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BUSI 1003: Math for Business

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Assignment 3 Questions

Based on Unit 6

Total 100 marks

Each question carries 10 marks.

1. Betty just signed a contract for her business that will allow her to make interest-only payments for the next 12 months. If her interest rate is 12% compounded monthly and her outstanding principal is $5,000, how much will she pay in interest every month?

2. After a period of three months, Alese saw one interest deposit of $176.40 for a principal of $9,800. What nominal rate of interest is she earning?

3. What is the maturity value of your $7,800 investment after three years if the interest rate was 5% compounded semi annually for the first two years, 6% compounded quarterly for the last year, and 2½ years after the initial investment you made a deposit of $1,200? How much interest is earned?

4. A debt of $37,000 is owed 21 months from today. If prevailing interest rates are 6.55% compounded quarterly, what amount should the creditor be willing to accept today?

5. Darwin is a young entrepreneur trying to keep his business afloat. He has missed two payments to a creditor. The first was for $3,485 seven months ago and the second was for $5,320 last month. Darwin has had discussions with his creditor, who is willing to accept $4,000 one month from now and a second payment in full six months from now. If the agreed upon interest rate is 7.35% compounded monthly, what is the amount of the second payment?

6. In a civil lawsuit, a plaintiff was awarded damages of $15,000 plus $4,621.61 in interest for a period of 3¼ years. What quarterly compounded rate of interest was used in the settlement?

7. At what monthly compounded interest rate does it take five years for an investment to double?

8. Your company’s union just negotiated a salary increase of 0.5% every three months. What effective increase in your salary was negotiated?

9. GenX Holdings received an invoice from its supplier that indicates the penalty on overdue invoices will be charged at a rate of 3.4% per month. What effective rate of interest is being charged on overdue invoices?

10. How long will it take $5,750 to become $10,000 at 6.25% compounded weekly?

BUSI 1003 Math For Business 1

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BUSI 1003: Math for Business

Assignments

Assignment 4 Questions

Based on Unit 7 & 8

Question 1 will be of 20 marks all other questions are 10 marks each.

Total 100 marks

1. Your escalator rate GIC has annually compounded interest rates of 1.15%, 1.95%, 3.2%, 4.7%, and 6.6% in subsequent years. On a $15,140 investment, calculate the following:

a. The amount of interest earned in each year. 15 marks

b. The annually compounded equivalent fixed rate. 5 marks

2. If a noninterest-bearing four-year promissory note is discounted 1½ years before maturity at a discount rate of 6.6% compounded semi-annually to have proceeds of $14,333.63, what is the principal amount of the note?

3. A three-year interest-bearing promissory note for $8,900 at 3.8% compounded annually is sold one year and two months before its due date at a discount rate of 7.1% compounded monthly. What is the amount of the discount on the sale?

4. You are a financial adviser. Your client is thinking of investing $600 at the end of every six months for the next six years with the invested funds earning 6.4% compounded semi-annually. Your client wants to know how much money she will have after six years. What do you tell your client?

5. Sandy’s parents would like to have an annuity pay her $500 at the beginning of every month from September 1, 2012, to April 1, 2017, to help with her university tuition and living expenses. On May 1, 2017, they would like to give her a graduation gift of $5,000. If the annuity can earn 6.15% compounded monthly, how much money must be in the account on September 1, 2012?

6. Gold’s Gym wants to offer its clients a monthly payment option on its annual membership dues of $490. If the gym charges 7.75% compounded quarterly on its membership fee, what beginning-of-month payments should it advertise?

7. Amarjit wants to save up for a down payments on his first home. A typical starter home in his area sells for $250,000 and the bank requires a 10% down payment. If he starts making $300 month-end contributions to an investment earning 4.75% compounded monthly, how long will it take for Amarjit to have the necessary down payment?

8. The neighbourhood grocery store owned by Raoul needs $22,500 to upgrade its fixtures and coolers. If Raoul contributes $3,000 at the start of every quarter into a fund earning 5.4% compounded quarterly, how long will it take him to save up the needed funds for his store’s upgrades?

9. Following his financial adviser’s recommendations, Sanchez starts monthly contributions of $375 today to his RRSP. The plan is to have $240,000 in his RRSP after 20 years of monthly compounding. What nominal interest rate does the financial adviser think Sanchez’s RRSP will be able to realize?

BUSI 1003 Math For Business 1

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BUSI 1003: Math for Business

Assignments

Assignment 5 Questions

Based on unit 9 & 10

Questions from 1 to 6 are 10 marks each.

Question 7(25marks) & question 8(15 marks)

Total 100 Marks

1. Your objective is an annuity due paying $5,000 semi-annually for 5½ years at 4% compounded quarterly. How far in advance of this would you need to invest $20,000 at 6.82% compounded monthly? Assume 30 days in a month.

2. Jeff and Sarah want an ordinary annuity to pay their daughter $1,000 monthly for three years and nine months for the duration of her educational studies starting August 1, 2024. What lump-sum amount do they need to invest on August 1, 2014, if the deferred annuity can earn 6.6% compounded monthly during the accumulation stage and 4% compounded quarterly during the income payments stage?

3. Yarianny wants to withdraw $25,000 annually starting today for the next 20 years and will increase the withdrawals by 3.5% each year. If the annuity can earn 6% compounded semi-annually, how much money needs to be invested in the fund today?

4. Nikolay wants to make annual contributions to his RRSP for the next 25 years. He will increase each annual payment by 4.5%, and the RRSP can earn 9.3% compounded annually. If he wants to accumulate $250,000, what is the amount of his first payment today?

5. If $2,500,000 was invested at 4.8% compounded semi-annually, what payment at the end of every six months could be sustained in perpetuity?

6. Samson just won the grand prize of $50 million in the Lotto Max lottery. If he invests the money into a perpetuity fund earning 5.5% compounded annually, what monthly payment can he expect to receive starting today?

7. Quarterly payments are to be made against a $47,500 loan at 5.95% compounded annually with a six-year amortization. 25 marks (5 for each part)

a. What is the size of the quarterly payment?

b. Calculate the principal portion of the sixth payment.

c. Calculate the interest portion of the 17th payment.

d. Calculate how much the principal will be reduced in the fourth year.

e. Calculate the total interest paid in the first year.

8. A $28,250 loan at 9% compounded quarterly is repaid by monthly payments over five years.

a. What is the amount of the final payment?

b. Calculate the principal and interest portions of the payments in the final year. 15 marks (7.5 for each)

601

BUSI 1003 Math For Business 1

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