If an ordinary annuity with quarterly payments and a 5½ -year term began June 1, 2005, what are the dates of the first and last payments?

Question

Quizplus · Accepted Answer

The Answer is The payment interval is 3 months. In an ordinary annuity, the payments are made at the end of each payment interval. Therefore, the first payment was on August 31, 2000 (the end of the first 3-month interval) and the final payment will be on November 30 2005 (the end of the final 3-month interval).

If an Ordinary Annuity with Quarterly Payments and a 5½