MA373 S10 Quiz 4 Solutions

MA373 S10 Quiz 4 Solutions - QUIZ 4 Math 373 Spring 2010 1...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: QUIZ 4 Math 373 Spring 2010 1. Richard has a car loan that is being repaid with level monthly payments of 500. The interest rate on the loan is 18% compounded monthly. The principal in the 5th payment is 184.39. Calculate the interest in the 35th payment. .(l‘) J? ?I‘Wfl’l€u7§s Me. mmorrlw 50936106633 9—3“ er “‘H'wo-fl’; ’Prmctpafi'b AWE‘V‘FO «was so - 3 c -- a u 3 iguefl'wf) = 198}; . ii '733! 5 —PJ.' (L0,!) j K .a O . P35 .1 $290 —28%\§l= 3 a .5 2. You are given the following table: — Year 2000 2001 i 2004 m 2001 _— _-_ —_—_ ———__— i Nancy invests 4000 on January 1, 1999 in a fund which credits interest using the investment year method. Calculate the amount that Nancy will on December 31, 2005. 400 L)().07)(l.0(.‘7b5<l.M6150.06 9X). ocgyyr ugly/.0577) 5 (pr/27.8/ 3. Lexi is receiving an annuity with payments at the end of each quarter for 20 years. Payments‘in the during the first year are 40 per quarter. Payments during the second year are 50 per quarter. v Payments continue to be level during each year but increase year to year until 230 is paid each quarter in the 20th year. The interest rate on the annuity is 6% compounded monthly. Calculate the present value of this annuity. 1,0 30 2:50 9.3 0 I Houoqo we slogogogb ' 9’ 9 a l 9’ ‘a' V W) D’Hlo 717230 annui‘l‘v‘fif 3030 go 20 3,0 30 30 go r V m 30 3o 30 30 SB WW '01) 010 ‘_, + i '7; 12, , ' 7; .lelp773 .piT)‘ Ll “'9 V2" ‘(L\) \2‘4 \ W : mes-i = 015/075/b'5/ O ‘ I {\- )_ (Ni 1") l—< 'IDW‘MWE'S’») (l.ocaic778'2)“1b m, + /0 3 O lco’gojf’ls ‘3': WM ‘ 19/507512? ED 15075 '25 - \ggg gs“+ §%L03.=«5§‘ 99.33 ‘, mam-a em. V mm m V .H . A 12 year continuous annuity pays ata rate of St at time t. c/amuo‘s”) {I‘DL/Q'IQDM’JLIL m a affix—)3 .3 5(3):, on); E: vs IJ-IVW / A}? :- 5“ W” / 5’ Calculate the accumulated value using an annual effective interest rate of 5%. ...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern