rate positively ..
Ans a) | We have to use financial calculator - | ||||
Put in calculator - | |||||
PV | -2600 | ||||
PMT | -100 | ||||
I | 6.6%/12 | 0.550% | |||
N | 12*12 | 144 | |||
compute FV | $27,600.98 | ||||
ans = | $27,600.98 | ||||
Ans b) | Total deposit = | ||||
2600+100*12*12 | 17000 | ||||
Ans c) | We have to use financial calculator - | ||||
Put in calculator - | |||||
FV | 0 | ||||
I | 6.6%/12 | 0.550% | |||
PV | ($27,600.98) | ||||
N | 5*12 | 60 | |||
compute PMT | $541.34 | ||||
Ans = | $541.34 | ||||
Ans d) | Total amount with drawn = | ||||
541.34*60 | $32,480.32 | ||||
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