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Question 1 

Paula is unable to make a $4500 payment due today. She proposes to settle the obligation by making two equal payments—one in four months and a second in nine months. What must each payment be to make the proposed payment stream equivalent to the scheduled payment if money can earn 3.2% compounded monthly?

▸ $2,452.80

▸ $2,852.80

▸ $2,492.80

▸ $1,452.80

▸ $3,452.80

Answer

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Question 2 

Calculate the equivalent value of the scheduled payments on the indicated date.
Scheduled PaymentsDate of Equivalent ValueMoney Can EarnCompounding Frequency
$750 due today
$1000 due in 2 years
$1250 due in 4 years
18 months from now9.5%Semiannually

Answer

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Question 3 

At the end of April, Brad had $7,500 in his daily interest savings account. On the 13th of May he deposited another $3,500. He made no other deposits or withdrawals in May. The interest rate throughout May was 3.7%. How much interest did Brad earn on this savings account in May?

▸ $16.83

▸ $30.31

▸ $21.99

▸ $39.52

▸ $46.17

Answer

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Question 4 

Your car can travel 100 km per 4.4 litres of fuel, and the manufacturer says you should be able to travel 100 km per 3.6 litres of fuel. What percent extra fuel are you burning per 100 kilometres?

▸ 24.6

▸ 30

▸ 1.2

▸ 22.2

▸ 20

Answer

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Question 5 

A manufacturing company is considering producing a new product. The variable cost of the new product is $60 per unit, and the total fixed costs are $75,000 for a month. The company could produce 1500 units per month, and sell the product for $125 each. What would be the net income at 90% capacity?

▸ $10,000

▸ $15,000

▸ $12,750

▸ $12,225

▸ $16,000

Answer

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Question 6 

Classy Lamps assembles and sells personalized lamps from high-end components. Its lamps are assembled from components costing $25 per system and sells for $120. Labour costs for assembly are $15 per lamp. This product line's share of overhead costs is $4,000 per month. a) How many lamps must be sold each month to break even on this product line? b) What will be the profit or loss for a month in which 85 lamps are sold?

Answer

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