 11 - Math Fundamentals of Business Studies Activity 12 Name: /15 Instructions Round all decimal answers to 2 decimal places Complete the questions below. Annuities: 1 You open an RRSP account and make monthly deposits of $130 into it at a rate of 7.2% compounded monthly. How much money will accumulate in 25 years? [3 marks] 2. You are paying off a loan with quarterly payments of $1200.00 at 8% compounded quarterly over a 5-year term? Determine the total amount of the original loan, [3 marks] b) How much interest was paid, over the 5-year term? [2 marks] Amortization: 3 Jeff has obtained a student loan from the bank for $11,000 at 10.5% compounded monthly. Jeff will have the loan paid off after 56 payments. His payment will be $250 every month a) Label the Amortization Schedule in words - not symbols [1 mark] b) Construct a partial amortization schedule showing the details of [2 marks each) payment #1 payment #27 the last payment (payment 56) . Payment Number O 1 26 $6.571.28 27 55 $247.83 56
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