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What is the size of the monthly payments?

. Jane Bowen received $16600.00 from her parents to finance her graduate studies. Jane promised to make equal payments at the end of each month for 6 years. The payments are deferred for 3 years and interest is 8.12% compounded semi-annually. What is the size of the monthly payments?
18. Tony has accumulated $600,000.00 in an RRSP. He converted the RRSP into an RRIF and started to withdraw $4500.00 at the end of every month from the fund. If interest is 4.5% compounded yearly, for how long can Tony make withdrawals?
19. How many deposits of $400.00 made at the end of every monthly are needed to accumulate to $180,000.00 at 4.42% compounded quarterly? (This question asks for ā€˜nā€™)
20. Sarah deposits $300.00 into a savings account at the end of each month for five years. If the accumulated value of the deposits is $20000.00 and interest is compounded semiannually, calculate the nominal rate of interest.


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