Personal Finances

Claire invested $1500 at 5% compounded semi-annually for 10 years. What is the amount of the investment at maturity?

• Future Value of an Annuity

• Present Value of an Annuity

• Regular Compound Interest

• Simple Interest

Maurice is converting his RRSP into an income fund. He wishes to receive $1500 every six months for the next 20 years, starting 6 months from now. He is guaranteed an interest rate of 6.25% compounded semi-annually. How much must Maurice deposit now to set up his RRSP?

• Future Value of an Annuity

• Present Value of an Annuity

• Regular Compound Interest Question

• Payment of a Future Value

Matthew borrowed $500 from the credit union for 90 days. The interest rate is 10.9% per year. How much must Matthew pay the credit union after 90 days?

• Future Value of an Annuity

• Regular Compound Interest

• Regular Present Value

• Simple Interest

Annika deposited $800 in an account at the end of every 6-month period for 7 years. The account paid 9% compounded semi-annually. Determine the amount in the account on the date of the last deposit.

• Future Value an Annuity

• Payment of a Future Value

• Regular Compound Interest

• Present Value of an Annuity

A mortgage of $190 000 is required to purchase a house. The mortgage will be repaid with equal monthly payments over 25 years at 8% compounded monthly. What is the monthly payment?

• Payment of a Future Value

• Payment of a Present Value

• Present Value of an Annuity

• Future Value of an Annuity

Sid earned $3.21 interest on his savings account in January. His opening balance for the month was $945.63. She did not deposit or withdraw money during the month. The interest is calculated daily. What annual rate of interest does his account pay?

• Regular Compound Interest

• Regular Present Value

• Payment of a Future Value

• Simple Interest

Rachel is saving for a down payment for a car. She needs $6000 three years from now. How much money must she deposit at the end of each quarter in an account that pays 4.4% compounded quarterly?

• Payment of a Future Value

• Future Value of an Annuity

• Payment of a Present Value

• Present Value of an Annuity