Reference no: EM132766899
Questions -
Q1. A dealer sold a car to Derek for $3700 down and end-of-month payments of $540 for 4.5 years, including interest at 4.11% compounded annually. What was the selling price of the car?
a. $30325.32
b. $8845.33
c. $5878.05
d. $26625.32
Q2. A loan of $8000 is repaid in 27 months with $333 end-of-month payments. What is the nominal annual rate, compounded semi-annually, on this loan?
a. 2.904977%
b. 10.241064%
c. 1.706844%
d. 10.462065%
Q3. You have purchased a water softener for $10 500. Your loan requires that you make payments every 3 months over the course of 48 months at an interest rate of 0.99% compounded monthly. What is the amount of each payment?
a. $670.15
b. $232.27
c. $660.86
d. $233.20
Q4. Draw a timeline in your notes to practice, then use the one below to help you! To save for a capital investment, a company deposits $500 at the end of every month in an account that earns 4.25% compounded quarterly. After 5 years, no further deposits are made. The balance earns interest in the same account for 6 more years. What is the value of PV2?
a. $41 665.62
b. $33 360.27
c. $2553.69
d. $33 347.60
Q5. A new piece of equipment is financed with end-of-month payments of $1250 for 7 years. At 4.05% p.a. compounded annually, what was the cash price of the equipment?
a. $92520.86
b. $91295.29
c. $91520.86
d. $45 472.74
Q6. An annuity is set up where payments of $850 are made into a savings account at the end of each month. If interest is 2.91% p.a. compounded quarterly, calculate the future value of the annuity after 75 months.
a. $69 807.19
b. $5415.00
c. $84 390.28
d. $69 822.75
Q7. Saving for education requires a future value of $65 000. If deposits of $6800 are made at the end of every year for 7 years, what is the nominal annual interest rate, compounded semi-annually, on this account?
a. 9.995185%
b. 10.244945%
c. 6.274834%
d. 20.489889%
Q8. You have purchased a water softener for $7 500. Your loan requires that you make payments every 3 months over the course of 60 months at an interest rate of 5.99% compounded semi-annually. What is the amount of each payment?
a. $1637.43
b. $503.88
c. $436.26
d. $190.33
Q9. Draw a timeline in your notes to practice, then use the one below to help you! To save for a capital investment, a company deposits $500 at the end of every month in an account that earns 4.25% compounded quarterly. After 5 years, no further deposits are made. The balance earns interest in the same account for 6 more years. Calculate the available funds at the end of 11 years.
a. $71 375.20
b. $42 975.95
c. $43 014.42
d. $96 209.56
Q10. An annuity is set up where payments of $1000 are made into a savings account at the end of every 6 month. If interest is 4.5% p.a. compounded quarterly, calculate the future value of the annuity after 3 years.
a. $6347.80
b. $6349.81
c. $6171.30
d. $4319.34
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