# The savoias bought an investment property valued at

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Chapter 6 / Exercise 42
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger Expert Verified
58) The Savoias bought an investment property valued at \$160 000.00 by paying 25% down and mortgaging the balance over 25 years through equal monthly payments at 6% compounded monthly. What was the size of the monthly payments? 58) 59) Suppose \$726.56 is deposited at the end of every six months into an account earning 6.45% compounded semi - annually. If the balance in the account four years after the last deposit is to be \$31 300.00, how many deposits are needed? 59) 60) Calculate the accumulated value after ten years of payments of \$1000.00 made at the end of each month if interest is 4% compounded semi - annually. 60) 61) Conchita Martinez saves \$17.25 at the end of each month and deposits the money in an account, paying 4.96% compounded quarterly. a) How much will she accumulate in 22 years? b) How much of the accumulated amount is interest? 61) 62) A loan of \$40 000.00 is to be repaid by equal quarterly payments for 5 years. What is the size of each semi - annual payment if the interest is 5.00% compounded annually? 62) 63) Kelsey bought a car priced at \$19 700.00 for 10% down and equal monthly payments for 4.5 years. If interest is 8.22% compounded semi - annually, what is the size of the monthly payment? 63) 64) A loan was repaid in 6.5 years by quarterly payments of \$515.00 at 9.85% compounded semi - annually. What is the value of the loan? 64) 65) A \$360 000.00 mortgage is amortized by making monthly payments of \$2600. If interest is 7.5% compounded semi - annually, what is the term of the mortgage? 65) 66) Sabrina deposits \$300.00 into a savings account at the end of each month for five years. If the accumulated value of the deposits is \$20 000.00 and interest is compounded semi - annually, calculate the nominal rate of interest 66) 67) If a student loan was repaid by monthly payments of \$800.00 in 5.0 years at 8.00% compounded yearly, how much interest was paid? 67) 68) A 22 - year mortgage is amortized by payments of \$1761.50 made at the end of each month. If interest is 9.65% compounded semi - annually, what is the mortgage principal? 69) Calculate the present value of payments of \$100.00 made at the beginning of each quarter for ten years if the interest is 6% compounded quarterly. 68) 69) 70) What semi - annual payment must be made into a fund at the beginning of every six months to accumulate to \$4800.00 in ten years at 7% compounded semi - annually? 70) 6
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Chapter 6 / Exercise 42
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger Expert Verified
71) Payments of \$845.00 are made into a fund at the beginning of every month for 5.25 years. If the fund earns interest at 8.4% compounded monthly, what will the balance in the fund be after 5.25 years? 71)
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