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Questions and Answers of Finance

Compute the maturity value of a 150-day, 6% promissory note with a face value of $5000 dated August 5.
What is the face value of a three-month promissory note dated June 18, 2015, with interest at 4.5 percent, if its maturity value is $950.89?
A 90-day, $800 promissory note was issued July 31 with interest at 8%. What is the value of the note on October 20?
On June 1, 2017, a four-month promissory note for $1850 with interest at 5% was issued. Compute the proceeds of the note on August 28, 2017, if money is worth 6.5%.
Determine the value of a $1300 non- interest-bearing note four months before its maturity date of July 13, 2015, if money is worth 7%.
The owner of the Wilson Lumber Company signed a promissory note on January 10, 2017, stating that the company was due to pay $565.00 with interest at 8.25% per annum in five months. How much interest
Jing has a line of credit from her local bank with a limit of $10 000. On March 1 she owed $7265. From March 1 to June 30, she withdrew principal amounts of $3000 on April 10 and $500 on June 20.
Use the design shown in Figure 8.7 to construct a complete repayment schedule, including the totaling of the “Amount Paid,” “Interest Paid,” and “Principal Repaid” columns, for a loan of
Find the maturity value of an $1140, 7.75%, 120-day note dated February 19, 2016.
Determine the face value of a four-month promissory note dated May 20, 2015, with interest at 7.5% p.a. if the maturity value of the note is $1190.03.
Find the present value of a non-interest-bearing, seven-month promissory note for $1800 dated August 7, 2017, on December 20, 2017, if money is then worth 9%.
A 180-day note dated September 14, 2016, is made at 5% for $1665. What is the present value of the note on October 18, 2016, if money is worth 6%?
What is the price of a 91-day, $25 000 Government of Canada Treasury bill that yields 1.28% per annum?
An investor purchased a 182-day, $100 000 T-bill on its issue date. It yielded 3.85%. The investor held the T-bill for 67 days, then sold it for $98 853.84.(a) What was the original price of the
The owner of Jane’s Boutique borrowed $6000 from Halton Community Credit Union on June 5, 2012. The loan was secured by a demand note with interest calculated on the daily balance and charged to
Herb’s Restaurant borrowed $24 000 on March 1 on a demand note providing for a variable rate of interest. While repayment of principal is open, any accrued interest is to be paid on November 30.
For a sum of money invested at 10% compounded quarterly for 12 years, state (a) The nominal annual rate of interest (j); (b) The number of compounding periods per year (m); (c) The periodic rate of
For a sum of money invested at 4.2% compounded semi-annually for 5.5 years, state (a) The nominal annual rate of interest (j); (b) The number of compounding periods per year (m); (c) The periodic
For a sum of money borrowed at 9.6% compounded monthly for 7 years, state (a) The nominal annual rate of interest (j); (b) The number of compounding periods per year (m); (c) The periodic rate of
For a sum of money borrowed at 16% compounded daily for 2 years, state (a) The nominal annual rate of interest ( j); (b) The number of compounding periods per year (m); (c) The periodic rate of
Precision Machining Corporation has been growing steadily over the past decade. Demand for the company’s products continues to rise, so management has decided to expand the production facility;
What is the maturity value of a five-year term deposit of $5000 at 3.5% com- pounded semi-annually? How much interest did the deposit earn?
Accumulate $1300 at 8.5% p.a. compounded monthly from March 1, 2016, to July 1, 2018, and thereafter at 8% p.a. compounded quarterly. What is the amount on April 1, 2021?
Patrice opened an RRSP deposit account on December 1, 2016, with a deposit of $1000. He added $1000 on July 1, 2018, and $1000 on November 1, 2020. How much is in his account on January 1, 2024, if
Terri started an RRSP on March 1, 2016, with a deposit of $2000. She added $1800 on December 1, 2018, and $1700 on September 1, 2020. What is the accumulated value of her account on December 1, 2027,
Gerry the Gardener owed $4000 on his purchase of a new heavy-use lawn mower for his business. He repaid $1500 in 9 months, $2000 in 18 months, and the remaining amount owed in 27 months. If interest
Sheridan Service has a line of credit loan with the bank. The initial loan balance was $6000. Payments of $2000 and $3000 were made after four months and nine months, respectively. At the end of
A demand loan of $3000 is repaid by payments of $1500 after two years, $1500 after four years, and a final payment after seven years. Interest is 9% compounded quarterly for the first year, 10%
A variable rate demand loan showed an initial balance of $12 000, payments of $5000 after 18 months, $4000 after 30 months, and a final payment after 5 years. Interest was 11% compounded
Joan borrowed $15 000 to buy a car. She repaid $2000 two months later and $5000 seven months later. After 12 months, she borrowed an additional $4000, and repaid $3000 after 16 months. She paid the
A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment after 4 years. Interest was 8% compounded quarterly for
A loan for $5000 with interest at 7.75% compounded semi-annually is repaid after 5 years, 10 months. What is the amount of interest paid?
Suppose $4000 is invested for 4 years and 8 months at 3.83% compounded annually. What is the compounded amount?
A debt of $8000 is payable in 7 years and 5 months. Determine the accumulated value of the debt at 10.8% p.a. compounded annually.
The Canadian Consumer Price Index was approximately 98.5 (base year 1992) at the beginning of 1991. If inflation continued at an average annual rate of 3%, what would the index be at the beginning of
Peel Credit Union expects an average annual growth rate of 8% for the next five years. If the assets of the credit union currently amount to $2.5 million, what will the forecasted assets be in five
A deposit of $2000 earns interest at 3% p.a. compounded quarterly. After two- and-a-half years, the interest rate is changed to 2.75% compounded monthly. How much is the account worth after six years?
An investment of $2500 earns interest at 4.5% p.a. compounded monthly for three years. At that time the interest rate is changed to 5% compounded quarterly. How much will the accumulated value be
A debt of $800 accumulates interest at 10% compounded semi-annually from February 1, 2017, to August 1, 2019, and 11% compounded quarterly thereafter. Determine the accumulated value of the debt on
Find the present value and the compound discount of $1600 due four-and-a-half years from now if money is worth 4% compounded semi-annually.
In negotiating a contract for your business, you have to decide between receiving $50 000 now or $20 000 now and $35 000 three years from now. In terms of today’s dollar, which choice is better and
Joe is negotiating the purchase of a sound system for his DJ business. He can either pay $2000 now or pay $100 now and $2200 in 18 months. Which option is better if money is worth 8% compounded
Jane is purchasing a membership in the local Chamber of Commerce to promote her business. She can pay either $350 now or pay $130 now, $150 in 12 months, and $170 in 15 months. Which option is better
Find the present value and the compound discount of $2500 due in 6 years and 3 months, if interest is 6% compounded quarterly.
Find the principal that will amount to $1250 in five years at 10% p.a. compounded quarterly.
What sum of money will grow to $2000 in seven years at 9% compounded monthly?
A debt of $5000 is due November 1, 2024. What is the value of the obligation on February 1, 2018, if money is worth 7% compounded quarterly?
How much would you have to deposit in an account today to have $3000 in a five- year term deposit at maturity if interest is 7.75% compounded annually?
What is the principal that will grow to $3000 in 8 years and 8 months at 9% com- pounded semi-annually?
Find the sum of money that accumulates to $1600 at 5% compounded quarterly in 6 years and 4 months.
You have the choice of receiving $100 000 now or $60 000 now and another $60 000 five years from now. In terms of today’s dollar, which choice is better and by how much? Money is worth 6%
Find the proceeds of a non-interest-bearing promissory note for $6000, discounted 54 months before its due date at 6% compounded quarterly.
A 10-year note for $1200, bearing interest at 6% compounded monthly, is discounted at 8% compounded quarterly 3 years, 10 months after the date of issue. Find the proceeds of the note.
Four years and 7 months before its due date, a seven-year note for $2650, bearing interest at 9% compounded quarterly, is discounted at 8% compounded semi-annually. Find the compound discount.
On April 15, 2019, a 10-year note dated June 15, 2014, is discounted at 10% com- pounded quarterly. If the face value of the note is $4000 and interest is 8% com- pounded quarterly, find the
Determine the proceeds of an investment with a maturity value of $10 000 if discounted at 9% compounded monthly 22.5 months before the date of maturity.
Compute the discounted value of $7000 due in three years, five months if money is worth 8% compounded quarterly.
Find the discounted value of $3800 due in 6 years and 8 months if interest is 7.5% compounded annually.
Calculate the proceeds of $5500 due in 7 years and 8 months discounted at 4.5% compounded semi-annually.
A four-year, non-interest-bearing promissory note for $3750 is discounted 32 months after the date of issue at 5.5% compounded semi-annually. Find the proceeds of the note.
A seven-year, non-interest-bearing note for $5200 is discounted 3 years and 8 months before its due date at 9% compounded quarterly. Find the proceeds of the note.
A non-interest-bearing, eight-year note for $4500 issued August 1, 2015, is discounted April 1, 2018, at 6.5% compounded annually. Find the compound discount.
Find the proceeds of a $4200, non-interest-bearing note due August 1, 2023, discounted on March 1, 2019, at 7.5% compounded monthly.
A $2800 promissory note issued without interest for five years on September 30, 2015, is discounted on July 31, 2018, at 8% compounded quarterly. Find the compound discount.
Suppose you borrowed $22 000 from your grandfather to purchase a car, with the understanding that you would repay the loan principal in four years when you graduated from college a. How much would
To finance your vacation, you needed to borrow $2000. Your options are to charge the amount on a credit card or to borrow on a line of credit. The credit card company charges interest at 15.9%
In deciding to purchase furniture, you are faced with financing options. The price of the furniture is $5800, and the furniture store will arrange a loan with an interest rate of 13.5%, and monthly
Find the proceeds of a promissory note with a maturity value of $1800 due on September 30, 2018, discounted at 8.5% compounded semi-annually on March 31, 2015.
Find the proceeds of a 15-year promissory note discounted after 6 years at 9% compounded quarterly with a maturity value of $7500.
Find the proceeds of a 5-year promissory note for $3000 with interest at 8% compounded semi-annually, discounted 21 months before maturity at 9% compounded quarterly.
Find the proceeds of a $5000, seven-year note bearing interest at 8% compounded quarterly, discounted two-and-a-half years after the date of issue at 6% compounded monthly.
Find the proceeds of a six-year, $900 note bearing interest at 10% compounded quarterly, issued June 1, 2013, discounted on December 1, 2018, to yield 8.5% com- pounded semi-annually.
Find the proceeds of a ten-year promissory note dated April 1, 2013, with a face value of $1300, bearing interest at 7% compounded semi-annually, discounted seven years later when money was worth 9%
A six-year note for $1750 issued on December 1, 2014, with interest at 6.5% compounded annually, is discounted on March 1, 2017, at 7% compounded semi- annually. What are the proceeds of the note?
A loan of $4000 is due in five years. If money is worth 7% compounded annually, find the equivalent payment that would settle the debt (a) Now; (b) In 2 years; (c) In 5 years; (d) In 10 years.
A loan of $3000 borrowed today is to be repaid in three equal installments due in one year, three years, and five years, respectively. What is the size of the equal installments if money is worth
Savona borrowed $7500 from her aunt today and has agreed to repay the loan in two equal payments to be made in one year and three years from now. What is the size of the equal payments if money is
What is the size of the equal payments that must be made at the end of each of the next four years to settle a debt of $3000 due four years from now and subject to interest at 10% compounded annually?
Karina is due to pay $9000 in five years. If she makes three equal payments, in 20 months, 30 months, and 5 years from today, what is the size of the equal payments if money is worth 5.16% compounded
Scheduled payments of $800 due two years ago and $1000 due in five years are to be replaced by two equal payments. The first replacement payment is due in four years and the second payment is due in
Loan payments of $3000 due one year ago and $2500 due in four years are to be replaced by two equal payments. The first replacement payment is due now and the second payment is due in six years.
A payment of $500 is due in six months with interest at 12% compounded quarterly. A second payment of $800 is due in 18 months with interest at 10% com- pounded semi-annually. These two payments are
Scheduled payments of $900 due in 3 months with interest at 11% compounded quarterly and $800 due in 30 months with interest at 11% compounded quarterly are to be replaced by two equal payments. The
Scheduled payments of $1400 due today and $1600 due with interest at 11.5% compounded annually in five years are to be replaced by two equal payments. The first replacement payment is due in 18
A debt payment of $5500 is due in 27 months. If money is worth 8.4% p.a. compounded quarterly, what is the equivalent payment? (a) Now? (b) 15 months from now? (c) 27 months from now? (d) 36 months
A debt can be paid by payments of $2000 scheduled today, $2000 scheduled in three years, and $2000 scheduled in six years. What single payment would settle the debt four years from now if money is
Scheduled payments of $600, $800, and $1200 are due in one year, three years, and six years, respectively. What is the equivalent single replacement payment two- and-a-half years from now if interest
Scheduled payments of $400 due today and $700 due with interest at 4.5% compounded monthly in eight months are to be settled by a payment of $500 six months from now and a final payment in 15 months.
Scheduled payments of $1200 due one year ago and $1000 due six months ago are to be replaced by a payment of $800 now, a second payment of $1000 nine months from now, and a final payment 18 months
Two debts—the first of $800 due six months ago and the second of $1400 borrowed one year ago for a term of three years at 6.5% compounded annually—are to be replaced by a single payment one year
Scheduled payments of $2000 due now and $2000 due in four years are to be replaced by a payment of $2000 due in two years and a second payment due in seven years. Determine the size of the second
Scheduled loan payments of $1500 due in 6 months and $1900 due in 21 months are rescheduled as a payment of $2000 due in 3 years and a second payment due in 45 months. Determine the size of the
Lux Resources is due to pay one vendor $35 000 in one year, $50 000 in two years, and $30000 in three years. Instead of making those payments, the company has agreed to make two equal payments, one
Landmark Trust offers five-year investment certificates at 3.5% compounded semi-annually. (a) What is the value of a $2000 certificate at maturity? (b) How much of the maturity value is interest?
Find the proceeds of a non-interest-bearing promissory note for $75 000 discounted 42 months before maturity at 6.5% compounded semi-annually.
A ten-year promissory note for $1750 dated May 1, 2013, bearing interest at 4% compounded semi-annually is discounted on August 1, 2019, to yield 6% compounded quarterly. Determine the proceeds of
A seven-year, $10 000 promissory note bearing interest at 8% compounded quarterly is discounted four years after the date of issue at 7% compounded semi-annually. What are the proceeds of the note?
A $40 000, 15-year promissory note dated June 1, 2010, bearing interest at 12% compounded semi-annually is discounted on September 1, 2018, at 11% compounded quarterly. What are the proceeds of the
A 15-year promissory note for $16 500 bearing interest at 12% compounded semi- annually is discounted at 9% compounded monthly, 3 years and 4 months after the date of issue. Compute the proceeds of
The Ram Company borrowed $20 000 at 10% compounded semi-annually and made payments toward the loan of $8000 after two years and $10 000 after three-and-a-half years. How much is required to pay off

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