# Ryan paid off his student loan in 4 years by making payments of \$600 at the beginning of every month: Mathematics Assignment, UOA, Canada

 University University of Alberta (UOA) Subject Mathematics

1. Ryan paid off his student loan in 4 years by making payments of \$600 at the beginning of every month. The interest rate on his loan was 4.20% compounded monthly.

• Calculate the size of the original loan.
• Calculate the amount of interest paid on the loan.

2. A contract requires lease payments of \$800 at the beginning of every month for? years.

• What is the present value of the contract if the lease rate is 6.3o% compounded annually?
• What is the present value of the contract if the lease rate is 6.3o% compounded daily?

3. Casey invested \$2,200 at the beginning of every 6 months in an RRSP for 2.2. years. For the first 8 years, it earned interest at a rate of 4.40% compounded semi-annually and for the next 3 years, it earned interest at a rate of 5.10% compounded semi-annually.

• Calculate the accumulated value of his investment after the first 8 years.
• Calculate the accumulated value of her investment at the end of 11 years.
• Calculate the amount of interest earned from the investment.

4. Vincent deposited \$14,000 into a fund at the beginning of every quarter for 11 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 4.55% compounded monthly.

• What was the accumulated value of the fund at the end of the year?
• What was the accumulated value of the fund at the end of year 15?
• What is the total amount of interest earned over the 15-year period?

5. How much more money should be invested now in order to receive s1,o5o.00 at the beginning of each month for two months instead of \$250.00 at the beginning of each month for 25 months? Assume an interest rate of 5.00% compounded annually.

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