1) Jeremy purchased an annuity that had an interest rate of 2

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1) Jeremy purchased an annuity that had an interest rate of 2.50% compounded semi-annually. It provided him with payments of $3,000 at the end of every month for 6 years. If the first withdrawal is to be made in 3 years and 1 month, how much did he pay for it?

2) Dustin invested his savings in a bank at 3.25% compounded monthly. How much money did he invest to enable withdrawals of $4,500 at the beginning of every 6 months from the investment for 7 years, if the first withdrawal is to be made in 9 years? 

3) Donald invested $13,000 in a fund earning 7.5% compounded monthly. He withdraws $800 from the fund at the end of every quarter with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted?

4) How much would a business have to invest in a high-growth fund to receive $17,000 at the end of every month for 6 years, receiving the first payment 2 years from now. The investment earns interest at 8.75% compounded monthly.

5) Emily took a loan of $7,700 from his parents to purchase equipment for his hair salon. They agreed on an interest rate of 3% compounded quarterly on the loan. What equal monthly payments made at the end of each period will settle the loan for 5 years if the first payment is to be made 2 years and 1 month from now?

6) Holly took a loan of $8,800 from his parents to purchase equipment for his hair salon. If they agreed on an interest rate of 4% compounded quarterly on the loan, what monthly payments will settle the loan in 6 years if he made his first payment 3 years and 5 months from now?

$157.15

$196.45

$137.62

$172.04