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Unit 5

Unit 5

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UNIT 5

Q1

FV=6000(1+2.5%)4 =$6623 or 6622.88

Compound interest=6000(1+2.5%)4-1 = $623 or 622.83

Q2

FV=2000(1+2.5%)12 = $2689.78 or 2700

Compound interest=2000(1+2.5%)12-1 = $689.78 or 700

Q3

FV=1200(1+16%)3 = $1873.08 or 1873

Compound interest=1200(1+16%)3-1 =$673.07 or 673

Q4

Compound interest=6200(1+8.5%)3-1 =$1719.19

Compound amount= 6200+1719.19 =$7919.19

Q5

FV=3000(1+0.5%)4 =$3061 or 3060.45

Compound interest=3000(1+0.5%)4-1 = $61 or 60.45

Q6

Compound interest=10800(1+11%)6-1 =$9401 or 9400.48

Compound amount= 12000+9400.48 =$21401 or 21400.48

Q7

FV=12000(1+1.5%)6 = $13121 or 13121.32

Compound interest=12000(1+1.5%)6-1 = $1121 or 1121.32

Q8

FV=9000(1+2%)12 = $11414 or 11414.17

Compound interest= = 9000(1+2%)12-1= $2414 or 2414.18

Or

FV=9000(1+8.25%)3 = $11416 or 11416.32

Compound interest=9000(1+8.25%)3-1 = $2410 or 2410.32

8.25% annually is a better deal.

Q9

Effective interest rate =1+6%1212-1

= 6.17%

Q10

PV =5000(1+4%)4 = $4274 or 4274.02

Q11

PV =8000(1+1%)16 = $6823 or 6822.57

Q12

PV =1700(1+7.5%)1 = $1581 or 1581.40

Q13

PV =10000(1+1.5%)16 = $7880 or 7880.31

Q14

FV=2000(1+2%)35 = $4000 or 3999.78

Q15

Compound interest=1500(1+0.00342%)365-1 = $19 or 18.85

Q16

FV of Annuity=2100(1+1.5%)16-11.5% = $37658 or 37657.97

Total Interest =(2100)*(1.5%)*(16) = $504

Q17

FV of Annuity=1000(1+7%)17-17% = $30840 or 30840.21

Q18

FV of Annuity=11000(1+3%)3-13% = $34000

Total Interest =(11000)*(3%)*(3) = $990

Q18

FV of Annuity=4200(1+2%)20-12% = $102049 or 102048.95

Total Interest =(4200)*(2%)*(20) = $1680

Q19

FV of Annuity=380(1+6%)18-16% = $11744 or 11744.15

Total Interest =(380)*(6%)*(18) = $410 or 410.4

Q20

FV=2500(1+4.4%)30 = $9089 or 9089.19

Q21

1) FV of Annuity=583(1+0.5)60-10.5% = $40676 or 40675.93

2) FV of Annuity=3500(1+3%)10-13% = $40124 or 40123.58

3) FV of Annuity=1750(1+1.5%)20-11.5% = $40466 or 40466.42

4) FV of Annuity=7000(1+6%)5-16% = $39460 or 39459.65

D) Annuity 1 yields the highest amount of value

Q22

P = 30000(1+4%)17-14%= $1266 or 126.96

Q23

FV of Annuity=2500(1+9%)10-19% = $37982 or 37982.32

Q24

P = 1000000(1+1%)30-11%= $28748 or 28748.11

Q25

Unpaid balance =(1000.75+44.99+298.71+17.23) = $1361.68-1100=$261.68

Finance charge =(261.68*19.2%)=$50 or 50.24

Q26

Unpaid balance =(585+90+110)-(175) = $665

Q26

Total balance = (254.69+1548.69+1855.36) = $5953 or 5952.74

Average daily balance =5952.7429= $205 or 205.27

Amount of interest = 5952.7*13% = $774 or 773.85

Q27

Total balance = (281.73+50.00+15.62+50.07+111.92) = $509 or 509.34

Finance charge = 509.34*1.24% = $6 or 6.32

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