In Exercises 12 through 17, the amount (future value)
of an ordinary annuity is given. Find the periodic
payments.
12. (See Example 4) A = $8000, and the annuity
earns 7% compounded annually for 15 years.
13. A = $2500, and the annuity earns 6.5%
compounded annually for 4 years.
14. A = $25,000, and the annuity earns 5.6%
compounded quarterly for 4 years.
15. A = $14,500, and the annuity earns 6%
compounded monthly for 10 years.

Marie has decided to start saving for a down payment on her home. If she puts $1,000 every quarter for five years into a GIC earning 6% compounded monthly she will have $20,979.12. She will make her first deposit three months from now.Laroquette Holdings needs a new $10 million warehouse. Starting today the company will put aside $139,239.72 every month for five years into an annuity earning 7% compounded semi-annually.Brenda will lease a $25,000 car at 3.9% compounded monthly with monthly payments of $473.15 starting immediately. After three years she will still owe $10,000 on the vehicle.Steve takes out a two-year gym membership worth $500. The first of his monthly $22.41 payments is due at signing and includes interest at 8% compounded annually.Each year, Buhler Industries saves up $1 million to distribute in Christmas bonuses to its employees. To do so, at the end of every month the company invests $81,253.45 into an account earning 5.5% compounded monthly.

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