(Show all your work to get full credit. This quiz covers materials from week 1. Ch 9)1. (20 pts) Suppose that you have $6000 to invest. Which investment yields the greater over 4 years: 8.25% compounded quarterly or 8.3% compounded semiannually?2. (20 pts) A passbook saving account has a rate of 6%. Find the effective annual yield, rounded to the nearest tenth of a percent, if the interest is compoundeda. quarterlyb. 1000 times per year.3. (20 pts) At age 25, to save for retirement, you decide to deposit $200 at the end of each month into an Individual Retirement Account (IRA) that pays 7.5% compounded monthly.a. How much will you have from the IRA when you retire at age 65?b. Find the interest4. (40 pts) The price of a home is $195,000. The bank requires a 10% down payment. The cost of the home is financed with a 30-year fixed rate mortgage at 7.5%.a. Find the required down payment.b. Find the amount of the mortgage.c. Find the monthly payment (excluding escrowed taxes and insurance).d. Find the total interest paid over 30 years.
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