Anonymous
timer Asked: Apr 16th, 2020

Question Description

i need this exam in 1 hours, have to submit. please who ever it take has to finish this.

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BUQU 1130 – Business Mathematics Test 2 Instructions: • • Ensure student name and number appear on the top of this question sheet. For each question, you must write down the inputs. You can copy/paste the following set of inputs: Mode: P/Y = C/Y = N= I/Y = PV = PMT = FV = NOM = C/Y = EFF = Make sure you mention what you are computing. • • • • All your answers must be shown in the space provided along the right side. Show your work in the space below the question. All answers must: o Show appropriate units o Keep everything in nine decimals, with only final answers rounded. o Show the appropriate number of decimal places (percentages should be shown with two decimal places as in 12.25%, money as dollars and cents as in $6.94) Keep your rough works. I may ask random students to send their work/timelines to me. KPU Code of honesty applies to this exam. I trust you to adhere to it, even in the strange circumstances we are finding ourselves in. 1. You borrowed $10000.00 two years ago at 10.56% p.a. compounded monthly and scheduled to pay $2000.00 three years from now and $5500.00 six years from now. How much will you owe ten years from now? 1 ___________________ 2. Answer the following independent/unrelated questions: a) To save $16,500.00 in six years by making payment of $500.00 at the end of every quarter for six years, what nominal rate of interest (compounded monthly) would you require? Mode: P/Y = C/Y = N= I/Y = PV = PMT = FV = NOM = C/Y = EFF = 2b _____________ 3. For the last ten years Joe has made deposits of $285.00 at the end of every six months earning interest at 5.7% compounded annually. He leaves the accumulated balance for another ten years at 7% compounded quarterly. a) What will the balance be in Joe's account at the end of the second ten-year period? 3a ______________ b) How much did Joe contribute? 3b _____________ c) How much will be interest? 3c ____________ 4. A sum of money is deposited at the end of every month for 15 years at 6.5% compounded quarterly. After the last deposit, interest for the account is to be 4% compounded monthly and the account is to be paid out by end-of-quarter payments of $4800 over six years. a) How much should there be in the account right before the withdrawals of $4800 begin? 4a______________ b) Based on your answer in (a), what is the size of monthly deposit? 4b______________ 5. Mohammad wants to buy a new car. He wants to save $6000 for down payment and finance the rest of the price. a) If he can put aside $300 per month for the down payment in an account paying 6.2% compounded annually, how long will it take him to save $6000? Give your answer in years and months. 5a_________________ b) After saving $6000, Mohammad goes to a dealer to buy the car he wants. He ends up signing a contract the requires him paying $320 per month for the next four years at 3.99% compounded monthly. What is the cash price of the car he bought? 5b_________________ 6. Consider a six-year $8500 promissory note with 6.4% interest rate, compounded monthly.: a) What is the maturity value of the note? 6a _____________ b) What are the proceeds the note, seven months before maturity if the market rate is 6% compounded annually? 6b _____________ GOOD LUCK ...
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