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##### FIN 3333 - SECOND TEST PROBLEMS

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solution

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Question;1. You make payments into a fund for a certain period of time, then discontinue the payments for a certain period of time and then begin making the payments again for a certain period of time. How much is in the fund after the last payment?2. What is the monthly payment on a car that costs a certain amount, you make a down payment and finance the remainder for a certain period of time?3. You buy furniture and the dealer defers your first payment for a certain period of time. How much is your payment if you make payments for a certain period of time.4. You make monthly payments of a certain amount for a certain period of time and the payments are at the beginning of each month. How much is in the fund after a certain period of time. (You must use the annuity due formula in chapter five and not the formulas in Chapter four and three.)5. You finance a certain amount at a certain rate for a certain period of time. You pay less each month than the required amortized payment. After a certain period of time, what is your new payment for a certain remaining period of time to pay the original amount borrowed?6. Construct an amortization table for two months of a mortgage given the date the money was borrowed, the length of the mortgage and the rate.7. How much interest was paid on a mortgage in a certain year of the mortgage given the amount borrowed, the rate, and the length of the mortgage?8. What is the total payment on a bond every six months that bears a certain coupon rate requires a sinking fund earning at a certain rate? (Remember that bonds are bought and sold in denominations of $1000.)9. You finance a certain amount at a certain rate and make arbitrary payments of a certain given amount. How many payments will you make and what is the amount of the last payment? (You will solve for a discount factor and then use your finger to go down a column in the appropriate table that will be given to you on the back of the test to determine the number of even payments and then solve for the last payment)10. You purchase furniture at a dealer of a certain amount being charged ADD? ON interest. Determine the payment and then determine the APR by using tables on the back of the test and running your finger across the tables for the number of payments to determine the rate. 11. You go to work at a certain annual salary, You will make monthly payments of a certain percentage of your monthly salary to a retirement fund earning a certain amount. You will receive a raise each year of a certain percentage of your salary. How much is in the fund after three years?

Paper#48486 | Written in 18-Jul-2015

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