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(a) A 25,000 loan is being repaid with year-end payments of 2,000 for as long as necessary plus a smaller drop payment one month after the last full payment.

If the effective rate of interest is 5%; find the outstanding balance at the end of 5 years. Balance at end of 5 years: ___________

(b) An 8-year bond has a semiannual coupon rate of 7.0% and a yield rate of 6.5% convertible semiannually. The bond premium amortized in the 11th coupon is 2.06; find the face value of the bond.

Face value of bond: ___________

(c) An investment of 100 pays 95 at the end of one year and 23 at the end of two years. Find both possible internal rates of return (IRR). Explain why one is unreasonable and should be dismissed.

Explain why: ____________________________________________________________________________ _______________________________________________________________________________________

(d) A 10-year 1,000 face value bond with semiannual coupons sells for 950. If coupons can be reinvested for 6.00% compounded semiannually; find the coupon amount that results in 7.00% semiannual modified internal rate of return for the investment.

Coupon amount: ___________