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MA373 S12 Homework Chapter 5

MA373 S12 Homework Chapter 5 - Math 373 Spring 2012...

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February 24, 2012 Math 373 Spring 2012 Homework Chapter 5 Chapter 5 Section 2 1. (S12HW) Kwaku borrows 100,000 to be repaid with five annual payments. The annual effective interest rate on the loan is 6%. Complete an amortization table for this loan. 2. (S12HW) Syaza has a loan of 15,000 which is being repaid with ten level annual payments of 2000. a. Calculate the amount that Syaza will pay in principal over the life of the loan. b. Calculate the amount of interest that Syaza will pay. 3. (S08T2) Josh has repaid a loan with 4 annual payments of 950 each. The total interest repaid in those four payments was 800. Calculate the annual effective interest rate on the loan. 4. (S12HW) Cale borrowed money to buy a new car. Payments are made monthly. The loan has an nominal rate of interest of 12% compounded monthly. Immediately after the 15 th payment, Cale has an outstanding loan balance of 8500. Calculate the amount of interest in the his 16 th payment. 5. (S12HW) Daniel took a loan to buy a new couch for his apartment. He is making monthly payments and the loan has a nominal interest rate of 9% compounded monthly. Immediately after the 8 th payment, Daniel still owes 800 on his loan. The principal in his 9 th payment is 90.
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