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Questions and Answers of Finance

Ted deposited $1750 in an RRSP on March 1, 2014, at 3% compounded quarterly. Subsequently, the interest rate was changed to 4% compounded monthly on September 1, 2016, and to 4.5% compounded
An investment of $2500 is accumulated at 5% compounded quarterly for two-and-a-half years. At that time, the interest rate is changed to 6% compounded monthly. How much is the investment worth two
To ensure that funds are available to repay the principal at maturity, a borrower deposits $2000 each year for three years. If interest is 6% compounded quarterly, how much will the borrower have on
Cindy started a registered retirement savings plan on February 1, 2012, with a deposit of $2500. She added $2000 on February 1, 2013, and $1500 on February 1, 2018. What is the accumulated value of
Western Savings offers three-year term deposits at 2.25% compounded annually while your credit union offers such deposits at 2.0% compounded quarterly. If you have $5000 to invest, what is the
A demand loan of $8000 is repaid by payments of $3000 after 15 months, $4000 after 30 months, and a final payment after 4 years. If interest was 8% for the first two years and 9% for the remaining
Payments of $1000, $1200, and $1500 are due in 6 months, 18 months, and 30 months from now, respectively. What is the equivalent single payment two years from now if money is worth 9.6% compounded
An obligation of $10 000 is due one year from now with interest at 10% compounded semi-annually. The obligation is to be settled by a payment of $6000 in 6 months and a final payment in 15 months.
Waldon Toys owes $3000 due in 2 years with interest at 11% compounded semi-annually and $2500 due in 15 months at 9% compounded, quarterly. If the company wants to discharge these debts by making two
Debt payments of $400 due today, $500 due in 18 months, and $900 due in 3 years are to be combined into a single payment due 2 years from now. What is the size of the single payment if interest is 8%
Debt payments of $2600 due one year ago and $2400 due two years from now are to be replaced by two equal payments due one year from now and four years from now. What is the size of the equal payments
A loan of $7000 taken out two years ago is to be repaid by three equal installments due now, two years from now, and three years from now. What is the size of the equal installments if interest on
Find the future value and the compound interest of (a) $1800 invested at 3.7% compounded quarterly for 15.5 years; (b) $1250 invested at 2.6% compounded monthly for 15 years.
If $6000 is invested for six years and seven months at 6% compounded semi-annually, what is the interest that the investment earns?
Determine the discounted value now of $5200 due in 40 months if money is worth 6.5% compounded quarterly.
Find the present value and the compound discount of (a) $3600 due in 9 years if interest is 8% com- pounded semi-annually; (b) $9000 due in 5 years if money is worth 6.8% compounded quarterly.
Find the present value and the compound discount of $4000 due in seven years and six months if interest is 8.8% compounded quarterly.
A sum of money has a value of $3000 eighteen months from now. If money is worth 6% compounded monthly, what is its equivalent value? (a) Now? (b) One year from now? (c) Three years from now?
A non-interest-bearing note for $1500 is due on June 30, 2016. The note is discounted at 10% compounded quarterly on September 30, 2012. What are the proceeds of the note?
What sum of money invested at 4% compounded quarterly will grow to $3300 in 11 years?
Five years after Anne deposited $3600 in a savings account that earned interest at 4.8% compounded monthly, the rate of interest was changed to 6% com- pounded semi-annually. How much was in the
A debt can be repaid by payments of $4000 today, $4000 in five years, and $3000 in six years. What single payment would settle the debt one year from now if money is worth 7% compounded semi-annually?
Two debt payments, the first for $800 due today and the second for $600 due in nine months with interest at 10.5% compounded monthly, are to be settled by a payment of $800 six months from now and a
Adam borrowed $5000 at 10% compounded semi-annually. He repaid $2000 after two years and $2500 after three years. How much will he owe after five years?
A debt of $7000 due today is to be settled by three equal payments due 3 months from now, 15 months from now, and 27 months from now. What is the size of the equal payments at 11% compounded
Find the compound interest earned by $1300 invested at 7.5% compounded monthly for seven years.
Determine the maturity value of $1400 due in 71 months compounded annually at 7.75%.
What is the present value of $5900 payable in 15 years if the current interest rate is 7.5% compounded semi-annually?
Determine the compound discount on $8800 due in 7.5 years if interest is 9.6% compounded monthly.
A note dated July 1, 2008, promises to pay $8000 with interest at 7% compounded quarterly on January 1, 2017. Find the proceeds from the sale of the note on July 1, 2012, if money is then worth 8%
Compute the proceeds of a non-interest-bearing note for $1100 three years and seven months before the due date, if money is worth 7.5% compounded annually.
Seven years and two months after its date of issue, an 11-year promissory note for $8200 bearing interest at 13.5% compounded monthly is discounted at 10.5% compounded semi-annually. Find the
A $10 200 debt will accumulate for five years at 11.6% compounded semi- annually. For how much will the debt sell three years after it was incurred if the buyer of the debt charges 10% compounded
Jean-Guy Renoir wanted to leave some money to his grandchildren in his will. He decided that they should each receive the same amount of money when they each turn 21. When he died, his grandchildren
Miranda has $1000 to invest. She has narrowed her options to two four-year certificates: A and B. Certificate A pays interest at 8% p.a. compounded semi-annually the first year, 8% p.a. compounded
How long will it take $400 to accumulate to $760 at 7% p.a. compounded semi-annually?
In purchasing his brother’s car, Mahood agreed to take over the payment obligations. Three payments were required: $8000 in 2 months, $1600 in 5 months, and $4500 in 13 months. The current bank
A contract requires payments of $4000 today, $5000 in three years, and $6000 in five years. When can the contract be fulfilled by a single payment equal to the sum of the required payments if money
A financial agreement requires the payment of $1200 in 9 months, $1400 in 18 months, and $1600 in 30 months. When would an alternative single payment of $4000 have to be made if money is worth 7%
Graham purchased a business by agreeing to make three payments of $12 000 each in one year, two years, and four years. Because of cash flow difficulties in the first year, he renegotiated the payment
Henrik, a Canadian hockey player, agreed to a contract whereby he was to receive $40 000 in 6 months, $60 000 in 8 months, and $100 000 in 18 months. The deal was renegotiated after 4 months when he
In how many years will money quadruple at 8% compounded quarterly?
If an investment of $800 earned interest of $320 at 6% compounded monthly, for how many years was the money invested?
A loan of $2000 was repaid together with interest of $604.35. If interest was 8% compounded quarterly, for how many months was the loan taken out?
If you borrowed $1000 on May 1, 2015, at 10% compounded semi-annually, and interest on the loan amounts to $157.63, on what date is the loan due?
A promissory note for $600 dated May 15, 2016, requires an interest payment of $150 at maturity. If interest is at 9% compounded monthly, determine the due date of the note.
Joan borrowed $3000 today with the understanding that she would repay the loan in two payments: $1600 in one year and a second payment of $1700. If interest is 8% compounded quarterly, when should
A loan of $5000 taken out today is to be repaid by a payment of $2000 in nine months, a payment of $2500 in two years, and a final payment of $1200. If interest is 9% compounded monthly, when should
Joel’s Furniture had a financial agreement whereby two payments were required: $14 000 in 8 months and $15 000 in 14 months. Instead of these two payments, a single payment of $29000 could be made.
What is the nominal annual rate of interest compounded quarterly at which $420 will accumulate to $1000 in nine years and six months?
A $1000 credit card debt was to be repaid in 12 months. If $1500 was repaid, what was the nominal rate compounded daily that was charged?
A principal of $2000 compounded monthly amounts to $2800 in 7.25 years. What is the nominal annual rate of interest?
At what nominal annual rate of interest will money double itself in 6 years and 9 months if compounded quarterly?
At what nominal rate of interest will money triple itself in 9 years and 2 months if compounded monthly?
What is the nominal annual rate of interest at which money will triple itself in 12 years if compounded annually?
Yin li deposited $800 into a savings account that compounded interest monthly. What nominal annual rate compounded monthly was earned on the investment if the balance was $952.75 in five years?
An investment of $4000 earned interest semi-annually. If the balance after 6 1⁄2 years was $6000, what nominal annual rate compounded semi-annually was charged?
Surinder borrowed $1200 and agreed to pay $1400 in settlement of the debt in 3 years and 3 months. What annual nominal rate compounded quarterly was charged on the debt?
A debt of $600 was to be repaid in 15 months. If $705.25 was repaid, what was the nominal rate compounded monthly that was charged?
What is the effective annual rate of interest if $100 grows to $150 in six years compounded quarterly?
The treasurer of National Credit union proposes changing the method of compounding interest on premium savings accounts to daily compounding. If the current rate is 6% compounded quarterly, what
Sofia made a deposit of $600 into a bank account that earns interest at 3.5% com- pounded monthly. The deposit earns interest at that rate for five years. (a) Find the balance of the account at the
Ying invested $5000 into an account earning 2.75% interest compounding daily for two years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What
An RRSP earns interest at 4.25% compounded quarterly. An amount of $1200 is invested into the RRSP and earns interest for 10 years. (a) Find the balance of the account at the end of the period. (b)
Josef invested $1750 into an RRSP that earned interest at 5% compounded semi- annually for eight years. (a) Find the balance of the account at the end of the period. (b) How much interest is
What is the effective annual rate of interest if $450 grows to $750 in 3 years and 5 months compounded monthly?
If $1100 accumulates to $1350 in 4 years and 6 months compounded semiannually, what is the effective annual rate of interest?
An amount of $2300 earns $500 interest in 3 years and 2 months. What is the effective annual rate if interest compounds monthly?
Find the nominal annual rate of interest compounded quarterly that is equal to an effective rate of 9.25%.
What nominal annual rate of interest compounded semi-annually is equivalent to an effective rate of 6.37%?
If the effective rate of interest on an investment is 6.4%, what is the nominal rate of interest compounded monthly?
What is the nominal rate of interest compounded quarterly if the effective rate of interest on an investment is 5.3%?
The Central Bank pays 7.5% compounded semi-annually on certain types of deposits. If interest is compounded monthly, what nominal rate of interest will maintain the same effective rate of interest?
Paul recently purchased a new flat screen TV for his first apartment on his Sears credit card. Its annual interest rate is 29.90% compounded monthly. a. How many payments will it take him to pay off
Many people don’t understand the amount of interest they are actually paying on their credit cards. What is the effective rate of interest corresponding to a credit card that is advertised at 2%
At what nominal rate of interest compounded monthly will $400 earn $100 interest in four years?
Find the nominal annual rate of interest (a) At which $1500 will grow to $1800 in four years compounded monthly; (b) At which money will double in seven years if compounded quarterly; (c) If the
Compute the effective annual rate of interest (a) For 4.5% compounded monthly; (b) At which $2000 will grow to $3000 in seven years if compounded quarterly.
Compute the effective annual rate of interest (a) For 6% compounded monthly; (b) At which $1100 will grow to $2000 in seven years if compounded monthly.
What is the nominal annual rate of interest compounded monthly that is equivalent to 8.5% compounded quarterly?
What is the nominal annual rate of interest compounded quarterly that is equivalent to an effective annual rate of 5%?
Patrick had $2000 to invest. Which of the following options should he choose? (a) 4% compounded annually (b) 3.75% compounded semi-annually (c) 3.5% compounded quarterly (d) 3.25% compounded monthly
(a) How many years will it take for $7500 to accumulate to $9517.39 at 3% compounded semi-annually? (b) Over what period of time will money triple at 9% compounded quarterly? (c) How many years will
Matt had agreed to make two payments— a payment of $2000 due in nine months and a payment of $1500 in a year. If Matt makes a payment of $1800 now, when should he make a second payment of $1700 if
A $4000 debt due in four years was paid with $3885.35 cash. If money is worth 7% compounded monthly, how many months before the due date was the debt paid?
A financial obligation requires the payment of $2000 now, $2500 in six months, and $4000 in one year. When will a single payment of $9000 discharge the obligation if interest is 6% com- pounded
At what nominal rate of interest com- pounded quarterly will $300 earn $80 interest in six years?
Girard owes two debt payments—a payment of $5000 due in 6 months and a payment of $6000 due in 15 months. If Girard makes a payment of $5000 now, when should he make a second payment of $6000 if
A debt of $12 000 was replaced with two payments. If $7500 was paid in two years, when should a second payment of $7500 is made if interest compounds at 8% quarterly?
Sasha promised to pay $3000 in 21⁄2 years and $5000 in five years. If she replaces those payments with a payment of $4000 in four years and three months, and money is worth 10% com- pounded
Find the equated date at which payments of $500 due six months ago and $600 due today could be settled by a payment of $1300, if interest is 9% compounded monthly.
Find the equated date at which two payments of $600 due four months ago and $400 due today could be settled by a payment of $1100, if interest is 7.25% compounded semi- annually.
In what period of time will money triple at 10% compounded semi-annually?
In how many years will money double at 8% compounded monthly?
What nominal rate of interest compounded monthly is equivalent to an effective rate of 6.2%?
What nominal rate of interest compounded quarterly is equivalent to an effective rate of 5.99%?
Find the nominal annual rate of interest (a) At which $2500 will grow to $4000 in eight years compounded quarterly; (b) At which money will double in five years if compounded semi-annually; (c) If
An investment with an original value of $11 000 is sold for proceeds of $12 950.00. If the investment yield was 5% compounded semi-annually, for how many years was the money invested?
An amount of $1400 was invested for 71 months, maturing to $2177.36. What annually compounded rate was earned?
Determine the effective annual rate of interest equivalent to 5.4% compounded monthly.

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