Principal (P)	Rate (r)	Time (t)	Interest (I)
a.	$24,520	9 % p.a.	292 days	?
b.	?	5 % p.a.	26 months	$1,591.97
c.	$10,800	? % p.a.	1.25 years	$1,653.75
d.	$800	9 % p.a.	? _______months	$90.00

2) A 5-month promissory note with a face value of $60,000 was issued on March 15, 2020 at 9 % p.a., determine. (4 marks total)

a. the maturity date (1 mark)

b. the number of days it was issued for (1 mark)

c. the interest on the note (1 mark)

d. the maturity value of the note (1 mark)

3) An $80,000 demand loan was taken out on March 6 from the CIBC Bank at a cost of 9% p.a. The demand loan agreement provided for a final payment on December 28, and payments of $25,000 on April 10 and $30,000 on October 27. Using the declining balance method, how much must be paid on December 27? (6 marks)

a. how much is owing on April 10^th after the payment?

b. how much is owing on Oct 27^th after the payment?

c. how much is the last payment on Dec 27?

4) A 219-day promissory note issued at 12% p.a. matured on February 17, 2014 for $92,406.40. Determine the: (3 marks)

1. The original face value of the promissory note
2. The interest included in the maturity.
3. The original issue date of the promissory note

5) Panasonic Incorporated invested $270,000 into a GIC that pays 4 % p.a. on July 19, 2014 to September 18, and then invested the entire maturity value in another GIC from September 18 until December 24 at 3 %.

Determine: (6 marks)

a. the number of days between July 19 and Sept 18

b. the maturity value of the original GIC that matured on Sept 18.

c. the number of days between Sept 18 and December 24

d. the maturity value of the GIC that matured on December 24^th.

e. the total amount of interest earned on the original $270,000 over the entire timeframe or until December 24.

6) A government of Quebec Treasury Bill with a face value of $500,000 was issued 182 days before maturity at a discounted rate of 1.65% p.a. What was the price paid (or cost) of the Treasury Bill? (3 marks)

7) Geordi La Forge borrowed $25,000 from the Bank of Enterprise at 14% per annum and agreed to repay it back in 5 equal yearly payments. On top of the payments, he authorized the bank to collect interest yearly on the unpaid balance. Determine the total interest cost of the five-year loan. (6 marks)

8) You borrowed $20,000 from the Estonian Airline Credit Union at 3% p.a. calculated on the monthly-unpaid balance. You agreed to repay the loan in blended payments of $6,000 per month and one final payment in 4 months. The blended payments would include interest and principal repaid in the payment. Using the following table, complete a repayment schedule for the loan: (6 marks)

Payment Number	Balance before payment	Amount paid	Interest paid. (Monthly rate of interest) ________	Principal repaid	Balance after payment
0	?	?	?	?	$20,000
1	?	$6,000	?	?	?
2	?	$6,000	?	?	?
3	?	$6,000	?	?	?
4	?	?_________ ?	?	?	?

(9) Debt payments of $900 due 36 months ago from today, $600 due today and $400 due in 4 years from today, are to be replaced by one single equivalent value payment in 9 months from today. If the cost of money is 15% p.a. and the focal point is in 9 months from today, how large is that unknown payment? (6)

a) What is the value of the $900 at the focal point?

b) What is the value of the $600 at the focal point?

c) What is the value of the $400 at the focal point?

d) What is the size of the large payment at the focal point that replaces all three numbers?

10) A $30,000 loan is taken out today at 6% p.a. and will be repaid with 3 identical payments in 18 months from today, 3 years from today, and 4.5 years from today. If the focal point is today, how large should those identical payments be? (6 marks-equivalent values)