Calculating General Annuities Examples
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In this video, we will look at examples where the compounding period of the interest rate for an annuity is different than the frequency of the payments.
Q1. Michael deposits $100 at the start of each year into an account paying 5% compounded quarterly. How much is in the account immediately after the 12th deposit?
Q2. Jude is making car payments of $350 per month for 5 years. If the interest rate on the loan is 10% annually, what was the initial loan amount?