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MA373 F11 Test 1-2

MA373 F11 Test 1-2 - Math 373 Test 1 1 Yifei purchased a...

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Math 373 Test 1 September 29, 2011 1. Yifei purchased a new piano for 8000 using a 4 year loan with monthly payments. The interest rate on the loan was an annual effective interest rate of 6%. Determine Yifei’s monthly payment.
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2. Andrew used a loan of 100,000 to buy a McDonalds’ franchise. Andrew is repaying the loan with quarterly payments of 5000 with the last payment being a balloon payment. The interest rate on the loan is an annual effective rate of 12%. Calculate the amount of the balloon payment.
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3. Kalli invested 50,000 in an account four years ago. Three years ago, the account had a balance of 40,000 and Kalli invested another 60,000. Today, Kalli has 150,000 in the account. Determine the annual effective time weighted return earned by Kalli on this account.
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4. Rob borrowed 6000 to buy a motorcycle. The loan was to be repaid over one year with monthly payments. The loan has an interest rate of 9% compounded monthly. At the end of six months, but immediately before the payment of the sixth loan repayment, Rob paid off the outstanding loan balance. Determine the amount that Rob paid at the end of the sixth month.
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5. Kendrick Corporation invests X million today to build a factory. The factory is expected to
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