2) Calculate the fair market value (FMV) three years from today of a payment stream of equivalent payments of $300  at the end of each month at an interest rate of 2% compounded monthly

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2) Calculate the fair market value (FMV) three years from today of a payment stream of equivalent payments of $300  at the end of each month at an interest rate of 2% compounded monthly.

FMV$= 

 

3) A loan of $30,000 will be paid off by making equal sized payments of $450 at the end of each quarter. If the loan earns interest at a rate of 2.5% compounded quarterly, determine how many years it will take to pay off the loan. 

n= ____________ equal sized payments

t= _____________  years