The Saskatchewan Junior Achievers need to borrow to finance a ...

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Question 1

Mike acquired his sister's share of their business by agreeing to make payments of $4711.00 at the end of each year for 8 years. If the payments are deferred for three years and money is worth 5.96% compounded quarterly, what is the cash value of the sister's share of the business?

Question 2

The Saskatchewan Junior Achievers need to borrow to finance a project. Repayment of the loan involves payments of $8711.00 at the end of every three months for six years. No payments are to be made during the development period of three years. Interest is 9.24% compounded quarterly.
a) How much did the Achievers borrow?
b) What amount will be repaid?
c) How much of that amount will be interest?

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