SOLUTION: 1.Mr and Mrs Jones calculates the amount of money they will need in order to live comfortably upon their retirement with their financial advisor. They expect a 20-year retirement

Question 1196321: 1.Mr and Mrs Jones calculates the amount of money they will need in order to live comfortably upon their retirement with their financial advisor. They expect a 20-year retirement period. How much should Mr and Mrs Jones deposit now in a bank account paying 7.5% interest per year, compounded yearly to be able to withdraw an amount of R480 700.00 at the end of each year, starting one year from now?
2.Determine the total interest amount Pretty will pay if she buy a TV directly from the manufacturer for R7 332.00 and agrees to repay it in equal instalments over three years at the end of each month, starting one month from now. The interest rate is 10.7% per year, compounded monthly.
3.A book shop business was bought with a 20% down payment of R177 175.00. The remainder of the amount was financed for 240 months at 9.4% interest per annum, compounded semi-annually. Find the size of the semester payments for the loan.

Answer by ikleyn(52787) (Show Source): You can put this solution on YOUR website!
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