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Questions and Answers of Finance

Compute the nominal annual rate of interest compounded semi-annually on a loan of $48 000 repaid in installments of $4000 at the end of every 6 months in 10 years.
A loan of $14 400 is to be repaid in end-of-the-quarter payments of $600. How many payments are required to repay the loan at 10.5% compounded quarterly?
The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on
A loan was repaid in seven years by end-of-month payments of $450. If interest was 12% compounded monthly, how much interest was paid?
Ms. Simms made deposits of $540 at the end of every three months into a savings account. For the first five years interest was 5% compounded quarterly. Since then the rate of interest has been 5.5%
How much interest is included in the accumulated value of $3200 paid at the end of every six months for four years if the interest rate is 6.5% compounded semi-annually?
What is the size of deposits made at the end of each period that will accumulate to $67200 after eight years at 6.5% compounded semi-annually?
On March 1, 2016, Yves decided to save for a new truck. He deposited $500 at the end of every three months in a bank account earning interest at 5% compounded quarterly. He made his first deposit on
Aisha saved $300 at the end of every three months. If interest is 4.10% compounded monthly, how much would she have saved after three years?
Clark’s younger brother has saved $18 per month from his paper route for the past two years. If interest is 4% compounded quarterly, how much will he have accumulated in his savings account?
At the end of each year, Threads Crafts Inc. pays $1000 into a savings account. If interest earned on the account is 3.24% compounded monthly, what would the account balance be in four years?
At the end of each quarter, Andrews Machinery pays $4000 into an account to fund a charity event. If interest earned on the account is 1.95% compounded annually, how much would the account balance be
To attend school, Sam deposits $1500 at the end of every six months for four and one-half years. What is the accumulated value of the deposits if interest is 6% com- pounded quarterly?
How much will deposits of $25 made at the end of each month amount to after 10 years if interest is 5% compounded quarterly?
Rex dreams of owning an $18 500 Kawasaki Nomad motorcycle. If he saves $270 at the end of each month for five years and earns interest at 6.2% compounded quarterly, will he have saved enough money,
Mr. Tomas has contributed $1000 at the end of each year into an RRSP paying 6% compounded quarterly. (a) How much will Mr. Tomas have in the RRSP after 10 years? (b) After 10 years, how much of the
Kristina saves $20 at the end of each week and deposits the money in an account paying 4% compounded monthly.(a) How much will she accumulate in 10 years?(b) How much of the accumulated amount is
Edwin Ng has made deposits of $500 into his savings account at the end of every 3 months for 10 years. If interest is 4.5% compounded semi-annually and if he leaves the accumulated balance for
Mrs. Cook has made deposits of $950 at the end of every 6 months for 15 years. If interest is 3% compounded monthly, how much will Mrs. Cook have accumulated 10 years after the last deposit?
For the past four years, Joely has authorized the payroll department at her work to deduct $30 per week to be placed into an RRSP account. If interest is 5.17% com- pounded monthly, how much has
Karim Soltan is shopping for a new vehicle, and has noticed that many vehicle manufacturers are offering special deals to sell off the current year’s vehicles before the new models arrive.
Find the present value of payments of $250 made at the end of every 3 months for 12 years if money is worth 3% compounded monthly.
For her daughter’s education, Georgina Harcourt has invested an inheritance in a fund paying 5.2% compounded quarterly. If ordinary annuity payments of $178 per month are to be made out of the fund
As a settlement for an insurance claim, Craig was offered one of two choices. He could either accept a lump-sum amount of $5000 now, or accept quarterly payments of $145 for the next 10 years. If the
Carl Hightop, a popular basketball player, has been offered a two-year salary deal. He can either accept $ 2000000 now or accept monthly amounts of $ 100000 payable at the end of each month. If money
What is the discounted value of $1560 paid at the end of each year for nine years if interest is 6% compounded quarterly?
What cash payment is equivalent to making payments of $825 at the end of every 3 months for 16 years if interest is 7% compounded semi-annually?
What is the principal from which $175 can be withdrawn at the end of each month for 20 years if interest is 5% compounded quarterly?
A property was purchased for $5000 down and payments of $2500 at the end of every six months for six years. Interest is 6% compounded monthly. (a) What was the purchase price of the property? (b)
A car was purchased for $1500 down and payments of $265 at the end of each month for four years. Interest is 9% compounded quarterly. (a) What was the purchase price of the car? (b) How much
Corey makes payments of $715.59 at the end of each month to repay a 25-year mortgage. If interest is 5.6% compounded semi-annually, what was the original mortgage principal?
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $924.37 at the end of every three months over seven years. If interest is 7.3% compounded annually,
Dale purchased a retirement annuity paying $1800 every 6 months for 20 years. If interest is 4.6% compounded monthly, how much did Dale invest in the annuity?
What payment made at the end of each quarter for 15 years will accumulate to $12 000 at 6% compounded monthly?
To finance the development of a new product, a company borrowed $30 000 at 7% compounded monthly. If the loan is to be repaid in equal quarterly payments over seven years and the first payment is due
To save for future development, a company makes a deposit into a fund that earns interest at 4.44% compounded semi-annually. If the balance after 8 years needs to be $800 000, how much must be
An investment fund that pays quarterly dividends for 10 years yields an annual return of 6.6%. If the initial price of the fund is $200, what is the amount of the dividend?
What payment is required at the end of each month for five years to repay a loan of $6000 at 7% compounded semi-annually?
A contract can be fulfilled by making an immediate payment of $9500 or equal payments at the end of every six months for eight years. What is the size of the semi-annual payments at 7.4% compounded
What payment made at the end of each year for 18 years will amount to $16 000 at 4.2% compounded monthly?
What payment is required at the end of each month for 18 years to amortize a $110 000 mortgage if interest is 5.1% compounded semi-annually?
How much must be deposited at the end of each quarter for 10 years to accumulate to $12000 at 6% compounded monthly?
What payment made at the end of every 3 months for 20 years will accumulate to $20000 at 7% compounded semi-annually?
Derrick bought a car priced at $9300 for 15% down and equal monthly payments for four years. If interest is 8% compounded semi-annually, what is the size of the monthly payment?
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 3.7% compounded annually, and the balance after 15 years is $10 000.28, what is the size of the
How long would it take you to save $5000 by making deposits of $100 at the end of every month into a savings account earning 6% compounded quarterly?
Mr. Deneau accumulated $100 000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $4500 at the end of every three months from the fund. If interest is 6.75% compounded monthly,
To repay a loan of $35 000, Airial Company pays out $6000 at the end of each year. If interest on the loan is 8% compounded quarterly, how many payments will it take to repay the loan?
Keys Company has targeted to build up a fund of $50 000. If $10 000 is deposited at the end of every six months, and the fund earns interest at 4% compounded quarterly, how long will it take to reach
You are considering an investment in a technology company similar to Herjavec Group Inc. The new company, Newtech, has experienced impressive growth over the past five years, and further growth is
How long will it take to save $15 000 by making deposits of $90 at the end of every month into an account earning interest at 4% compounded quarterly?
In what period of time could you pay back a loan of $3000 by making monthly payments of $90 if interest is 10.5% compounded semi-annually?
For how many years will Prasad make payments on the $28 000 he borrowed to start his machine shop if he makes payments of $3400 at the end of every three months and interest is 8.08% compounded
Mirsad is saving $500 at the end of each month. How soon can he retire if he wants to have a retirement fund of $120 000 and interest is 5.4% compounded quarterly?
For how long must contributions of $2000 be made at the end of each year to accumulate to $100 000 at 6% compounded quarterly?
For how long can $800 be withdrawn at the end of each month from an account originally containing $16 000, if interest is 6.8% compounded semi-annually?
A mortgage of $120 000 is to be repaid by making payments of $751 at the end of each month. If interest is 5.75% compounded semi-annually, what is the term of the mortgage?
Suppose $370.37 is deposited at the end of every three months into an account earning 6.5% compounded semi-annually. If the balance in the account is to be $20 000, how many deposits are needed?
What is the nominal annual rate of interest compounded quarterly if deposits of $253 made each month for 3 1⁄2 years accumulate to $11 600?
Deanna wants to save $3500 in two years by depositing $420 every three months into a savings account. What nominal rate of interest compounded annually do her savings have to earn?
A mortgage of $35 500 is repaid by making payments of $570 at the end of each month for 15 years. What is the nominal annual rate of interest compounded semi- annually?
A property worth $35 000 is purchased for 10% down and semi-annual payments of $2100 for 12 years. What is the nominal annual rate of interest if interest is com- pounded quarterly?
Victoria saved $416 every six months for eight years. What nominal rate of interest compounded annually is earned if the savings account amounts to $7720 in eight years?
What is the nominal annual rate of interest compounded semi-annually if a four- year loan of $6000 is repaid by monthly payments of $144.23?
A car valued at $11 400 can be purchased for 10% down and monthly payments of $286.21 for three-and-a-half years. What is the nominal rate of interest compounded annually?
A property worth $50 000 can be purchased for 20% down and quarterly mortgage payments of $1000 for 25 years. What nominal rate of interest compounded monthly is charged?
A vacation property valued at $25 000 was bought for 15 payments of $2200 due at the end of every 6 months. What nominal annual rate of interest compounded annually was charged?
Compute the nominal annual rate of interest compounded monthly at which $400 paid at the end of every three months for eight years accumulates to $20 000.
What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is repaid in seven years by payments of $2000 made at the end of every six months?
If Paige has accumulated $4850 by saving $120 every month for 3 years, what nominal annual rate of interest compounded quarterly has been earned?
You plan to make 25 annual deposits into your RRSP starting with $500 and increasing thereafter by 3%. (a) What will be the size of the 25th deposit? (b) What will be the total amount deposited?
Annual withdrawals are made from an investment fund, starting with $5000 and decreasing (negative growth) by 5% per year for 15 years. (a) What will be the size of the 15th withdrawal? (Let k =
Twenty semi-annual deposits are made earning interest of 5% compounded semiannually. The size of the first deposit is $1200 and the deposits increase at 1.5% thereafter. (a) Determine the total
Withdrawals increasing at a constant rate of 4% are made quarterly for six years from an account earning 6% compounded quarterly.(a) What must be the balance in the account to permit the withdrawals
Lucy won a large sum in the lottery. She invested part of her winnings into a fund earning 6% compounded monthly. She has arranged a systematic withdrawal plan that provides for 120 monthly payments
A fund was established to assist the finances of Pan, who is disabled, after his parents were no longer able to provide support. Starting with an initial deposit of $1500, semiannual deposits
A 10-year indexed annuity was purchased in which the end-of-month payments start at $1250.00 and diminish by 0.5% per payment. If interest is 4.8% compounded monthly, what amount was initially paid
An investment allows for end-of-year payments that grow by 3% per payment for 20 years, starting with $2000 at the end of the first year. If the payments earn 4% compounded annually, how much was
At the end of every three months, Sheila invested $375 into an account earning interest at 3% compounded monthly. What is the accumulated value in the account after eight years?
A $92 000 mortgage with a 25-year term is repaid by making payments at the end of each month. If interest is 5.8% compounded semi- annually, how much are the payments?
A debt of $14 000 is repaid by making payments of $1500. If interest is 9% compounded monthly, for how long will payments have to be made(a) At the end of every six months?(b) At the end of each year?
What is the nominal rate of interest compounded monthly at which payments of $200 made at the end of every three months accumulate to $9200 in eight years?
A debt of $2290 is repaid by making payments of $198. If interest is 16.95% com- pounded monthly, for how long will quarterly payments have to be made?
A $265 000 mortgage is repaid over 25 years by making monthly payments of $1672. What is the nominal annual rate of interest compounded semi-annually on the mortgage?
The balance in Marc’s RRSPs was $148 000 when he converted to an RRIF. The RRIF pays $5000 at the end of each quarter. If interest on the RRIF is 4.3% compounded monthly, for how long will Marc
Satwinder deposited $145 at the end of each month for 15 years at 7.5% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying $1200 every 3 months for 12
Fred Larsen contributes $345 at the end of every 3 months into an RRSP. Interest on the account is 6% compounded monthly. (a) What will be the balance after nine years? (b) How much of the balance
How much must be contributed into an RRSP at the end of each year for 25 years to accumulate to $100 000 if interest is 8% compounded quarterly?
For how long must $75 be deposited at the end of each month to accumulate to $9500 at 6.5% compounded quarterly?
What is the accumulated value after 12 years of monthly deposits of $145 earning interest at 5% compounded semi-annually if the deposits are made at the end of each month?
A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92% compounded semi-annually, for how many years is the term of the mortgage?
Toby has opened an RRSP account by making an initial deposit of $1200. She intends to make quarterly deposits for 20 years, increasing at a constant rate of 1.5%. How much of the accumulated value
Harry paid $250 000 for a 15-year indexed annuity in which the monthly payments received at the end of each month increase by 0.7% per payment. What is the total amount received by Harry if interest
What single cash payment made now is equivalent to 11 years of payments of $4800 made at the end of every 6 months with interest at 4.4% compounded quarterly?
What is the principal invested at 6.5% compounded semi-annually from which monthly withdrawals of $240 can be made at the end of each month for 25 years?
Contributions of $500 are made at the end of every three months into an RRSP. What is the accumulated balance after 20 years if interest is 6% compounded semi-annually?
Kirstie’s mortgage is repaid over 20 years by payments of $1055.00 made at the end of each month. If interest is 5.2% compounded semiannually, what is the mortgage principal?
Neena wants to accumulate $18 000 in a fund earning 3.6% compounded semi-annually. How much must she deposit at the end of each year for eight years?
What sum of money can be withdrawn from a fund of $15 750 invested at 4.25% com- pounded semi-annually(a) At the end of every month for 12 years?(b) At the end of each year for 15 years?
How long will it take for payments of $350 to accumulate to $12 000 at 3% compounded monthly if made (a) At the end of every three months? (b) At the end of every six months?

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