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Questions and Answers of Finance

Use the following activity chart to find the average daily balance, finance charge, and unpaid balance for July. The monthly interest rate is 1.75%. The billing cycle has 31 days.
Mary Lawson has a credit card account with an annual percentage rate of 18.24%. The unpaid balance for her November billing cycle is $783.56. During the billing cycle she purchased a desk chair for
Leslie Joiner has a credit card with an annual percentage rate of 17.4%. The unpaid balance for his June billing cycle is $2,156.28. During the billing cycle he purchased a refrigerator for $989.21
Use Table 12-1 to find the annual percentage rate for the loan in Exercise 3.In exercise 3, the installment price of a Bosch stainless steel refrigerator is $2,199.99 for an 18-month loan. If a $300
Use Table 12-1 to find the APR on a loan of $3,000 for three years if the loan had $810 interest and was repaid monthly.
Explain the mistake in the solution of the problem and correct the solution. Dawn Mayhall financed a car and the loan of 42 months required $3,827 interest. She paid the loan off after making 20
Explain the mistake in the solution and correct the solution. Ava Landry agreed to pay $2,847 interest for a 36-month loan to redecorate her greeting card shop. However, business was better than
Arrange the consecutive numbers from 1 to 10 in ascending order, then in descending order, so that 1 and 10, 2 and 9, 3 and 8, and so on, align vertically. Add vertically. Find the grand total.
Explain why finding the sum of consecutive numbers by using the process in Exercise 3 requires that the product be divided by 2.
Explain why the formula for finding the sum of consecutive numbers requires the product of the largest number and one more than the largest number rather than one less than the largest number.
Give three examples of finding the sum of consecutive odd numbers beginning with 1.
It pays to read the details! Bank One Delaware offers a Platinum Visa Credit Card to qualifying persons with an introductory 0% fixed APR on all purchases and balance transfers and, after the
The appropriate formula for Exercise 1 - 4.
Manually calculate the compound interest on a 13% loan of $1,600 for three years if the interest is compounded annually?
The appropriate formula to find the interest on a certificate of deposit (CD) of $10,000 for five years at 4% compounded semiannually?
Find the future value of an investment of $8,000 compounded quarterly for seven years at 2%?
Find the compound interest on a loan of $5,000 for two years if the interest is compounded quarterly at 12%?
Mario Piazza was offered $900 now for one of his salon photo graphs or $1,100 in one year for the same photograph. Which would give Mr. Piazza grater yield if he could invest the $900 for one year at
Lauren McAnally invests $2,000 at 2% compounded semiannually for two years, and Inez Everett invest an equal amount at 2% compounded quarterly for 18 months. Use 13 - 1 to determine which investment
Find the compound interest and the future value on an investment of $2,000 if it is invested for 21 days at 0.75$% compounded daily?
Find the effective interest rate for a loan of $3,500 at 10% interest compounded quarterly?
Find the amount that should be set aside today to yield the desired future amount. The present value formula?
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See Example 3 and 4. A loan of $5,000 at 6% compounded
Margaret Hillman invested $5,000 at 1.8% compounded quarterly for one year. Find the future value and the interest earned for the year?
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. First State Bank loaned Doug Morgan $2,000 for four years compounded
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. A loan of $8,000 for two acres of woodland is compounded quarterly at
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. Compute the compound amount and the interest on a loan of $10,500
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. Find the future value of an investment of $10,500 if it is invested
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. You have $8,000 that you plan to invest in a compound interest bearing
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. Find the future value of $50,000 at 6% compounded semiannually for ten
Use Table 13 - 1 Appropriate formula for Exercise 11 - 16. See Examples 3 and 4 for table or Examples 5 through 7 for formulas. Find the effective interest rate for a loan for four years compounded
What is the effective interest rate for a loan of $5,000 at 10% compounded semiannually for three years? Use the simple interest formula method?
Ross Land has a loan of $8,500 compounded quarterly for four years at 6%. What is the effective interest rate for the loan? Use the table method.
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See examples 3 and 4. A loan of $18,500 at 6% compounded quarterly
What is the effective interest rate for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%?
Use Table 13 - 2 for Exercise 21 to 24. See Example 10. Find the compound interest on $2,500 at 0.75% compound daily by Leader Financial bank for 20 days?
How much compound interest is earned on a deposit of $1,500 at 0.5% compounded daily for 30 days?
John McCormick has found a short-term investment opportunity. He can invest $8,000 at 0.5% interest for 15 days. How much interest will he earn on this investment if the interest is compounded daily?
What is the compound interest on $8,000 invested at 1.25% for 180 days if it is compounded daily?
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See examples 3 and 4.An investment of $7,000 at 2% compounded
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See examples 3 and 4.A loan of $500 at 5% compounded semiannually
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See examples 3 and 4.A loan of $1,000 at 12% compounded monthly
Find the future value (compound amount) and compound interest. Use Table 13-1 or the future value and compound interest formula. See examples 3 and 4.An investment of $2,000 at 1.5% compounded
Use the simple interest formula method for Exercises 7 to 10. See Examples 1 and 2. Thayer Farm Trust made farmer a loan of $1,200 at 16% for three years compounded annually. Find the future value
Maeola Killebrew invests $3,800 at 2% compounded semiannually for two years. What is the future value of the investment, and how much interest will she earn over the two-year period?
Carolyn Smith borrowed $6,300 at 8 ½% for three years compounded annually. What is the compound amount of the loan and how much interest will she pay on the loan?
Find the amount that should be set aside today to yield the desired future amount; use Table 13 - 3 (See Example 2) or the appropriate formula (See Examples 3 and 4).
Dewey Sykes plans to open a business in four years when he retires. How much must he invest today to have $10,000 when he retires if the bank pays 2% annually, compounded quarterly?
Charlie Bryant has a child who will be college age in five years. How much must he set aside today to have $20,000 for college tuition in five years if he gets 1.5% annually, compounded annually?
Find the compound amount and interest from the following table:
Manually calculate the compound interest on a loan of $6,150 at 1 1½ % annual interest compounded annually for three years?
EZ Loan Company loaned $500 at 8% annual interest compounded quarterly for one year. Use Table 13 - 1 or the appropriate formula to calculate the amount the loan company will earn in interest?
Find the compound interest on a loan of $5,000 for two year if the interest is compounded semiannually at 12%?
An investment of $1,000 is made for two years and is compounded semiannually at 5%. Find the future value and compound interest at the end of the two years?
Carlee McNally invests $5,000 at 6% compounded semi ally for one year, and Jake McNally invests an equal amount at 6% compounded quarterly for one year. Use Table 13-1 determine the interest for each
Use Table 13-2 to find the compound interest and the future value on an investment of $24,982 if it is invested for 28 days at 2.25% compounded daily?
Find the amount of money that should he invested (present value) at the stated interest rate to yield the given am (future value) after the indicated amount of time. Use Table 13-3 or the appropriate
Louis Banks was offered $25,000 cash now or $29,500 to be paid after two years for a resort cabin. If money can be invested in today's market for 4% annual interest compound quarterly, which offer
Find the amount that should be set aside today to yield the desired future amount. Use table 13 - 3 or the present value formula?
Manually calculate the compound interest on a loan of $200 at 6% compounded annually for four years?
Manually calculate the compound interest on a loan of $2,000 at 7% compounded annually for three years?
Which of the two options yields the greatest return on your investment of $2,000? Option 1: 8% annul interest compounded quarterly for four years Option 2: 8 ¼% annul interest compounded annually
If you invest $2,000 today at 6% annual interest compounded quarterly, how much will you have after three years? (Table 13-1 or appropriate formula or calculator application).
If you invest $1,000 today at 5% annual interest compounded daily, how much will you have after 20 days? (Table 13-2 or appropriate formula or calculator application)?
Manually calculate the compound interest on a 6.25% annual interest loan of $3,000 for four years if interest is compounded annually?
Use Table 13 - 1 or the appropriate formula to find the interest on a loan of $5,000 for six years at 10% annual interest if interest is compounded semiannually?
An investment of $1,500 is made for two years at 2% annual interest compounded semiannually. Find the compound amount and the compound interest at the end of two years?
Use Table 13 - 1 to find the compound interest on a loan of $3,000 for one year at 12% annual interest if the interest is compounded quarterly?
Use Tables 13 - 1 and 13 - 2 to compare the interest on an investment of $3,000 that is invested at 8% annual interest compounded quarterly and daily, respectively, for one year?
The compound amount or future value can be found using two formulas: I = PR (assuming T = 1) and A = P + I. show how these two formulas relate to the single formula A = P(1 + R)?
Because the entries in the present value table (Table 13 - 3) are reciprocals of the corresponding entries in the future value table (Table 13 - 1), how can Table 13 - 3 be used to find the future
How can the future value table (Table 13 - 1) be used to find the preset value of a desired goal?
Banking regulations require that the effective interest rate (APR or APY) be stated on all loan or investment constricts. Why?
Illustrate the procedure described in Exercise 5 to find the preset value of an investment if you want to have $500 at the end of two years. The investment earns 8% compounded quarterly. Check your
How does the effective interest rate compare with the compounded rate on a loan or investment? Illustrate your answer with an example that shows the compounded rate and the effective rate?
One real estate sales technique is to encourage customers or clients to buy today because the value of the property will probably increase during the next few years. "Buy this lot today for $28,000.
Use Table 14 - 1 to complete the following table.
Roni Sue deposited $1,500 at the beginning of each year for three years at an annual interest rate of 9%. Find the future value and total interest manually?
Barry Michael plans to deposit $2,000 at the end of every six months for the next five years to save up for a boat. If the interest rate is 6% annually, compounded semiannually, how much money will
Bob Paris opens a retirement income account paying 5% annually. He deposits $3,000 at the beginning of each year. (a) How much will be in the account after ten years? (b) When Bob retires at age 65,
The Shari Joy Corporation decided to set aside $3,200 at the beginning of every six months to provide donation funds for a new Little League baseball field scheduled to be built in 18 months. If
How much must be set aside at the end of each six months by the Fabulous Toy Company to replace a $155,000 piece of equipment at the end of eight years if the account pays 6% annual interest
Lausanne Private School System needs to set aside funds for a new computer system. What quarterly sinking fund payment would be required to amount to $45,000, the approximate cost of the system, in 1
Ernie Wroten contributes $1,750 each year to a Roth IRA. The IRA earns 2.67% per year. How much will he have at the end of 15 years? Use the formula or a calculator application?
Use Table 14 - 2 to find the sinking fund payment.
Use Table 14 - 3 to find the amount that needs to be invested today to provide a stream of payments in the annuity liquidation phase.
Use Table 14 - 1 to find the future value and total interest of the annuities. See Examples 3, 4, 6 and 7.
Len and Sharron Smith are saving money for their daughter Heather to attend college. They set aside an ordinary annuity of $4,000 annually for ten years at 7% annual interest. How much will Heather
Harry Taylor plans to pay an ordinary annuity of $5,000 annually for ten years. The annual rate of interest is 3.8%. How much will Harry have at the end of three years? How much interest will he earn
Scott Martin is planning to establish a retirement annuity. He is committed to an ordinary annuity of $3,000 annually at 3.6% annual interest. How much will Scott have accumulated after three years?
Use Table 14-1 or the appropriate formula or calculator application for Exercises 13-17. See Examples 3, 12, and 14. Find the future value of an ordinary annuity of $6,500 semiannually for seven
Pat Lechleiter pays an ordinary annuity of $2,500 quarterly at 8% annual interest compounded quarterly to establish supplemental income for retirement. How much will Pat have available at the end of
Latanya Brown established an ordinary annuity of $1,000 annually at 7% annual interest. What is the future value of the annuity after 15 years? How much of her own money will Latanya have invested
You invest in an ordinary annuity of $500 annually at 8% annual interest. Find the future value of the annuity at the end of ten years. How much have you invested? How much interest has your annuity
You invest in an ordinary annuity of $2,000 annually at 8% annual interest. What is the future value of the annuity at the end of five years? How much have you invested? How much interest has your
Make a chart comparing your results for Exercises 16 and 17. Use these headings: Years, Total Investment, Total Interest. What general conclusion might you draw about effective investment strategy?
Find the future value of an annuity due of $12,000 annually for three years at 3% annual interest. How much was invested? How much interest was earned?
Bernard McGhee has decided to establish an annuity due of $2,500 annually for 15 years at 7.2% annual interest. How much is the annuity due worth after two years? How much was invested? How much
Find the future value of an annuity due of $7,800 annually for two years at 8.1% annual interest. Find the total amount invested. Find the interest.
Find the future value of an annuity due of $400 annually for two years at 6.8% annual interest compounded annually?

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