1). The difference between an ordinary annuity and an annuity due is the:

number of annuity payments.

timing of the annuity payments.

frequency of the annuity payments.

amount of each annuity payment.

2). Fine Decoration offers credit to customers at a rate of 1.8 percent per month. What is the effective annual rate (EAR) of this credit offer?

25.48 percent

20.40 percent

18.00 percent

23.87 percent

3). What is the future value of WEEKLY payments of $100 for 10 years at 14 annual percentage rate? There are 52 weeks in a year.

$132,809.15

$126,535.25

$113,195.77

$146,895.74

4). The condominium at the beach that you want to buy costs $650,000. You plan to borrow 80 percent of the house value using a 30-year loan at 6.0 percent annual interest rate. What will be the amount of your monthly mortgage payment ?

$2,964.54

$3,117.66

$2,784.59

$3,349.20

5). Sarah is considering an investment of $3,000 each year for 20 years. The investment will pay 10 percent annual interest. How much will this investment be worth at the end of the 20 years?

$155,239

$171,825

$193,520

$135,481

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