1. As a student of interior design, Lisa wants to purchase an iMac Pro which is listed $6,299.00 online. She now has $5500 in saving account. If the interest rate is 6% p.a. compounded , how soon can she purchase the iMac Pro? 2. What is the nominal interest rate compounded if the effective interest rate is 8.4% p.a. compounded ? 3. Recently Sarah is considering purchasing a new car: her own car can be traded in for $2000, and the car dealer offers a 5 year financing plan of 1.44% p.a. compounded . What is the cash price if Sarah finds it affordable to pay $400 ? 4. To purchase an iMac Pro which is listed $6,299.00 online, Lisa is now depositing $300 to her saving account every 6 months after she has saved $5500. If the interest rate is 6% p.a. compounded semi-monthly, how soon can she purchase the iMac Pro? 5. John has a student loan of $12,000. He is planning to start repaying the debt from January 1, 2021 and pay off the debt on Dec 31, 2025. How many dollars should he pay , if the interest rate is 5.6% compounded
