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"For Guru2009 only 1. Using the...

"For Guru2009 only

1. Using the formula for simple interest and the given values, find I.

P=$200; r=6%; t=4 years; I=?

I=$__

2. Using the formula for simple interest, I=Prt, to find the indicated quantity.

I=$36; r=6%; t=3 months; P=?

P=$___

3. Determine the present value P you must invest to have value A at simple interest rate r after t.

A=$2000.00, r = 14.5%, t=26 weeks

$___ (Round to the nearest cent)

4. A radio commercial for a loan company states: “You only pay 29 cents a day for each $500 borrowed. “ If you borrow $1,922 for 235 days, what amount will you repay, and what annual interest rate is the company actually charging? (assume a 360-day year)

a. Amount you repay=$___ (Round to two decimal places)

b. Annual interest rate=___% (Round to four decimal places)

5. Use the compound interest formula to find the future value A for the following values.

P=$500

I=0.045

N=25

A=$___ (Round to the nearest cent)

6. Given the annual interest rate and the compounding period, find i, the interest rate per compounding period.

8% compounding monthly

i=___% per month (Type an integer or decimal rounded to the nearest thousandth as needed)

7. Given the rate per compounding period, find r, the annual rate.

4.325% per quarter

R=___% (Round to three decimal places as needed)

8. A newborn child receives a $5000 gift toward a college education from her grandparents. How much will the $5000 be worth in 18 years if it is invested at 6% compounded quarterly?

It will be worth$___ (Round to the nearest cent)

9. Find I (the rate per period) and n (the number of periods) for the following annuity.

Quarterly deposits of $1,100 are made for 5 years into an annuity that pays 6% compounded quarterly.

I=___ (Type an integer or decimal rounded to four decimals places as needed)

N=___

10. Recently, More Money 4U offered an annuity that pays 5.1% compounded monthly. If $922 is deposited into this annuity every month, how much is in the account after 4 years? How much of this is interest?

Type the amount in the account: __ (Round to the nearest dollar)

Type the amount of interest earned: $___ (Round to the nearest dollar)

11. A company estimates that it will need $157,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.4% compounded monthly, how much should each payment be?

The amount of each payment should be $___ (Round to the nearest cent)

12. Solve the following problem

PV=$23,897; n=92; i=0.035; PMT=?;

PMT=$___ (Round to two decimal places)

13. American General offers a 14 year-year annuity with a guaranteed rate of 4.81% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $900 annually over the 14 year period?

How much should a customer pay for this annuity?

$___ (Round to the nearest cent)

14. You want to purchase an automobile for $27,046. The dealer offers you 0% financing for 60 months or a $4974 rebate. You can obtain 6.3% financing for 60 months at the local bank. Which option should you choose?

___ Rebate

___ 0% financing

How much money will you save per month?

$___ (Round to two decimal places)

15. Construct the amortization schedule for a $14,000 debt that is to be amortized in 10 equal payments at 6% interest per half-year on the unpaid balance.

Fill out the amortization schedule below. Round all values to the nearest cent

Payment Number Payment Interest Unpaid Balance Reduction Unpaid Balance

0 $___

1 $___ $___ $___ $___

2 $___ $___ $___ $___

1. Using the formula for simple interest and the given values, find I.

P=$200; r=6%; t=4 years; I=?

I=$__

2. Using the formula for simple interest, I=Prt, to find the indicated quantity.

I=$36; r=6%; t=3 months; P=?

P=$___

3. Determine the present value P you must invest to have value A at simple interest rate r after t.

A=$2000.00, r = 14.5%, t=26 weeks

$___ (Round to the nearest cent)

4. A radio commercial for a loan company states: “You only pay 29 cents a day for each $500 borrowed. “ If you borrow $1,922 for 235 days, what amount will you repay, and what annual interest rate is the company actually charging? (assume a 360-day year)

a. Amount you repay=$___ (Round to two decimal places)

b. Annual interest rate=___% (Round to four decimal places)

5. Use the compound interest formula to find the future value A for the following values.

P=$500

I=0.045

N=25

A=$___ (Round to the nearest cent)

6. Given the annual interest rate and the compounding period, find i, the interest rate per compounding period.

8% compounding monthly

i=___% per month (Type an integer or decimal rounded to the nearest thousandth as needed)

7. Given the rate per compounding period, find r, the annual rate.

4.325% per quarter

R=___% (Round to three decimal places as needed)

8. A newborn child receives a $5000 gift toward a college education from her grandparents. How much will the $5000 be worth in 18 years if it is invested at 6% compounded quarterly?

It will be worth$___ (Round to the nearest cent)

9. Find I (the rate per period) and n (the number of periods) for the following annuity.

Quarterly deposits of $1,100 are made for 5 years into an annuity that pays 6% compounded quarterly.

I=___ (Type an integer or decimal rounded to four decimals places as needed)

N=___

10. Recently, More Money 4U offered an annuity that pays 5.1% compounded monthly. If $922 is deposited into this annuity every month, how much is in the account after 4 years? How much of this is interest?

Type the amount in the account: __ (Round to the nearest dollar)

Type the amount of interest earned: $___ (Round to the nearest dollar)

11. A company estimates that it will need $157,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.4% compounded monthly, how much should each payment be?

The amount of each payment should be $___ (Round to the nearest cent)

12. Solve the following problem

PV=$23,897; n=92; i=0.035; PMT=?;

PMT=$___ (Round to two decimal places)

13. American General offers a 14 year-year annuity with a guaranteed rate of 4.81% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $900 annually over the 14 year period?

How much should a customer pay for this annuity?

$___ (Round to the nearest cent)

14. You want to purchase an automobile for $27,046. The dealer offers you 0% financing for 60 months or a $4974 rebate. You can obtain 6.3% financing for 60 months at the local bank. Which option should you choose?

___ Rebate

___ 0% financing

How much money will you save per month?

$___ (Round to two decimal places)

15. Construct the amortization schedule for a $14,000 debt that is to be amortized in 10 equal payments at 6% interest per half-year on the unpaid balance.

Fill out the amortization schedule below. Round all values to the nearest cent

Payment Number Payment Interest Unpaid Balance Reduction Unpaid Balance

0 $___

1 $___ $___ $___ $___

2 $___ $___ $___ $___

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