6-Gustavo deposited in a savings fund $ 9,200 at the end of the first quarter, l

Question

6-Gustavo deposited in a savings fund $ 9,200 at the end of the first quarter, later increasing the deposit by 0.4% each quarter for 3 quarters. the fund initially had $ 44,000. At the end of the fifth quarter he made a withdrawal and at the end of the sixth semester he deposited $ 5,000. If at the end of the seventh quarter I deposit $ 5,000. What amount withdrawal at the end of the fifth quarter, if the amount at the end of the eighth quarter was $ 45,000. Assume 7.5% annual rate.

2- prepares a table of amortization of a credit $ 855 that is paid in 4 years of capitalization of interest and 2 years of grace for the capital. The rate is 38.1% per year. It calculates the interest paid

Explanation / Answer

Interest rate per quarter=(7.5/4)% 1.875 percent Deposit in quarter 2=9200*1.004 (increase by 0.4% Deposit in quarter 3=9200*(1.004^2) Deposit in quarter 4=9200*(1.004^3) A B=A*0.01875 C=A+B D E F=C+E-D Beginning Interest Total Withdrawal Deposit Ending Quarter Balance Balance Initial balance $44,000 1 $9,200 $53,200 2 $53,200 $997.50 $54,197.50 $9,236.80 $63,434.30 3 $63,434.30 $1,189.39 $64,623.69 $9,273.75 $73,897.44 53344.83 4 $73,897.44 $1,385.58 $75,283.02 $9,310.84 $84,593.86 5 $84,593.86 $1,586.13 $86,179.99 $53,344.83 $32,835.16 6 $32,835.16 $615.66 $33,450.82 $5,000 $38,450.82 7 $38,450.82 $720.95 $39,171.78 $5,000 $44,171.78 8 $44,171.78 $828.22 $45,000.00 $45,000.00 Amount of withdrawal at the end of fifth quarter $53,344.83 45000/1.01875= $44,171.78 44171.78-5000= $39,171.78 39171.78/1.01875= $38,450.82 38450.82-5000= $33,450.82 33450/1.01875= $32,835.16 86179.99-32835.16= $53,344.83 Amount of withdrawal at the end of fifth quarter $53,344.83

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