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Calculate the financing cost (interest).

1. Find the amount to which quarterly deposits of $400.00 will grow in four years at 6.4% p.a. compounded quarterly.
2. Jim and Sam run a small landscaping company, and are saving $1000.00 every month in order to purchase a new machine in five years. Their savings pay 6% p.a. compounded monthly. How much of the maturity value will be interest?
3. An option of purchasing a car requires payments of $610 at the end of each month for the next three years. Suppose interest is 8.4% p.a. compounded monthly. How much is the interest cost?
4. Anne bought a small property for $35000.00 down and quarterly mortgage payments of $2200.88 at the end of each quarter for eight years. Interest is 8.4% compounded quarterly. Help Anne calculate the financing cost (interest).

Solution:

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