PLEASE DO NOT USE EXCEL 1) You make a series of deposits every quarter starting...
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PLEASE DO NOT USE EXCEL
1) You make a series of deposits every quarter starting at the end Quarter 1 and ending at the end of Quarter 36. The first deposit is $1,100, and each deposit increases by $400 each Quarter. The nominal APR is 7%, compounded continuously. What is the future value of these series of deposits at the end of Quarter 36?
2) Kelly took a $13,000 loan at 9.45% APR compounded daily. The loan will be paid in 36 equal monthly payments. (a) What is the monthly payment? (b) What is the total amount of interest that Kelly has to pay over the life of the loan? (c) In the 20th payment, how much of it is the interest payment and how much of it pays against the principal? (d) Right after the 20th payment, Kelly wants to pay off the remainder of the loan with a single payment, what should be the amount of that payment?
3) You receive payments at the end of each Quarter starting at the end of Quarter 1 and lasting 6 years (so the last payment you receive is at the end of Quarter 24). These payments are an equal series of payments of $2,500 for all 24 payment periods. The interest rate is 7% APR compounded monthly. What is the present value (at the beginning of Quarter 1) of this series of 24 payments?
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