Curioustab

Home » Aptitude » Compound Interest

15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

251.35
245.45
235.87
251

Correct Answer: 251.35

Explanation:

R=S[i/(1+i)^n-1]

← Previous Question Next Question→

More Questions from Compound Interest

A retirement benefit of $12,000 is to be paid every 6 months for 25 years at interest rate of 7% compounded semi-annually. Find (a) the present value to fund the end-of-period retirement benefit. (b) the end-of-period semi-annual payment needed to accumulate the value in part (a) assuming regular investments for 30 years in an account yielding 8% compounded semi-annually
Find the finance charge for an average daily balance of $8431.10 with monthly interest rate of 1.4%
A loan is made for $3500 with an interest rate of 9% and payments made annually for 4 years. What is the payment amount?
A loan is made for $4800 with an APR of 12% and payments made monthly for 24 months. What is the payment amount? What is the finance charge?
Calculate the periodic interest rate corresponding to:9.0% compounded quarterly
Calculate the periodic interest rate corresponding to 9.5% compounded monthly
For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 4.2
For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 8.4
For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:2.1
For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:0.7

Discussion & Comments

No comments yet. Be the first to comment!

Join Discussion