# On May 11th, 2013, Joseph invested $15,000 in a fund that was growing at 4% compounded semi-annually.a.

Calculate the maturity value of the fund on November 28th, 2013.

*Round to the nearest cent*

**b.** On November 28th, 2013, the interest rate on the fund changed to 6% compounded monthly. Calculate the maturity value of the fund on December 17th, 2014.

*Round to the nearest cent*

A company currently owes $15,000 to a bank for a loan it took 5 years and 4 months ago. The interest rate charged on the loan was 4.75% compounded monthly.

**a.** What was the original principal of the loan?

*Round to the nearest cent*

**b.** What was the amount of interest charged on the loan?

*Round to the nearest cent*

Harris Machinery received a demand loan of $160,000. It repaid $75,000 at the end of the first year, $90,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.55% compounded semi-annually for the first year, 5.39% compounded quarterly for the second year, and 5.02% compounded monthly for the third year.

**a.** What was the balance of the loan at the end of the first year?

*Round to the nearest cent*

**b.** What was the balance of the loan at the end of the second year?

*Round to the nearest cent*

**c.** What amount at the end of the third year will settle the loan?

*Round to the nearest cent*

Jacqueline would like to accumulate $235,000 for his retirement in 10 years. If he is promised a rate of 3.12% compounded monthly by his local bank, how much should he invest today?

How much more or less money would you have to invest today to have $11,000 in 3 years at 5.30% compounded monthly instead of 5.46% compounded annually?

*Express the answer with a positive sign if more needs to be invested or a negative sign for less, rounded to two decimal places*

How much did Speedy Movers borrow for a debt that accumulated to $57,807.73 in three years? The interest rate was 3.48% compounded semi-annually.

The interest rate on a GIC is 4.83% compounded monthly. What is the purchase price of the GIC if it has a maturity value of $35,952 in 4 years and 3 months?

*Round to the nearest cent*

Melissa is expected to settle a loan on April 27th, 2018 by paying $5,500. What amount should he pay if he decides to settle it on June 5th, 2017 instead? The interest rate is 5.28% compounded monthly.

How much more or less money would you have to invest today to have $12,000 in 5 years at 3.50% compounded semi-annually instead of 3.54% compounded annually?

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