Superannuation and Loan Repayment Questions Part Two
A man invests $140 per month in a superannuation fund. If the interest is paid at 10% p.a, what will his investment be worth after 40 years?
Kathy borrows $5000 from a Credit Union to buy a violin. The interest rate is initially 16.2% p.a calculated monthly. After 2 years the rate changes to 17.1% p.a. If the loan is to be paid off in 4 years, find her original repayment and the increase in her repayment for the 3rd and 4th year.
I am having trouble with these two questions, thank you so much for any help given.