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Contemporary Business Mathematics with Canadian Applications 10th edition S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs - Solutions
Krista borrowed $14 000. The loan is to be repaid by three equal payments due in 120, 240, and 260 days from now. Determine the size of the equal payments at 7% with a focal date of today.
Jerry borrowed $4000. The loan is to be repaid by three equal payments due in 4, 8, and 12 months from now. Determine the size of the equal payments at 8.5% with a focal date of today.
On March 1, Bear Mountain Tours borrowed $1500. Three equal payments are required, on April 30, June 20, and August 10, as well as a final payment of $400 on September 30 of the same year. If the focal date is September 30, what is the amount of the equal payments at 6.75%?
Debt payments are due of $700 in two months and $800 in five months. If interest at 8.3% is allowed, what single payment today is required to settle the two scheduled payments?
A loan payment of $1000 was due 60 days ago, and another payment of $1200 is due 30 days from now. What single payment 90 days from now will pay off the two obligations if interest is to be 8% and the agreed focal date is 90 days from now?
A loan payment of $2200 was due 91 days ago, and another payment of $1800 is due 45 days from now. What single payment 75 days from now will pay off the two obligations if interest is to be 9% and the agreed focal date is 75 days from now?
Jay was due to make loan payments of $500 four months ago, $800 today, and $400 in three months. He has agreed instead to make a single payment one month from today. If money is worth 10.5% and the agreed focal date is one month from today, what is the size of the replacement payment?
Jane was due to make loan payments of $1200 six months ago, $1500 one month ago, and $700 in two months. Instead, she is to make a single payment today. If money is worth 9.8% and the agreed focal date is today, what is the size of the replacement payment?
Loan payments of $400 due 95 days ago and $700 due today are to be repaid by a payment of $600 thirty days from today and the balance in 125 days. If money is worth 6% and the agreed focal date is 125 days from today, what is the size of the final payment?
Loan payments of $4000 due 200 days ago and $6000 due 63 days ago are to be replaced by a payment of $5000 today and the balance 92 days from today. If money is worth 8.3% and the agreed focal date is 92 days from today, what is the size of the final payment?
Dan borrowed $1100 today and is to repay the loan in two equal payments, one in four months and one in six months. If interest is 8.5% on the loan, what is the size of the equal payments if a focal date of today is used?
SportZ Ltd. purchases materials and services from various vendors. Money has been borrowed from the Bank of Alberta. Payments to the vendors and the bank are being planned. a. SportZ has invoices for materials purchased from Platinum Steel Inc. The invoices are for $4242 due 60 days ago, $12 567
In how many months will $2500 earn $51.04 interest at 3.5%?
In how many days will $3100 grow to $3195.72 at 5.75%?
Compute the accumulated value of $4200 at 4.5% after 11 months.
What is the amount to which $1550 will grow from June 10, 2016, to December 15, 2016, at 6.5%?
What amount of money will accumulate to $1516.80 in eight months at 8%?
What principal will amount to $3367.28 if invested at 9% from November 1, 2015, to May 31, 2016?
What is the present value of $3780 due in nine months if interest is 5%?
Compute the present value on June 1, 2014, of $1785 due on October 15, 2014, if interest is 7.5%.
Payments of $1750 and $1600 are due four months from now and nine months from now respectively. What single payment is required to pay off the two scheduled payments today if interest is 9% and the focal date is today?
A loan payment of $1450 was due 45 days ago and a payment of $1200 is due in 60 days. What single payment made 30 days from now is required to settle the two payments if interest is 7% and the focal date is 30 days from now?
What principal will earn $34.44 interest at 8.25% from May 30, 2014, to January 4, 2015?
Scheduled payments of $800 due two months ago and $1200 due in one month are to be repaid by a payment of $1000 today and the balance in three months. What is the amount of the final payment if interest is 7.75% and the focal date is one month from now?
An obligation of $10 000 is to be repaid by equal payments due in 90 days and 180 days. What is the amount of the equal payments if money is worth 6.5% and the focal date is today?
Payments of $4000 each due in four, nine, and eleven months from now are to be settled by two equal payments due today and twelve months from now. What is the amount of the equal payments if interest is 7.35% and the agreed focal date is today?
Three debts, the first for $1000 due two months ago, the second for $1200 due in two months, and the third for $1400 due in four months, are to be paid by a single payment today. How much is the single payment if money is worth 8.25% p.a. and the focal date is today?
Loan payments of $700 due three months ago and of $1000 due today are to be paid by a payment of $800 in two months and a final payment in five months. If 9% interest is allowed, and the focal date is five months from now, what is the amount of the final payment?
A loan of $5000 due in one year is to be repaid by three equal payments due today, six months from now, and one year from now. What is the amount of the equal payments if interest is 6.5% and the focal date is today?
A loan of $5000 is to be repaid in three equal installments due 60, 120, and 180 days after the date of the loan. If the focal date is the date of the loan and interest is 6.9% p.a., compute the amount of the installments.
What was the rate of interest if the interest on a loan of $675 for 284 days was $39.39?
If $680 is worth $698.70 after three months, what interest rate was charged?
How many days will it take for $2075 to earn $124.29 interest at 8.25% p.a.?
What principal will earn $24.87 at 4.75% in 156 days?
What sum of money will earn $148.57 from September 1, 2014, to April 30, 2015, at 7.5%?
At what rate of interest must a principal of $1545 be invested to earn interest of $58.93 in 150 days?
At what rate of interest will $1500 grow to $1562.04 from June 1, 2015, to December 1, 2015?
What principal will earn $55.99 interest at 9.75% p.a. from February 4, 2015, to July 6, 2015?
Compute the amount of interest on $835 at 7.5% p.a. from October 8, 2015, to August 4, 2016.
Loan payments of $1725 due today, $510 due in 75 days, and $655 due in 323 days are to be combined into a single payment to be made 115 days from now. What is that single payment if money is worth 8.5% p.a. and the focal date is 115 days from now?
Scheduled payments of $1010 due five months ago and $1280 due today are to be repaid by a payment of $615 in four months and the balance in seven months. If money is worth 7.75% p.a. and the focal date is in seven months, what is the amount of the final payment?
A loan of $3320 is to be repaid by three equal payments due in 92 days, 235 days, and 326 days. Determine the amount of the equal payments at 8.75% p.a. with a focal date of today.
In how many months will $8500 grow to $8818.75 at 5% p.a.?
What rate of interest is paid if the interest on a loan of $2500 is $96.06 from November 14, 2015, to May 20, 2016?
Nora borrows $37 500 on September 28, 2015, at 7% p.a. simple interest, to be repaid on October 31, 2016. She has the option of making payments toward the loan before the due date. Nora pays $6350 on February 17, 2016, $8250 on July 2, 2016, and $7500 on October 1, 2016. Compute the payment
A supplier will give Shark Unibase Company a discount of 2% if an invoice is paid 60 days before its due date. Suppose Shark wants to take advantage of this discount but needs to borrow the money. It plans to pay back the loan in 60 days. What is the highest annual simple interest rate at which
Compute the maturity value for a four-month, 5.25% promissory note for $620 issued May 25, 2017.
On November 1, 2015, Sonya purchases a leather chair advertised at $1980, including an offer to defer payment for eight months. If she does not agree to the eight- month deferment, and money is worth 19.8% (as on her credit card), how much would she have to pay in cash on the date of purchase?
Compute the maturity value for a $350 promissory note issued on October 30, 2015, at 4.5% for 90 days.
A 150-day note with interest at 5% is dated June 28, 2016, and has a maturity value of $836.85. Find the face value of the note.
A seven-month note dated November 1, 2015, earning interest at 7.5%, has a maturity value of $6000. Find the face value of the note.
A 95-day, 5.81% note for $3600 is issued October 28, 2015. If money is worth 6.27%, find the present value on November 30, 2015.
A six-month note for $19 300, with interest at 8%, is issued on April 1, 2018. Find the present value on June 20, 2018, if money is worth 7.2%.
Find the present value of a four-month non-interest-bearing note for $2500 issued June 10, 2017, if money is worth 6.15%, on July 20, 2017.
Find the present value of a 180-day non-interest-bearing note for $7200 issued February 20, 2016, if money is worth 5.64%, on June 1, 2016.
Luigi purchases a new tablet computer during a sale that advertised, “No payment until 2017.” The payment contract that he signs states that he has agreed to pay $549 on February 10, 2017. If money is worth 9.8%, what is the equivalent cash price if the purchase date is five months before?
Mike Kornas signed a 12-month, 11% p.a. simple interest promissory note for $12 000 with MacDonald’s Furniture. After 100 days, MacDonald’s Furniture sold the note to the Royal Bank at a rate of 13% p.a. Royal Bank resold the note to Friendly Finance Company 25 days later at a rate of 9% p.a.
A father wanted to show his son what it might be like to borrow money from a financial institution. When his son asked if he could borrow $120, the father lent him the money and set up the following arrangements. He charged his son $6 for the loan of $120. The son therefore received $114 and agreed
Shannon and Duncan Fisher were concerned about their level of debt. They had borrowed from their bank to purchase their house, car, and computer. For these three loans, the Fishers must make regular monthly payments. The couple also owes $6000 to MasterCard and $2500 to Visa. Shannon and Duncan
What is the price of a one-year, $50 000 Province of British Columbia treasury bill that yields 1.36% per annum?
What is the price of a 91-day, $100 000 Government of Canada Treasury bill that yields 0.53% per annum?
An investment dealer acquired a $5000, 91-day Province of Alberta Treasury bill on its date of issue at a price of $4966.20. What was the annual rate of return?
An investment dealer acquired a $10 000, 183-day Province of Quebec Treasury bill on its date of issue at a price of $9822.00. What was the annual rate of return?
An investor purchased a 91-day, $100 000 T-bill on its issue date for $99 326.85. After holding it for 42 days, she sold the T-bill for a yield of 2.52%. (a) What was the original yield of the T-bill? (b) For what price was the T-bill sold? (c) What rate of return (per annum) did the investor
On April 1, $25 000, 364-day treasury bills were auctioned off to yield 2.92%. (a) What is the price of each $25 000 T-bill on April 1? (b) What is the yield rate on August 15 if the market price is $24 377.64? (c) Calculate the market value of each $25 000 T-bill on October 1 if the rate of return
On March 10, Fat Tires Ltd. borrowed $10 000 with an interest rate of 5.5%. The loan was repaid in full on November 15, with payments of $2500 on June 30 and $4000 on September 4. What was the final payment?
Automotive Excellence Inc. borrowed $20 000 on August 12 with an interest rate of 6.75% per annum. On November 1, $7500 was repaid, and on December 15, $9000 was repaid. Automotive Excellence paid the balance of the loan on February 20. What was the final payment?
A loan of $6000 made at 11% per annum on March 10 is repaid in full on November 15. Payments were made of $2000 on June 30 and $2500 on September 5. What was the final payment?
D. Slipp borrowed $15 000 on August 12. She paid $6000 on November 1, $5000 on December 15, and the balance on February 20. The rate of interest on the loan was 10.5%. How much did she pay on February 20?
Erindale Automotive borrowed $8000 from the Bank of Montreal on a demand note on May 10. Interest on the loan, calculated on the daily balance, is charged to Erindale’s current account on the 10th of each month. Erindale made a payment of $2000 on July 20, a payment of $3000 on October 1, and
The Tomac Swim Club arranged short-term financing of $12 500 on July 20 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $6000 on September 15, $3000 on November 10, and the balance on December 30. Interest, calculated on the daily balance
The Continental Bank made a loan of $20 000 on March 25 to Dr. Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 7% on March 25. The rate of interest was raised to 8.5% effective July 1 and to 9.5% effective September
Dirk Ward borrowed $12 000 for investment purposes on May 10 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $300 on June 25, $150 on September 20, and $200 on November 5. How much is the accrued interest on December 31 if the
Suppose you have a line of credit and receive the following statement for the month of March.Indicates a negative balance The limit on the line of credit is $1000. Daily interest of 1.25% p.a. is received on positive balances and daily interest of 8% p.a. is paid on negative (line of credit)
Exotic Furnishings Ltd. has a line of credit secured by the equity in the business. The limit on the line of credit is $45 000. Transactions for the period April 1 to September 30 are shown below. Exotic owed $25 960.06 on its line of credit on April 1.Indicates a negative balanceThe line of
Madeline’s credit card charges 21.99% per annum on cash advances and 7.99% per annum on purchases. She had the following transactions during the month of August. August 4 Purchased shoes for a total of $112. August 9 Withdrew $200 as a cash advance from her credit card. August 31 Received the
On Joey’s credit card, interest is charged at a rate of 19.99% per annum. December 1 Joey withdrew $300 as a cash advance from his credit card. December 31 Received the credit card statement, showing a minimum balance owing of $10, due by January 12. January 12 Joey pays the minimum balance of
Carla borrowed $1200 from the Royal Bank at 8.5% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $180 per month.Use the design shown in Figure to construct a complete repayment schedule including the totaling of the Amount Paid, Interest Paid,
Blended payments on a $3400 loan were $800 per month. Interest was charged at 7.75% per annum calculated on the monthly unpaid balance.Use the design shown in Figure to construct a complete repayment schedule including the totaling of the Amount Paid, Interest Paid, and Principal Repaid columns for
On March 15, Julio borrowed $900 from Sheridan Credit Union at 7.5% per annum calculated on the daily balance. He gave the Credit Union six cheques for $135 dated the 15th of each of the next six months starting April 15 and a cheque dated October 15 for the remaining balance to cover payment of
On February 8, Manuel borrowed $700 from his uncle at 6% per annum calculated on the daily balance. He gave his uncle seven cheques for $100 dated the 8th of each of the next seven months starting March 8 and a cheque dated September 8 for the remaining balance to cover payment of interest and
a. A 5% promissory note for $10 000 was issued 183 days ago. How much cash is needed today to pay the note?b. SportZ has secured a line of credit with the Bank of Alberta. The following transactions were made for the last month. The account receives daily interest of 1.5% p.a. on positive
Suppose you had a balance of $5000 on a credit card charging interest at a rate of 13.99% per annum. If you were able to borrow this amount on an unsecured line of credit charging 7% instead, how much interest would you save over six months?
You have just received a notification that you can apply for a new credit card that charges only 3.99% per annum. When you examine the offer, you realize that the low rate is only for the first two months, and then the rate increases to 19.99%. If you transferred the $5000 balance to the new card,
A four-month promissory note for $1600 dated June 30 bears interest at 6.5%. (a) What is the due date of the note? (b) What is the amount of interest payable at the due date? (c) What is the maturity value of the note?
Compute the proceeds of a five-month, $7000 promissory note dated September 6, 2016, with interest at 5.5% if the note is paid on November 28, 2016, when money is worth 6.5%.
What is the price of a 183-day, $500 000 Province of Ontario Treasury bill that yields 1.05% per annum?
An investment dealer paid $24 756.25 to acquire a $25 000, 182-day Government of Canada Treasury bill at the weekly auction. What was the annual rate of return on this T-bill?
Government of Alberta 364-day T-bills with a face value of $1000000 were purchased on April 7 for $971 578. The T-bills were sold on May 16 for $983 500. (a) What was the market yield rate on April 7? (b) What was the yield rate on May 16? (c) What was the rate of return realized?
At auction on June 22, 2015, $100 000, 91-day treasury bills were sold for $99 600. An investor purchasing one of these T-bills held it for 40 days, and then sold it to yield 1.4%. (a) What was the original yield of the T-bill? (b) At what price did the investor sell? (c) What annual rate of return
On April 2, Kelly borrowed $15 000 on a demand note with an interest rate of 9% per annum. Payments were made of $2800 on May 14 and $2400 on June 19. How much was the final payment made on August 3?
Mel’s Photography borrowed $15 000 on March 10 on a demand note. The loan was repaid by payments of $4000 on June 20, $3000 on September 1, and the balance on November 15. Interest, calculated on the daily balance and charged to Mel’s Photography current account on the last day of each month,
Quick Print Press borrowed $20 000 from the Provincial Bank on May 25 at 7.5% and secured the loan by signing a promissory note subject to a variable rate of interest. Quick Print made partial payments of $5000 on July 10 and $8000 on September 15. The rate of interest was increased to 8% effective
Muriel has a line of credit with a limit of $10 000. She owed $8195 on July 1. Principal withdrawals for the period July 1 to November 30 were $3000 on August 20 and $600 on October 25. The line of credit agreement requires regular payments of $300 on the 15th day of each month. Muriel has made
Weiner has a credit card that charges 19.8% per annum. On May 5, he withdrew$200 cash advance. On May 15, he purchased a cell phone for a price of $189, paying by credit card. On May 31, he received the card’s statement, noting that the minimum balance is $15 and payment is due by June 10. If he
Determine the maturity value of a 45-day note for $1250 dated May 23 and bearing interest at 8%.
You borrowed $3000 at 9% per annum calculated on the unpaid monthly balance and agreed to repay the principal together with interest in monthly payments of $500 each. Construct a complete repayment schedule.
On December 2, 2015, Joan borrowed $2400, agreeing to repay the loan with blended payments of $292 per month, starting on January 2. Interest was charged at 7.8% per annum calculated on the monthly unpaid balance. Construct a complete repayment schedule.
Compute the face value of a 120-day note dated September 10 bearing interest at 6.75% whose maturity value is $1533.29.
The maturity value of a seven-month promissory note issued July 31, 2016, is $3275. What is the present value of the note on the date of issue if interest is 7.75%?
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