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Home Flashcards Anmolpreet Singh2's Study Deck
  Flashcards by Anmolpreet Singh2

Question 1 

You start to save for a major purchase. You can invest $500 every three months for 10 years. You are able to earn 8% compounded semi-annually. What is the amount of interest that you earn during the entire term?
A) $10 072.94
B) $20 072.94
C) $30 072.94
D) $15 072.94
E) $25 072.94
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Question 2 

You start to save for a major purchase. You can invest $329 every three months starting today for 5 years and 9 months. You are able to earn 5.87% compounded semi-annually. What is the amount of interest that you earn during the entire term?
A) $2092.49
B) $2029.49
C) $2292.49
D) $2229.49
E) $1475.72
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Question 3 

How much interest is paid in total on a 1-year loan for $5000? The interest rate is 12 % compounded monthly and the payments are monthly.
A) $330.00
B) $333.88
C) $333.00
D) $300.88
E) $330.88
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Question 4 

Calculate the accumulated value after ten years of payments of $1000.00 made at the end of each year if interest is 6% compounded monthly.
A) $10 228.03
B) $13 285.11
C) $10 228.56
D) $10 600.00
E) $13 228.03
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Question 5 

Seth had accumulated Canada Student Loans totalling $5200 by the time he graduated from Mount Royal University in May. He arranged with the Bank of Nova Scotia to select the floating-rate option (at prime plus 2½%) and to begin monthly payments of $110 on December 31. The prime rate was initially at 3.25%. It dropped by 0.25% effective January 31. Seth made an additional principal payment of $300 on February 14.

a) Calculate the balance owed at the end of the grace period.
b) Calculate the balance owed after the February 28 payment.
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Question 6 

Calculate the accumulated value of quarterly payments of $100.00 made at the end of each quarter for ten years just after the last payment has been made if interest is 8% p.a. compounded quarterly.
A) $4003.91
B) $6040.20
C) $2040.00
D) $4415.88
E) $2015.88
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