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1. Michelle is going to pay off a loan of 30,000 with semi-annual payments at the end of each 6-month period. The loan is being charged interest at a nominal rate of 5% convertible semi-annually. Michelle’s 1st payment is X and each subsequent payment increases by one until the loan is paid off. If the loan term is 10 years, calculate X.

2. An annuity with monthly payments has 6 payments of 12 followed by three months without payments followed by two more months with payments of 12. Determine the value of the annuity one month after the 6th payment of 12, using a nominal rate of 12% compounded monthly.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92774160

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