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Contemporary Business Mathematics with Canadian Applications 10th edition S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs - Solutions
Monthly deposits of $480 were made at the end of each month for eight years. If interest is 4.5% compounded semi-annually, what amount can be withdrawn immediately after the last deposit?
Joy would like to receive $6000 at the end of every 3 months for 10 years after her retirement. If she retires now and interest is 6.5% compounded semi-annually, how much must she deposit into an account?
Mira has opened a registered retirement income fund (RRIF) with a starting balance of $250 000. Beginning 6 months later, she plans to make semi-annual withdrawals from the RRIF for 20 years. The withdrawals will increase at a constant rate of 1.75%. If the RRIF earns 8% compounded semi-annually,
A loan was repaid in five years by end-of-quarter payments of $1200 at 9.5% com- pounded semi-annually. How much interest was paid?
A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly, how long did it take to pay back the loan?
A mortgage of $95 000 is to be amortized by monthly payments over 25 years. If the payments are made at the end of each month and interest is 8.5% com- pounded semi-annually, what is the size of the monthly payments?
Leo invested $ 67 250 into an annuity earning 4.4% compounded semi-annually. How much is he is able to withdraw from the annuity at the end of every three months for seven years?
A $45 000 mortgage is repaid in 20 years by making monthly payments of $387.72. What is the nominal annual rate of interest compounded semi-annually?
For how long would you have to deposit $491 at the end of every three months to accumulate $20 000 at 6.0% compounded monthly
What is the size of monthly deposits that will accumulate to $67 200 after eight years at 6.5% compounded semi-annually?
Sigrid contributed $200 every month for nine years into an RRSP earning 4.3% compounded annually. She then converted the RRSP into an annuity that pays her monthly for 20 years. If the first payment is due one month after the conversion, and interest on the annuity is 5.4% compounded semi-annually,
After winning some money at a casino, Tony is considering purchasing an annuity that promises to pay him $300 at the end of each month for 12 months, then $350 at the end of each month for 24 months, and then $375 at the end of each month for 36 months. If the first payment is due at the end of the
A loan of $5600 is to be repaid at 9% compounded annually by making 10 payments at the end of each quarter. Each of the last six payments is two times the amount of each of the first four payments. What is the size of each payment?
Find the accumulated value of an annuity due of $300 payable at the beginning of every month for seven years at 6% compounded monthly.
Elspeth McNab purchased a boat valued at $12 500 on the installment plan requiring equal monthly payments for four years. If the first payment is due on the date of purchase and interest is 7.5% compounded monthly, what is the size of the monthly payment?
Payments on a five-year lease valued at $37 750 are to be made at the beginning of every six months. If interest is 9% compounded semi-annually, what is the size of the semi-annual payments?
Mr. Clark makes a deposit at the beginning of every three months into a savings account that earns interest at 5.25% compounded quarterly. He saves for 25 years, and then converts his savings into an annuity that pays him $900 at the beginning of every 3 months for 20 years. What is the size of the
Joey’s family wants to save $5000 to finance a vacation trip to a popular amusement park. If they save $240 at the beginning of each month and the fund is invested to earn 5% compounded monthly, how long will it take them to save enough money to take the trip?
Ali deposits $450 at the beginning of every 3 months. He wants to build up his account so that he can withdraw $1000 every 3 months starting 3 months after the last deposit. If he wants to make the withdrawals for 15 years and interest is 10% compounded quarterly, for how long must Ali make the
If you save $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each month, starting 10 years from now, assuming that interest is 6% compounded monthly?
Quarterly payments of $1445 are to be made at the beginning of every three months on a lease valued at $25 000. What should the term of the lease be if money is worth 8% compounded quarterly?
What nominal annual rate of interest compounded quarterly was paid if contributions of $250 made into an RRSP at the beginning of every 3 months amounted to $14 559 after 10 years?
An insurance policy provides a $250 000 benefit 20 years from now. Alternatively, the policy pays $4220 at the beginning of each year for 20 years. What is the effective annual rate of interest paid?
A vacation property valued at $25 000 was bought for 15 payments of $2200 due at the beginning of every 6 months. What nominal annual rate of interest was charged?
Determine the accumulated value after 12 years of deposits of $360 made at the beginning of every 3 months and earning interest at 7% compounded quarterly.
A vehicle can be purchased by paying $27 000 now, or it can be leased by paying $725 per month for the next four years, with the first payment due on the day of signing the lease. What nominal annual rate of interest is charged on the lease?
To finance a vacation in four years, Elsie saves $530 at the beginning of every three months in an account paying interest at 3.92% compounded quarterly.(a) What will be the balance in her account when she takes the vacation?(b) How much of the balance will be interest?(c) If she waits an
To save for Harman’s post-secondary education starting in 18 years, his family deposits $1200 at the beginning of every year into an education fund earning interest at 4.15% compounded annually. (a) What will be the balance in the fund after 18 years? (b) How much of the balance will be
On an annual renewable lease, the quarterly lease payment on office space is $1600 payable in advance. What equivalent yearly payment made in advance would satisfy the lease if interest is 6.6% compounded quarterly?
A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $52.50 for two-and-a-half years. The first payment is due on the date of sale and interest is 21% compounded monthly. (a) What is the purchase price? (b) How much will be paid in
Diane Wallace bought a living-room suite on credit, signing an installment contract with a finance company that requires monthly payments of $62.25 for three years. The first payment is made on the date of signing and interest is 24% compounded monthly. (a) What was the cash price? (b) How much
Claude made semi-annual deposits of $3100 at the beginning of a six-month period into a fund earning 6.8% compounded semi-annually for nine years. No further deposits were made. (a) How much will be in the account 15 years after the first deposit? (b) How much in total was deposited? (c) How much
If Gary accumulated $5700 in his savings account over five years, how much did he deposit at the beginning of every month if interest is 4.32% compounded monthly?
Lux Resources purchased equipment in exchange for a promissory note for $450 000, with the agreement to pay $8000 at the end of each month, starting in eight months. Interest on the loan is 7% compounded annually.In partnership with the equipment manufacturer, Lux has agreed to establish a
Bomac Steel sets aside $5000 at the beginning of every six months in a fund to replace equipment. If interest is 6% compounded quarterly, how much will be in the fund after five years?
Sarah Ling has saved $85 000. If she decides to withdraw $3000 at the beginning of every three months and interest is 6.125% compounded annually, for how long can she make withdrawals?
For how long must contributions of $1600 be made at the beginning of each year to accumulate to $96 000 at 10% compounded quarterly?
Sadie has subscribed to Ingenue magazine through a contract worth $242. If she pays $25 at the beginning of every three months and interest is 21% compounded monthly, for how many months will she receive issues of the magazine?
What is the nominal annual rate of interest compounded annually on a lease valued at $21600 if payments of $680 are made at the beginning of each month for three years?
An insurance policy provides for a lump-sum benefit of $50 000 fifteen years from now. Alternatively, payments of $1700 may be received at the beginning of each of the next 15 years. What is the nominal annual rate of interest if interest is com- pounded quarterly?
The advantage of the RESP is that the government will contribute $1 for every $5 parents put in, up to a maximum government grant of $500 per year per child. Assume the Wong family contributes $2000 per year over a 16-year period to an RESP earning 4.85% interest compounded semi-annually. a.
Assume that $1000 was contributed at the beginning of the year into an RESP plan for 10 years. a. If the rate of interest was 4% per annum compounded annually for the first 5 years, and 5.2% compounded quarterly for the last 5 years, calculate the amount of the plan. b. If the beneficiary’s tax
Jamie Dean contributes $125 at the beginning of each month into an RRSP paying interest at 6.5% compounded semi-annually. What will be the accumulated balance in the RRSP at the end of 25 years?
What is the cash value of a lease requiring payments of $750 at the beginning of each month for three years if interest is 8% compounded quarterly?
Gerald and Marysia bought a property by agreeing to make semi-annual payments of $2500 for seven years. If the first payment is due on the date of purchase and interest is 9% compounded quarterly, what is the purchase price of the property?
A new owner purchased Alberni Fishing Lodge by contracting to make annual payments of $21 300 for eight years. If the first payment is due on the date of purchase and interest is 3.98% compounded quarterly, what is the purchase price of the property?
How much would you have to pay into an account at the beginning of every six months to accumulate $10 000 in eight years if interest is 7% compounded quarterly?
Teachers’ Credit Union entered a lease contract valued at $5400. The contract provides for payments at the beginning of each month for three years. If interest is 5.5% compounded quarterly, what is the size of the monthly payment?
To expand his transmission shop, Hans needs to save $14 000 for new equipment. How much would he have to pay into an account at the beginning of every three months over three years if interest is 7% compounded semi-annually?
For its new manufacturing plant, Windsor Windows entered a lease contract valued at $64 000. With the contract, the company must make payments at the beginning of each month for five years. If interest is 5.57% compounded quarterly, what is the size of the monthly payment?
An annuity with a cash value of $14 500 earns 7% compounded semi-annually. End-of-period, semi-annual payments are deferred for 7 years, and then continue for 10 years. How much is the amount of each payment?
Mrs. Bell expects to retire in 7 years and would like to receive $800 at the end of each month for 10 years following the date of her retirement. How much must Mrs. Bell deposit today in an account paying 7.5% compounded semi-annually to receive the monthly payments?
Calvin Jones bought his neighbour’s farm for $10 000 down and payments of $5000 at the end of every 3 months for 10 years. If the payments are deferred for 2 years and interest is 8% compounded quarterly, what was the purchase price of the farm?
Arianne borrowed $6200 to buy a vehicle to drive to school. She plans to study for three years, and then start her career using her education. Interest is charged on the loan at 7.64% compounded annually. If she starts making month-end payments of $230 when she begins working, how many payments
Asa has invested money from the settlement of an insurance claim. She plans to withdraw $600 from her savings account at the end of each month for four years. If the payments are deferred for two years and interest is 6% compounded quarterly, what was the amount of the insurance settlement?
Jean inherited $25 000, whereby the terms of the inheritance state that she is to receive $1500 at the end of each quarter, starting in 3 years, until the money is completely withdrawn. If the money is placed in a savings account earning 2.75% compounded monthly, how long will the inheritance last?
Amir invested $12 000 in a three-year term investment earning 4.48% compounded semiannually. He then invested the money in an investment earning 3.82% compounded semiannually. How many quarterly $1000 withdrawals can he make?
An annuity purchased for $9000 makes month-end payments for seven years and earns interest at 5% quarterly. If payments are deferred for three years, how much is each payment?
Ed Ainsley borrowed $10 000 from his uncle to finance his postgraduate studies. The loan agreement calls for equal payments at the end of each month for 10 years. The payments are deferred for 4 years and interest is 8% compounded semi-annually. What is the size of the monthly payments?
Thomas is planning to withdraw $8000 from a savings account at the end of each quarter for four years. If the payments are deferred for five years and interest is 5.34% compounded semi-annually, what amount has to be invested now into the savings account?
At Petruske’s Warehouse, the forklift needs major repair. A new forklift can be purchased at a current cost of $28 000. If the new forklift is purchased, month-end payments of $679 would start in two years, and continue for five years. Interest for the first two years is charged at 8.32%
Zheng contracted to write a technical manual for a client. Upon completion of the manual, he agreed to accept $220.00 at the end of each month for 3 years. If the payments are deferred for 15 months, and interest is 8.10% compounded monthly, what is the current value of the contract?
Santini Construction is evaluating a project to build a bridge over the Salmon River. The project is currently worth $14 million. In one year, when the construction is 30% complete, there will be a one-time payment of $3 million. Over the next two years, quarterly payments of $1.62 million will be
The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $8500 at the end of every three months for eight years. No payments are to be made during the development period of three years. Interest is 9% compounded quarterly. (a) How much should the
Josie won $8000 in an essay-writing contest. The money was deposited into a savings account earning 4.2% compounded monthly. She intends to leave the money for five-and-a-half years, and then withdraw amounts at the end of each month for the next four years while she studies to become an
A deposit of $4000 is made today for a five-year period. For how long can $500 be withdrawn from the account at the end of every three months starting three months after the end of the five-year term if interest is 4% compounded quarterly?
Greg borrowed $6500 at 6.4% compounded monthly to help finance his education. He contracted to repay the loan in monthly payments of $300 each. If the payments are due at the end of each month and the payments are deferred for four years, for how long will Greg have to make monthly payments?
Samantha wants to be able to withdraw $500 at the end of each month for two years while she travels, starting three years from now. If she invests $10 000 now to earn 4.68% compounded monthly until she begins to travel, what monthly compounded nominal rate of interest must she earn after she starts
Paul is in the process of purchasing a new sound system for his car. The cash price is $1500, or he can sign a contract to “buy now and pay later.” During the first year, the loan charges interest at 12.4% compounded monthly. The terms of the contract state that he would start making payments
On the day of his daughter’s birth, Mr. Dornan deposited $2000 in a trust fund with his credit union at 5% compounded quarterly. Following her 18th birthday, the daughter is to receive equal payments at the end of each month for 4 years while she is at college. If interest is to be 6% compounded
To finance the development of a new product, a company borrowed $50 000 at 7% compounded quarterly. If the loan is to be repaid in equal quarterly payments over seven years and the first payment is due three years after the date of the loan, what is the size of the quarterly payment?
Arlene and Mario Dumont want to set up a fund to finance their daughter’s university education. They want to be able to withdraw $400 from the fund at the beginning of each month for four years. Their daughter enters university in seven- and-a-half years and interest is 6% compounded monthly.(a)
Edmonton Pizza borrowed money to redesign their restaurants. Payments of $1600 would be made at the beginning of each month for 2 years, starting in 18 months. Interest on the loan is 7.12% compounded monthly.(a) How much must the company borrow today?(b) What will be the amount of the total
An investment in a lease offers returns of $2500 per month due at the beginning of each month for five years. What investment is justified if the returns are deferred for two years and the interest required is 12% compounded monthly?
Dr. Young bought $18 000 worth of equipment from Medical Supply Company. The purchase agreement requires equal payments every six months for eight years. If the first payment is due two years after the date of purchase and interest is 7% compounded quarterly, what is the size of the payments?
A business borrows $250 000 to finance an expansion. The loan agreement requires equal payments every three months for nine years. If the first payment is due two years after the date of purchase and interest is 8.3% compounded monthly, what is the size of the payments?
Mark and his partners have contracted to purchase the franchise rights, worth $75 000, to open and operate a specialty pizza restaurant called Pepperoni’s. With a renewable agreement, the partners have agreed to make payments at the beginning of every six months for five years. To accommodate the
Mrs. McCarthy has paid a single premium of $22 750 for an annuity, with the understanding that she will receive $385 at the beginning of each month. How long will the annuity last if it earns 5% compounded semi-annually, and the first payment period starts one year from now?
Bhupinder, who has just had his 55th birthday, invested $3740 on that day for his retirement. The RRIF investment earns 8% compounded monthly. For how long will he be able to withdraw $1100 at the beginning of each year, starting on his sixty-fifth birthday?
A property development agreement valued at $45 000 requires annual lease payments of $15 000. The first payment is due five years after the date of the agreement and interest is 11% compounded semi-annually. For how long will payments be made?
New vehicle lift equipment with a value of $82 000 has been purchased by Lockwood Automotive. Starting in 18 months, the company will make payments of $2200 at the beginning of every month over 4 years. If interest is 7.49% compounded quarterly during the first 18 months, what quarterly compounded
Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over three years and the first payment is due four years after the date of the loan, what is the size of the semi-annual payment?
Joe, Henry, and Noela, after graduating together, started a business with a $28 000 investment from their parents. For the first two years, they were charged interest at 6% compounded monthly, but no payments were required during that period. For the next five years, they would make payments of
A major property developer is concerned about lack of sales due to local economic conditions. To ensure that his condos are occupied, he offers a lease-to-purchase program in which, if people sign a lease by the end of March, they will not have to start making payments until March of the following
The sale of a property provides for payments of $2000 due at the beginning of every three months for five years. If the payments are deferred for two years and interest is 9% compounded monthly, what is the cash value of the property?
Emerson developed a new style of camping trailer. He is considering a licensing agreement with Easy-Tow, who will manufacture the new trailer. They are propos- ing to pay him $30 000 now, and $15 000 at the beginning of each of the 12 years of the licensing agreement, starting in 2 years. If
An annuity pays $6000 at the beginning of every year for 12 years. If the payments are deferred for 7 years and interest is 4.38% compounded monthly, what is the cash value of the property?
Matt’s Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $12 000 at 8% compounded monthly. To repay the loan, equal monthly payments are made over five years, with the first payment due one year after the date of the loan. What is the size
An RRIF with a beginning balance of $21 000 earns interest at 10% compounded quarterly. If withdrawals of $3485 are made at the beginning of every three months, starting eight years from now, how long will the RRIF last?
A lease valued at $32 000 requires payments of $4000 every three months. If the first payment is due three years after the lease was signed and interest is 12% com- pounded quarterly, what is the term of the lease?
For his business, Nicholas leased equipment valued at $23 000. The terms of the lease required payments of $1800 every month. If the first payment is due nine months after the lease was signed and interest is 11% compounded monthly, what is the term of the lease?
Starting three years from now, Dustin plans to withdraw $450 at the beginning of every three months for five years. If he has $7200 now in his savings, and the account earns interest at 4% compounding quarterly during the first three years, what is the nominal interest rate compounded quarterly
Tina purchases a new computer by financing it on the “no payment until next year” plan. The cash price of the computer is $1384. The financing agreement requires equal payments every month for two years. If the first payment of $95 is due at the beginning of the month starting one year after
Nuwan has invested a $30 000 insurance settlement to earn interest at 4.18% compounded semi-annually for the next 10 years. If he then makes withdrawals of $850 at the beginning of every 3 months from the investment for 20 years, what quarterly compounded nominal interest rate is earned during the
Municipal Hydro offers to acquire a right-of-way from a property owner who receives annual lease payments of $2225 due in advance. What is a fair offer if money is worth 5.5% compounded quarterly?
What monthly lease payment due in advance should be charged for a tract of land valued at $35 000 if the agreed interest is 8.5% compounded semi-annually?
Western Pipelines pays $480 at the beginning of every half-year for using a tract of land. What should the company offer the property owner as a purchase price if interest is 8.6% compounded semi-annually?
Carla plans to invest in a property that after three years will yield $1200 at the end of each month, indefinitely. How much should Carla be willing to pay if alternative investment yields 9% compounded monthly?
The faculty of Eastern College collected $14 000 for the purpose of setting up a memorial fund from which an annual award is to be made to a qualifying student. If the money is invested at 7% compounded annually and the first annual award payment is to be made five years after the money was
Barbara Katzman bought an income property for $28 000 three years ago. She has held the property for the three years without renting it. If she rents the property out now, what should be the size of the monthly rent payment due in advance if money is worth 6% compounded monthly?
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