Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, which variable does payment $2,800 represent? (Choose from FV, PV, n, ori) Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, what is the size of the equivalent single loan amount based on original loan payments? (Express in 8 decimals) Note: to receive the full mark, you will use 8 decimal places when performing calculations, leave 8 decimal places in your final answer, and there is no need to include symbols such as dollar sign ($) or comma in your final answer. Answer: Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, which variable does payment $3,200 represent? (Choose from FV, PV, n, ori) Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If you use the financial calculator TVM keys to solve for the focal date equivalent values, which TVM key in the financial calculator should be set equal to zero? Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: Your answer for $X at the focal date is $ . (Express in 2 decimals) Note: to receive the full mark, you will use 8 decimal places when performing calculations, round to 2 decimal places in your final answer, and there is no need to include other symbols such as $ and comma in your final answer. The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. What is the effective annual rate of interest? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with 8 decimal places, and there is no need to include any symbols such as % in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. If interest is compounded daily instead of quarterly, what nominal rate of interest compounded daily will maintain the same effective rate of interest you have found in the previous question? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with 8 decimal places, and there is no need to include any symbols such as % and comma in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. John made a deposit of $157 into a bank account at 6.9% compounded quarterly. How long (in years) will it take for $157 to accumulate to $221.03? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, round your final answer to two decimal places, and there is no need to include unit in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. Jerry made a deposit of $157 into a bank account earning interest for 26 quarters (or 6.5 years). The balance at the end of the 26 quarters (or 6.5 years) is $221.03. Determine the nominal interest rate compounded quarterly that was charged by the bank Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with four decimal places or .0001%, and there is no need to include unit in your final answer. Answer: Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, which variable does payment $2,800 represent? (Choose from FV, PV, n, ori) Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, what is the size of the equivalent single loan amount based on original loan payments? (Express in 8 decimals) Note: to receive the full mark, you will use 8 decimal places when performing calculations, leave 8 decimal places in your final answer, and there is no need to include symbols such as dollar sign ($) or comma in your final answer. Answer: Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If the focal date is today, which variable does payment $3,200 represent? (Choose from FV, PV, n, ori) Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: If you use the financial calculator TVM keys to solve for the focal date equivalent values, which TVM key in the financial calculator should be set equal to zero? Your friend was supposed to repay a loan with a loan payment of $1,400 due one year ago and another loan payment of $2,800 due in four years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment $X is due now and the second payment of $3,200 is due in five years. Suppose the interest is 4.5% p.a. compounded daily and the focal date is now, your friend asks for your help to determine the size of the first replacement payment, $X. Answer the following question: Your answer for $X at the focal date is $ . (Express in 2 decimals) Note: to receive the full mark, you will use 8 decimal places when performing calculations, round to 2 decimal places in your final answer, and there is no need to include other symbols such as $ and comma in your final answer. The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. What is the effective annual rate of interest? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with 8 decimal places, and there is no need to include any symbols such as % in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. If interest is compounded daily instead of quarterly, what nominal rate of interest compounded daily will maintain the same effective rate of interest you have found in the previous question? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with 8 decimal places, and there is no need to include any symbols such as % and comma in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. John made a deposit of $157 into a bank account at 6.9% compounded quarterly. How long (in years) will it take for $157 to accumulate to $221.03? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, round your final answer to two decimal places, and there is no need to include unit in your final answer. Answer: The Central Bank pays 6.9% p.a. compounded quarterly on certain types of deposits. Jerry made a deposit of $157 into a bank account earning interest for 26 quarters (or 6.5 years). The balance at the end of the 26 quarters (or 6.5 years) is $221.03. Determine the nominal interest rate compounded quarterly that was charged by the bank Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with four decimal places or .0001%, and there is no need to include unit in your final