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1. Future Value. What is the future value of		Answer	1
a. $549 invested for 11 years at 14 percent compounded annually?		$2,320.20	a.
b. $975 invested for 14 years at 12 percent compounded annually?		$4,764.93	b.
c. $1174 invested for 8 years at 12 percent compounded annually?		$2,906.78	c.
d. $867 invested for 3 years at 13 percent compounded annually?		$1,250.99	d.
2. Present Value. What is the present value of			2
a. $703 to be received 11 years from now at a 7 percent discount rate?		$333.99	a.
b. $1019 to be received 11 years from now at a 11 percent discount rate?		$323.31	b.
0 $280 to be received 8 years from now at a 15 percent discount rate?		$91.53	c.
d. $1092 to be received 14 years from now at a 9 percent discount rate?		$326.78	d.
3. Future Value of an Annuity. What is the future value of			3
a. $1043 a year for 7 years at 11 percent compounded annually?		$10,203.95	a.
b. $1191 a year for 15 years at 10 percent compounded annually?		$37,841.03	b.
c. $910 a year for 5 years at 9 percent compounded annually?		$5,446.09	c.
d. $768 a year for 10 years at 7 percent compounded annually?		$10,611.03	d.
4. Present Value of an Annuity. What is the present value of			4
a. $1191 a year for 12 years at a 5 percent discount rate?		$10,556.13	a.
b. $223 a year for 15 years at a 5 percent discount rate?		$2,314.66	b.
c. $1072 a year for 6 years at a 9 percent discount rate?		$4,808.90	c.
d. $541 a year for 12 years at a 13 percent discount rate?		$3,201.45	d.
5. How many years will it take to grow			5
a. $1200 to a value of 4,142.73 at a compound rate of 10 percent ?		13	a.
b. $491 to a value of 904.64 at a compound rate of 13 percent ?		5	b.
c. $876 to a value of 2,272.12 at a compound rate of 10 percent ?		10	c.
d. $1031 to a value of 1,737.29 at a compound rate of 11 percent ?		5	d.
6. Interest Rate. At what interest rate will it take to grow			6
a. $783 to a value of 4,333.71 over 14 years?		13	a.
b. $663 to a value of 994.98 over 6 years?		7	b.
c. $910 to a value of 4,980.94 over 15 years?		12	c.
d. $1166 to a value of 1,713.24 over 5 years?		8	d.
7. Annuity. How many years will it take for a payment of			7
a. $598 to grow to 7,913.19 at a compound rate of 14 percent ?		8	a.
b. $483 from a future value of 16,617.79 at a compound rate of 11 percent ?		15	b.
c. $1038 from a future value of 5,851.30 at a compound rate of 6 percent ?		5	c.
d. $1066 from a future value of 5,890.32 at a compound rate of 5 percent ?		5	d.
8. Annuity. At what interst rate will a payment of			8
a. $1036 grow to 14,673.88 over a period of 9 years?		11	a.
b. $398 grow to 6,401.97 over a period of 9 years?		14	b.
c. $214 grow to 8,668.01 over a period of 14 years?		15	c.
d. $641 grow to 20,366.16 over a period of 15 years?		10	d.
ASM01.02	1	ASM01.02 # 1		Yours
9. Car Loans (Hint: P/Y=12) How much is a car loan with a payment of		Answer	9
a. $429 per month for 4 years at 4 interest per year?		$18,999.91	a.
b. $423 per month for 2 years at 13 interest per year?		$8,897.43	b.
c. $266 per month for 3 years at 12 interest per year?		$8,008.60	c.
d. $572 per month for 2 years at 9 interest per year?		$12,520.59	d.
10. Car Loans. (Hint: P/Y=12) How many months will you pay on a car loan of			10
a. $28919 with a payment of 559.09 per month at 6 interest per year?		60	a.
b. $19192 with a payment of 450.72 per month at 6 interest per year?		48	b.
c. $47744 with a payment of 1,496.12 per month at 8 interest per year?		36	c.
d. $22085 with a payment of 968.90 per month at 5 interest per year?		24	d.
11. Car Loans. (Hint: P/Y=12) What is the interest rate on a loan of			11
a. $8000 with a payment of 206.76 per month for' 4 years?		11	a.
b. $16000 with a payment of 405.80 per month for' 4 years?		10	b.
c. $24000 with a payment of 546.07 per month for' 5 years?		13	c.
d. $32000 with a payment of 633.64 per month for' 5 years?		7	d.
12. What is the house value (critical thinking required) on a 20 percent down mortgage with payments of			12
a. $8,159.26 per month for 30 years at 12 percent interest?		991537	a.
b. $989.51 per month for 15 years at 8 percent interest?		129428	b.
c. $4,447.84 per month for 30 years at 10 percent interest?		633544	c.
d. $5,218.52 per month for 15 years at 7 percent interest?		725739	d.
13. Mortgages. (Hint: P/Y=12) What is the interest rate on a mortgage of			13
a. $248596 with a payment of 3,143.36 for 30 years?		15.00	a.
b. $134509 with a payment of 1,285.44 for 15 years?		8.00	b.
c. $235575 with a payment of 2,243.44 for 30 years?		11.00	c.
d. $166681 with a payment of 1,690.59 for 15 years?		9.00	d.
14. Mortgage. (Hint: P/Y=12) What is the payoff on a 30 year, 6% original mortgage of			14
a. $123835 with a payment of 742.45 with 7 years remaining?		$50,823.19	a.
b. $209807 with a payment of 1,257.90 with 11 years remaining?		$121,336.43	b.
c. $150300 with a payment of 901.12 with 4 years remaining?		$38,370.16	c.
d. $111467 with a payment of 668.30 with 15 years remaining?		$79,196.02	d.