Final_Exam_2009_Questions

Final_Exam_2009_Questions - MA170 Final Examination Fall...

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MA170 Final Examination Fall 2009 1. Mr. X borrowed $10000 at 8%. After 2 months, he made a partial payment of $1000; after [ 8 marks ] 5 months, another payment of $150; after 7 months, another payment of $1500. Use the Declining Balance Method to determine the amount that he must pay to settle the debt in 11 months. 2. A student borrows $800 at 12% simple interest, agreeing to repay the debt with payments of [ 5 marks ] $ X and $4 X in 3 months and 9 months, respectively. Determine X using the date of the loan as focal date. 3. (a) What nominal rate of interest, compounded daily, is a equivalent to 7.25% compounded [ 6 marks ] semi-annually? (Give your answer as a percentage, correct to 2 places of decimals.) (b) What nominal rate of interest, compounded monthly, is equivalent to 8.25% compounded continuously? (Give your answer as a percentage, correct to 2 places of decimals.) 4. A loan of $10000 with interest at j 4 = 8% will be repaid with four payments. The first [ 6 marks ] payment, at the end of 6 months, is $3000. The last three payments, of equal amounts, are
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This note was uploaded on 03/03/2012 for the course MATH 170 taught by Professor F.vinette during the Fall '11 term at Wilfred Laurier University .

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Final_Exam_2009_Questions - MA170 Final Examination Fall...

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