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FINC1231 Midterm 2 Review Questions 1. A small manufacturing operation can produce up to 250 unit per week of a product that it sells for $20 per unit. The variable cost per unit is $12, and the fixed cost per week is $1200. a. How many units must the business sell per week to break even? b. Determine the firm's weekly profit or loss if it sells: 1. 120 units per week ii. 250 units per week C. At what level of sales will the net income be $400 per week? 2. Bentley plastics Ltd. has annual fixed costs of $450,000 and variable costs of $15 per unit. The selling price per unit is $25. a. What annual unit sales are required to break even? b. What annual revenue is required to break even? c. What will be the annual net income at annual sales of: i. 50,000 units it. $1,000,000 d. What minimum annual unit sales are required to limit the annual loss to $20,000? 3. Karin borrowed $2000 at 10 *% on July 13. On what date would the amount owed first exceed $2100? Two payments of $1300 and $1800 were scheduled to be paid five months ago and three months from now, respectively. The $1300 payment has not yet been made. What single payment at a focal date one month from now would be equivalent to the two scheduled payments if money can earn 4 14%? 5. Jake purchased a $100,000 182-day T-bill discounted to yield 5.5%. When he sold it 30 days later, yields had dropped to 5.0%. How much did Jake earn? 6. Nelson borrowed $5000 for 4 16 years. For the first 2 % years, the interest rate on the loan was 8.4%% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the 4 1/2-year term? 7. A $4000 loan at 10%% compounded monthly is to be repaid by three equal payments due 5, 10, 15 months from the date of the loan. What is the size of the payment? 8. A $8000 four-year promissory note bearing interest at 13.5% compounded monthly was discounted 21 months after issue to yield 12%% compounded quarterly. What were the proceeds from the sale of the note? 9. The maturity value of a $5000 four-year compound interest GIC was $6147.82. What quarterly compounded rate of interest did it earn? 10. What discounted to yield 10.5%% compounded monthly, a $2600 three-year promissory note bearing interest at 12.25%% compounded annually was priced at $3283.57. How many months after the issue date did the discounting take place