Reference no: EM132707291
1. Bill Jones borrowed $6,000 for 90 days from First Bank. The bank discounted the note at 8.2 percent. What proceeds did Jones receive? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)
2. You deposit $2180 in an account one time that compounds monthly at 3.5 percent. How much will you have in your account at the end of 14 years? (Do not round intermediate calculations, round nswer to two decimals, i.e. 123.45)
3. A balloon payment of $49,000 on your house is due in 12 years. If you can earn an average of 5 percent per year for all the years, how much will you have to place into an account today to have the total amount when due? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)
4. A financial institution quotes a rate of 5.82 percent compounded monthly. What is the effective rate for the year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)
5. A financial institution quotes a rate of 7.58 percent compounded daily. What is the effective rate for the year using a 365 day year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)
6. Felice Navidad purchases 2,000 shares of NOW Technology stock at $5 in Christmas 7 years ago. In Christmas of 2019 she sells the stock at $28 per share. What is Felice's internal rate of return?(Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)
7. Mr. Bates is creating a college fund for his daughter. He will put in $1850 at the end of each year for the next 17 years. He expects to earn 7.49% annually. How much money will his daughter have in her college fund? (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)
8. Calculate the monthly mortgage payment made at the beginning of each month on a $172,000 mortgage. The mortgage is for fifteen years and the interest rate is 3.8 percent. (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)
9. EZ Leifer plans to retire at the age of 65 and believes he will live to be 90. EZ wants to receive an annual retirement payment of $51,000 at the beginning of each year. He sets up a retirement account that is estimated to earn 9.7 percent annually. How much money must Easy have in the account when he reaches 65 years old? (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)
10. Joe Smith borrowed $48,000 to pay for a startup business. Joe must repay the loan at the end of 10 months in one payment with a 4.8 percent simple interest rate. What is the total amount that Joe must repay at that time? (Do not round intermediate calculations, round final answer to two decimals, i.e. 123.45)