(a)Describe the terms Whole Life Annuity and Present Value of money in actuarialcalculations.(b)Ms Smith plans to take out a loan of £15000 from her bank which is to bepaid back over 3 years in 36 equal monthly payments. The monthly paymentsare to be paid at the end of each month throughout the specified loan periodand the interest is charged monthly at a rate of 9% per annum. Calculate theamount of the monthly payment for Ms Smith's bank loan. Show all yourworking.

We have to describe the term whole life annuity and present value of money in actuarial calculation.

Answered: (a) Describe the terms Whole Life…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Mr johnson is a car sales agent in car company in MLBB nation where there is a new model of SUV. His manager gave him the details of the vehicle and ask him to identify its selling price. The details are as follows: down payment of 250,000; regular payment at the end of each month is 18230; term in 6 years; and interest is 12% compounded monthly.
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DETAILS The volume of the surface geeratd e rotating the function f(r) = 4620 around the z-axis is A2- CIF Submit Answer
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Ms. Rowel would like to buy a house costing $190000. She is required to make a down payment equalto 10% of the value of the house then borrow the balance from a bank that charges interest at an annualrate of 4.2% compounded monthly. The bank loan has to be paid o§ with equal monthly payments,(paid at the end of each month), in 30 years. Assume that she will get the loan at the beginning of amonth and start making monthly payments on the last day of each month until the loan is paid o§.

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