Need solutions with work for this finance quiz. Consists of 20 questions and is for the class finite analysis. See attached document for full quiz.

1/17/2016 Unit 1 Quiz (2.1, 2.2, 2.3, 2.4) WebAssign Unit 1 Quiz (2.1, 2.2, 2.3, 2.4) (Quiz) Current Score : 2 / 24 Due : Sunday, January 17 2016 11:59 PM EST steven strickland MAT230, section MAT230.30 MOD3 2016, Spring 2016 Instructor: Julie Bednarcik 1. 1/1 pointsBerrFinMath1 2.1.001. Find the simple interest on the loan. $1600 at 6% for 10 years. $ 960 Show My Work (Optional) What steps or reasoning did you use? Your work may add bonus points towards your score. =P*R*T P=$1600 R=6% T=10years =$1600*0.06*10=$960 Answer = $960 II=P*R*T P=$1600 R=6% T=10years II=$1600*0.06*10=$960 Answer = $960 Uploaded File (10 file maximum) No Files to Display Show My Work has not been graded yet. Uploaded File (10 file maximum) No Files to Display https://www.webassign.net/web/Student/AssignmentResponses/last?dep=12898878 1/ 5 2. 1/1 pointsBerrFinMath1 2.1.003. Find the total amount due for the simple interest loan. $1500 at 7% for 10 years. $ 2550 Show My Work (Optional) What steps or reasoning did you use? Your work may add bonus points towards your score. A=P+I A=P+I =P*R*T II=P*R*T P=$1500 R=7% P=$1500 R=7% T=10years T=10years II=$1500*0.07*10=$1050 A=$1050+$1500=$2550 Answer = $2550 =$1500*0.07*10=$1050 A=$1050+$1500=$2550 Answer = $2550 Uploaded File (10 file maximum) No Files to Display Show My Work has not been graded yet. Uploaded File (10 file maximum) No Files to Display 3. 0/1 pointsBerrFinMath1 2.1.005. Find the interest rate on a loan charging $792 simple interest on a principal of $2750 after 8 years. 36 % Show My Work (Optional) 4. -/1 pointsBerrFinMath1 2.1.007. Find the term of a loan of $300 at 4.5% if the simple interest is $54. yr Show My Work (Optional) 1/17/2016 Unit 1 Quiz (2.1, 2.2, 2.3, 2.4) 5. -/2 pointsBerrFinMath1 2.2.001. Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $13,000 at 5% for 15 years if the interest is compounded in the following ways. (a) annually $ (b) quarterly $ Show My Work (Optional) 6. -/2 pointsBerrFinMath1 2.2.003. Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $28,000 after 8 years at 4% if the interest is compounded in the following ways. (a) annually $ (b) quarterly $ Show My Work (Optional) 7. -/1 pointsBerrFinMath1 2.2.005. Find the term of the compound interest loan. (Round your answer to two decimal places.) 4.9% compounded quarterly to obtain $8500 from a principal of $2000. yr Show My Work (Optional) 8. -/2 pointsBerrFinMath1 2.2.007. Use the "rule of 72" to estimate the doubling time (in years) for the interest rate, and then calculate it exactly. (Round your answers to two decimal places.) 3% compounded annually. "rule of 72" yr exact answer yr Show My Work (Optional) 9. -/1 pointsBerrFinMath1 2.2.009. Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.) 18% compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as 1.5% per month.] % Show My Work (Optional) 1/17/2016 Unit 1 Quiz (2.1, 2.2, 2.3, 2.4) 10.-/1 pointsBerrFinMath1 2.2.011. Since 2007, a particular fund returned 13.3% compounded monthly. How much would a $6000 investment in this fund have been worth after 2 years? (Round your answer to the nearest cent.) $ Show My Work (Optional) 11.-/1 pointsBerrFinMath1 2.3.001. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your answer to the nearest cent.) $5500 annually at 5% for 10 years. $ Show My Work (Optional) 12.-/1 pointsBerrFinMath1 2.3.003. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the required payment for the sinking fund. (Round your answer to the nearest cent.) Monthly deposits earning 6% to accumulate $2000 after 10 years. $ Show My Work (Optional) 13.-/1 pointsBerrFinMath1 2.3.005. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $3500 yearly at 7% to accumulate $100,000. yr Show My Work (Optional) 14.-/2 pointsBerrFinMath1 2.3.007. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. An individual retirement account, or IRA, earns taxdeferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding 9.2%. Joe deposits $5000 once each year, while Jill has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much will each have at age 65? (Round your answer to the nearest cent.) Joe $ Jill $ Show My Work (Optional) 1/17/2016 Unit 1 Quiz (2.1, 2.2, 2.3, 2.4) 15.-/1 pointsBerrFinMath1 2.3.008. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. How much must you invest each month in a mutual fund yielding 13.6% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.) $ Show My Work (Optional) 16.-/1 pointsBerrFinMath1 2.4.001. Calculate the present value of the annuity. (Round your answer to the nearest cent.) $11,000 annually at 5% for 10 years. $ Show My Work (Optional) 17.-/1 pointsBerrFinMath1 2.4.003. Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Monthly payments on $120,000 at 3% for 25 years. $ Show My Work (Optional) 18.-/1 pointsBerrFinMath1 2.4.004. Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $17,500 at 3.3% for 6 years. $ Show My Work (Optional) 19.-/1 pointsBerrFinMath1 2.4.005. Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on $140,000 at 5% for 25 years. $ Show My Work (Optional) 20.-/1 pointsBerrFinMath1 2.4.007. The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 20 years. If the prize money is guaranteed by AAA bonds yielding 6% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.) $ Show My Work (Optional)