Business Mathematics in Canada 9th Edition By Jerome - Test Bank

Business Mathematics in Canada 9th Edition By Jerome – Test Bank

Instant Download – Complete Test Bank With Answers

Sample Questions Are Posted Below

Chapter 06

Simple Interest

Multiple Choice Questions

How much interest will be earned on $8000 over a period of four months if the interest rate is 6.5%?
A.$7830.34
B. $173.33
C. $169.66
D. $130.00
E. $26.00

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much must be placed in a two-month term deposit earning 4.8% in order to earn $275 interest?
A.$12,500.00
B. $5729.17
C. $23,333.33
D. $34,375.00
E. $53,333.33

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-03 Maturity Value (Future Value) and principal (present value)

In how many months will $6000 earn interest of $2700 at 15%?
A.3 months
B. 36 months
C. 4 months
D. 60 months
E. 1 month

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-02 Determining the Time Period (Term)

A principal of $2680 is invested for 2.5 years at a rate of 12%. What amount of interest will be earned?
A.$321.60
B. $3001.60
C. $3484.00
D. $290.33
E. $804.00

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How many days will it take for an investment of $5500 to earn $602.74 interest at 16%?
A.68
B. 22
C. 230
D. 250
E. 4564

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-02 Determining the Time Period (Term)

Fred puts $5475 into a term deposit on May 15^th. The deposit earns a simple interest rate of 4%. If the term deposit will mature on August 14^th, how much interest will Fred earn?
A.$35.40
B. $24.80
C. $36.00
D. $36.60
E. $54.60

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A deposit of $659 earns $15.10 interest at a rate of 4.5%. For how many days was this money on deposit?
A.186
B. 51
C. 183
D. 191
E. 190

A $10,000 90-day term deposit earns 4.5% interest. How much will the depositor have at maturity?
A.$11,825.00
B. $10,110.96
C. $10,112.50
D. $112.50
E. $110.96

John borrowed $1500 at 9.5% on October 10, 2004. On what date did the amount owed first exceed $1565?
A.March 19, 2005
B. March 23, 2005
C. March 26, 2005
D. March 30, 2005
E. March 17, 2005

A principal of $790 grew to $1000 in 14 months. What annual rate of simple interest was earned?
A.1.89%
B. 15.23%
C. 9.67%
D. 18.00%
E. 22.78%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What principal will grow to $12,031.25 at 7.5% interest in 15 months?
A.$10,000.00
B. $11,000.00
C. $15,000.00
D. $20,000.00
E. $21,000.00

After how many days will a loan of $888 at 15% amount to $1554 (including accrued interest)?
A.1825 days
B. 365 days
C. 100 days
D. 2025 days
E. 525 days

Susan wants a 120-day extension on a payment of $2000. If she and her creditor agree that money can now earn 6%, what amount should she pay at the later date?
A.$1961.31
B. $2038.69
C. $2079.95
D. $2039.45
E. $2080.55

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A loan of $1580 bearing interest at 15% is due nine months from now. What single payment three months before the loan is due will put the lender in the same financial position as the scheduled payment at maturity? Assume that money can earn 12%.
A.$1658.25
B. $1533.98
C. $1706.55
D. $1490.57
E. $1642.38

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Payments of $700 due three months ago and $1000 six months from now are to be replaced by one equivalent payment four months from now. What is the size of this payment if money can earn 7%?
A.$1661.01
B. $1700.72
C. $1708.72
D. $1717.05
E. $1740.25

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $1400 and $2500 were due 90 days ago and 120 days ago, respectively. What is the combined economic value today of these payments if money can earn 9%?
A.$3943.58
B. $3859.22
C. $4005.04
D. $4111.11
E. $3797.76

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Two debt payments of $2000 each are due now and nine months from now. If money is worth 8%, what single payment six months from now is required to settle the debt?
A.$4042.34
B. $7177.27
C. $6127.48
D. $3600.00
E. $4040.78

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

What single payment one year from now will satisfy two obligations: $4000 due today and $6000 due 18 months from now? Assume that money can earn 14%.
A.$5083.74
B. $5000.00
C. $10,980.00
D. $10,167.48
E. $5490.00

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A contract was signed eight months ago requiring the payment of $13,000 plus interest at 8% after one year. What two equal payments made today and four months from today are equivalent to the original contract? Assume that money is now worth 5%. Use four months from today as the focal date.
A.$7020.00
B. $6961.98
C. $6446.28
D. $13,809.84
E. $7078.02

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A $3000 obligation due eight months from now is settled by two equal payments, one five months from now and the other nine months from now. If money can earn interest at 16%, what is the size of each payment? Use a focal date five months from now.
A.$3038.46
B. $1723.64
C. $861.82
D. $1479.77
E. $2959.54

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Determine the amount of (simple) interest that would be earned over eight months at 26% on an investment of $43,500.
A.$11,309.99
B. $2,352.48
C. $7,540.00
D. $6,786.00
E. $5,367.03

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How many days would it take for an investment of $9,000 to grow to $10,000 at 17%?
A.214
B. 239
C. 126
D. 53
E. 66

Calculate the amount of interest (to the nearest dollar) that would be earned on an account of $47,500 if it earned 6.4% for 293 days.
A.$89,072
B. $3,040
C. $2,440
D. $17,442
E. $11,298

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the amount of interest (to the nearest dollar) that would be earned on an account of $59,500 at 7.2% for 133 days.
A.$4,284
B. $1,561
C. $1,013
D. $2,229
E. $3,771

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, calculate the amount of interest that would be earned on an account of $216,000 if it earned 5.15% for 27 days.
A.$11,298
B. $11,124
C. $823
D. $1,744
E. $2,110

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, calculate the amount of interest that would be earned on an account of $344,000 if it earned 4.95% for 37 days.
A.$17,028
B. $11,124
C. $991
D. $1,726
E. $2,110

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much interest could you earn over 7 months on an investment of $49,000 at 14.75%?
A.$28,583
B. $422
C. $5,059
D. $508
E. $4,216

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much interest could you earn over 5 months on an investment of $94,000 at 17.75%?
A.$39,167
B. $6,952
C. $8,342
D. $993
E. $4,216

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much interest could you earn over 2 months on an investment of $82,500 at 23.5%?
A.$3,231
B. $9,694
C. $6,942
D. $714
E. $4,216

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much money would I have to invest at 6½% to earn interest of $4,500 per month?
A.$830,769
B. $692,308
C. $462,963
D. $777,667
E. $103,772

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much money would I have to invest at 9½% to earn interest of $9,200 per month?
A.$1,830,769
B. $2,306,224
C. $1,162,105
D. $5,777,667
E. $1,903,772

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How many months would it take to earn $1,650 on a deposit of $44,000 at 7½%?
A.4.5 months
B. 12 months
C. 6 months
D. 5 months
E. ½ month

How many months would it take to earn $3,570 on a deposit of $84,000 earning 8½%?
A.7.5 months
B. 12 months
C. ¾ month
D. 9 months
E. 6 months

How many months would it take to earn $3,300 on a deposit of $84,000 at 9½%?
A.4.14 months
B. 4.96 months
C. 11.2 months
D. 15.3 months
E. 25.4 months

Grandma Jones has $300,000 in a bank account, which pays her interest at 3%. What is the largest amount of money that she could take out now and still leave enough in the account so that she can earn $600 per month in interest?
A.$60,000
B. $100,000
C. $280,000
D. $240,000
E. $9,000

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-03 Maturity Value (Future Value) and principal (present value)

Grandpa Smith has $200,000 in a bank account, which pays him interest at 4%. What is the largest amount of money that he could take out now and still leave enough in the account so that he can earn $500 per month in interest?
A.$60,000
B. $50,000
C. $120,000
D. $150,000
E. $30,000

Calculate the simple interest rate at which one can earn $1,500 per day interest on an investment of $7,500,000.
A.2.00%
B. 9.67%
C. 5.00%
D. 6.67%
E. 7.30%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the simple interest rate at which one can earn $2,200 per day interest on an investment of $8,500,000.
A.9.45%
B. 25.86%
C. 3.86%
D. 13.61%
E. 7.30%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the simple interest rate at which one can earn $500 per day interest on an investment of $1,800,000.
A.9.45%
B. 28.00%
C. 10.14%
D. 12.91%
E. 25.30%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

After 4 months how much interest would I have to pay on a loan of $500 if the rate of interest was 22%?
A.$11.25
B. $27.50
C. $36.67
D. $110.00
E. $39.74

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

After 7 months how much interest would I have to pay on a loan of $300 if the rate of interest was 32%?
A.$96.00
B. $47.50
C. $36.67
D. $56.00
E. $69.74

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What simple interest rate was used if Rocco charged Squirrell $350 interest on a loan of $2,000 for 41 days?
A.70%
B. 156%
C. 14.35%
D. 15.58%
E. 175%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What simple interest rate was used if Eddie charged Meatball $700 interest on a loan of $5,000 for 26 days?
A.217%
B. 156%
C. 14%
D. 88%
E. 197%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest day, how long would it take for a $25,000 investment to earn $2,000 interest at 13.5%?
A.271 days
B. 125 days
C. 59 days
D. 216 days
E. 169 days

To the nearest day, how long would it take for a $45,000 investment to earn $6,000 interest at 17.5%?
A.115 days
B. 77 days
C. 95 days
D. 377 days
E. 278 days

Cindy borrowed $750 from Clare on April 17 at an interest rate of 15%. On June 30 of the same year, Cindy repaid the loan with interest. How much interest should she have paid?
A.$22.81
B. $21.63
C. $28.13
D. $112.50
E. $90.87

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Ethel invested $3,450 of Fred’s money on February 3. Lucy had promised Ethel that the investment would earn an interest rate of 55%. On February 27 of the same year, Ethel cashed in her investment and received the interest as Lucy had promised. How much interest had she earned?
A.$124.77
B. $189.75
C. $218.63
D. $64.98
E. $90.87

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Carly borrowed $2,500 from Clare on July 18 at an interest rate of 8%. On March 7 of the following year (not a leap year), Carly repaid the loan with interest. How much interest should she have paid?
A.$72.88
B. $21.63
C. $127.12
D. $112.50
E. $90.87

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Carly borrowed $450 from Jenn on August 24 at an interest rate of 11%. On January 11 of the following year, Carly repaid the loan with interest. How much interest should she have paid?
A.$22.81
B. $12.38
C. $21.63
D. $18.99
E. $90.87

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

On September 4 Fred made a $25,000 loan to Ricky for an investment that was guaranteed to earn an interest rate of 40%. On March 11 of the following year (not a leap year), Ricky cashed in his investment and received the interest as had been promised. To the nearest dollar, how much interest had he earned?
A.$2,965
B. $5,151
C. $2,186
D. $4,849
E. $16,083

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If, on March 11, $12,000 was placed in an investment earning an interest rate of 16%, on what day will the amount of interest earned reach $1,000?
A.Jul. 10
B. Jan. 19
C. Apr. 13
D. Nov. 1
E. Sept. 18

On what day will the amount of interest earned reach $5,000 if $250,000 was invested at an interest rate of 11% on June 23?
A.Mar. 8
B. Jul. 10
C. Aug. 29
D. Nov. 1
E. Dec. 18

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-02 Determining the Time Period (Term)

On April 3 Artie invested $75,000 and by October 27 he had earned interest of $10,500. What simple interest rate had he earned?
A.86.00%
B. 32.34%
C. 71.42%
D. 14.00%
E. 24.69%

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Dalton loaned $550,000 to Doc Holliday on August 24. On February 8 of the following year, Doc paid to Dalton the $65,000 interest that had accumulated on the debt up to that time. What simple rate of interest was Dalton charging on this loan?
A.21.90%
B. 25.68%
C. 21.79%
D. 74.32%
E. 24.69%

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Albert loaned $850,000 to Batman on March 17. On January 9 of the following year, Batman paid to Albert the $49,000 of interest that had accumulated on the debt up to that time. What simple rate of interest was Albert charging on this loan?
A.7.06%
B. 25.68%
C. 31.40%
D. 9.65%
E. 17.34%

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much money would have to be invested from June 4 until December 22 at 13%, in order to earn $750 in interest?
A.$12,840
B. $5,769
C. $2,186
D. $10,476
E. $5,151

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much money would have to be invested from December 22 until June 4 of the following year at 12% in order to earn $750 in interest?
A.$12,840
B. $13,910
C. $6,250
D. $10,477
E. $15,151

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest dollar, how much money would have to be invested from November 22 until June 29 of the following year at 19%, in order to earn $950 in interest?
A.$8,333
B. $12,500
C. $5,000
D. $11,351
E. $6,306

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If $20,000 was invested 82 days ago at an interest rate of 13.75%, what would be the value of the investment today? Round to the nearest dollar.
A.$19,401
B. $20,618
C. $22,750
D. $20,000
E. $26,306

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-03 Maturity Value (Future Value) and principal (present value)

Calculate the maturity value of an investment of $22,500 after 9 months at 13.45%.
A.$20,438.29
B. $4,736.25
C. $2,269.69
D. $27,236.25
E. $24,769.69

Calculate the maturity value of a loan of $6,875 after 239 days at 18.3%.
A.$7,698.81
B. $7,991.81
C. $6,051.19
D. $8,238.13
E. $8,769.81

Robert placed $7,000 in a 10-month term deposit paying 6.25%. How much will the term deposit be worth when it matures?
A.$3,645.83
B. $7,991.81
C. $7,364.58
D. $6,653.46
E. $7,769.89

Seven months ago Julie received some money for her birthday and she immediately deposited it into an account earning 6.5%. Today the value of that deposit has reached $4,259.88. How much did she deposit 7 months ago?
A.$1,556.20
B. $4,104.26
C. $4,098.36
D. $3,982.99
E. $2,646.45

How much money would have to be deposited on March 11 into an account earning a simple interest rate of 9.5% if the goal is to have the deposit grow to $12,000 by November 1?
A.$10,860.00
B. $11,175.45
C. $14,098.36
D. $11,308.33
E. $11,497.44

At what simple annual interest rate would $835 grow to $900 in 5 months?
A.16.7%
B. 4.5%
C. 7.8%
D. 18.7%
E. 17.3%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

At what simple annual interest rate would $1,896 grow to $2000 in 300 days?
A.6.7%
B. 8.5%
C. 7.8%
D. 5.5%
E. 6.3%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

An investment of $19,250 grew to $20,000 between March 26 and October 10. What simple annual interest rate did the investment earn?
A.3.9%
B. 8.5%
C. 6.9%
D. 5.5%
E. 7.2%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How many months would it take for $3,500 to grow to $4,000 at 15%?
A.9.5
B. 11.4
C. 348
D. 10.0
E. 6.6

To the nearest day, how many days would it take for $9,500 to grow to $10,000 at 7%?
A.75
B. 188
C. 261
D. 365
E. 274

On December 19 Jerry’s $800 deposit matured at $848.22. It had been earning 8%. What was the date that he made the deposit?
A.Oct. 2
B. Jan. 1
C. Mar. 19
D. Sept. 20
E. Apr. 1

Barkley’s Bookeeper is accounting for a cheque that was written for $29,674. It represents full payment of principal plus interest for a loan that was taken out for 128 days at 8.5%. How much of the $29,674 was interest?
A.$2,881.51
B. $884.52
C. $1,768.33
D. $858.93
E. $726.98

If the maturity value of an investment which paid 13.9% was $400,000 after 7 months, how much of that amount was interest? Round to the nearest dollar.
A.$30,001
B. $55,600
C. $32,433
D. $67,888
E. $27,999

Ace Furniture will give you 8 months, interest free, before you have to pay for a $2,000 sofa. Based on the fact that Ace pays 14% on its short term debt, what would be a reasonable amount of cash for you to offer them at the time of purchase? Round to the nearest dollar.
A.$2,187
B. $1,829
C. $1,720
D. $1,813
E. $2,000

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

If you pay your $3,000 tuition 3 months before it is due, the local college will give you a $250 “scholarship” reducing your tuition payment to $2,750. What is the annual simple interest rate to which this incentive is equal?
A.36.4%
B. 9.1%
C. 8.3%
D. 33.3%
E. 27.3%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If money is worth 14%, what payment on August 29 would be equal in value to a payment of $86,900 due on January 31 of the following year? Round to the nearest dollar.
A.$74,734
B. $92,066
C. $81,734
D. $76,519
E. $82,024

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What payment 5 months from now would be equivalent in value to a $4,000 payment due today and a $3000 payment due 7 months from now? Money can earn 6.5%.
A.$7,455.01
B. $6,923.82
C. $7,189.58
D. $7,076.18
E. $6,544.98

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $100,000 and $150,000 are due to be paid in 45 days and 75 days respectively. If money is worth 7.3%, what is the combined economic value today of the two payments? Round to the nearest dollar.
A.$574,734
B. $246,891
C. $249,452
D. $276,519
E. $229,567

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

How much money would one have to invest today at 18.75% in order to have a total of $20,000 in 9 months? Round to the nearest dollar.
A.$16,250
B. $23,750
C. $22,813
D. $17,534
E. $19,122

How long will it take to earn $542.40 interest on an investment of $6,400 at 11.3%?
A.7.5 months
B. 8.0 months
C. 8.5 months
D. 9.0 months
E. 9.5 months

What simple annual interest rate would you need to earn $2,000 interest in 147 days on an investment of $49,000?
A.19.33%
B. 40.82%
C. 10.13%
D. 21.44%
E. 7.85%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If $59,200 grows to $60,000 in 41 days what simple annual interest rate was earned?
A.12.03%
B. 11.87%
C. 13.51%
D. 17.48%
E. 10.16%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the amount of money that would have to be invested at 8.5% to earn monthly interest of $3,000? Round to the nearest dollar.
A.$255,000
B. $352,941
C. $355,491
D. $423,529
E. $521.449

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much interest would one earn over 200 days on an investment of $95,000 at an interest rate of 14%? Round to the nearest dollar.
A.$1,023
B. $5,889
C. $7,021
D. $7,288
E. $13,300

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest day, how long will it take for an investment of $9,000 at 3.75% to earn interest of $250?
A.74 days
B. 163 days
C. 218 days
D. 270 days
E. 741 days

On March 14 Lisa invested in a 200-day term deposit. On what date will it mature?
A.January 16
B. March 23
C. August 24
D. September 30
E. November 7

Morton purchased a 165-day Guaranteed Investment Certificate on October 11. On what date will it mature? (Assume the relevant February has 28 days)
A.January 11 of the following year.
B. March 25 of the following year.
C. May 5 of the following year.
D. July 3 of the following year.
E. October 11 of the following year.

What was the simple interest rate if an investment of $35,000 earned interest of $250 between April 4 and May 23?
A.2.66%
B. 5.32%
C. 7.14%
D. 8.00%
E. 9.89%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If $450,000 is invested on June 3 at 7.75%, what will be the value of the investment on December 11? Round to the nearest dollar.
A.$468,250
B. $466,625
C. $632,497
D. $432,461
E. $484,875

A 9-month term deposit, earning interest at 7%, was worth $72,559 when it reached maturity today. How much had been invested at the beginning of the term? Round to the nearest dollar.
A.$76,368
B. $68,940
C. $72,552
D. $67,480
E. $70,000

What annual simple interest rate would be needed for $55,000 to grow to $60,000 over a term of 295 days?
A.12.34%
B. 10.31%
C. 11.25%
D. 9.09%
E. 8.33%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

After 7 months at an interest rate of 13%, an investment matured today at a value of $80,000. How much of the $80,000 is interest? Round to the nearest dollar.
A.$12,065
B. $10,400
C. $6,067
D. $7,436
E. $5,639

On May 27, Kristina made an investment that earned an interest rate of 9.4%. By November 6 the investment’s value had increased to $77,000. What amount of interest had Kristina earned? Round to the nearest dollar.
A.$3,619
B. $3,102
C. $3,232
D. $5,112
E. $7,238

Patrick has a contract that will pay him $3,500 in 11 months. If money can earn 15%, what will be the value of that contract three months from now? Round to the nearest dollar.
A.$2,975
B. $3,077
C. $3,150
D. $3,182
E. $3,355

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Frankie’s Furniture Mart has contracts from one customer who will pay $4,695 in 5 months and another customer who will pay $7,830 in 7 months. Frankie can sell the contracts today to Vinnie’s finance company at a discount rate of 23.5%. How much money will Vinnie pay to Frankie today for the two contracts? Round to the nearest dollar.
A.$11,162
B. $11,208
C. $12,525
D. $13,705
E. $14,058

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A payment of $590 is now 93 days overdue. A second payment of $955 will be due and payable in 200 days. If money can earn an interest rate of 11%, what single amount, paid in 30 days, will be an equivalent replacement payment? Round to the nearest dollar.
A.$1,507
B. $1,520
C. $1,545
D. $1,629
E. $1,783

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Short Answer Questions

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
1500	9.5	7	?

$83.13

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
?	10 1/4	11	328.85

$3499.96

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
4850	4.5	?	145.50

8 months

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
15,000	? (to nearest 0.01)	5	546.88

8.75%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
6800	7.7	13	?

$567.23

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
25,000	1.1% per month	3	?

$825.00

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
9125	0.8% per month	?	511.00

7 months

Calculate the missing value:

Principal ($)	Rate (%)	Time (months)	Interest ($)
8900	? per month	8	890.00

1.25% per month

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Calculate the missing value:

Principal ($)	Rate (%)	Time	Maturity Value ($)
2950	4 1/2	7 months	?

$3027.44

Calculate the missing value:

Principal ($)	Rate (%)	Time	Maturity Value ($)
12,800	11 3/4	237 days	?

$13,776.57

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
560	10 3/4	? 5 months earlier

$535.99

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
1215	8 1/2	? 7 months later

$1275.24

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
5230	9.25	? 174 days later

$5460.62

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
1480	6.75	? 60 days earlier

$1463.76

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
1975	? (to the nearest 0.01)	$1936.53, 100 days earlier

7.25%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
2370	? (to the nearest 0.01)	$2508.79, 190 days later

11.25%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
830	9.9	$850.26, ? days later (to the nearest day)

90 days later

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
3500	5 1/4	$3439.80, ? months earlier (to the nearest month)

4 months earlier

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
4850	8 3/4	$4574.73, ? days earlier (to the nearest day)

251 days earlier

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the missing value:

Scheduled Payment ($)	Rate (%)	Equivalent Payment ($)
2740	4 1/2	$2755.20, ? days later (to the nearest day)

45 days later

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Determine a) whether the earlier or later payment has the greater economic value at the given interest rate and b) the interest rate (to the nearest 0.01%) at which the two payments would be equivalent:

Earlier Payment ($)	Later Payment ($)	Time Interval	Interest Rate (%)
560	570	60 days	10 3/4

a) The later payment
b) 10.86%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Determine a) whether the earlier or later payment has the greater economic value at the given interest rate and b) the interest rate (to the nearest 0.01%) at which the two payments would be equivalent:

Earlier Payment ($)	Later Payment ($)	Time Interval	Interest Rate (%)
1215	1280	11 months	8 1/2

a) The earlier payment
b) 5.84%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Determine a) whether the earlier or later payment has the greater economic value at the given interest rate and b) the interest rate (to the nearest 0.01%) at which the two payments would be equivalent:

Earlier Payment ($)	Later Payment ($)	Time Interval	Interest Rate (%)
5230	5500	5 months	0.6% per month

a) The later payment
b) 1.03% per month

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Determine a) whether the earlier or later payment has the greater economic value at the given interest rate and b) the interest rate (to the nearest 0.01%) at which the two payments would be equivalent:

Earlier Payment ($)	Later Payment ($)	Time Interval	Interest Rate (%)
1480	1515	150 days	6.75%

a) The earlier payment
b) 5.75%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Mr. and Mrs. Chan are considering two offers on a building lot that they own in a nearby town. One is for $49,000, consisting of $10,000 down and the balance to be paid in a lump payment in eight months. The second is for $50,000, with $10,000 down and the balance to be paid in 1 year. What rate of return must money earn for Mr. and Mrs. Chan to be indifferent between the two offers? Round to the nearest 0.01%

7.69%

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Payment	Interest Rate
$500 today $300 in 3 months	? 6 months from now	9 1/2%

$830.88

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Payment	Interest Rate
$1000 today $1500 in 5 months	? 2 months from now	5 1/2%

$2488.82

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Payment	Interest Rate
$900 in 30 days $1000 in 210 days	? 90 days from now	7 3/4%

$1886.62

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Payment	Interest Rate
$2500 in 70 days $4000 in 200 days	? 30 days from now	6 1/4%

$6369.85

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Payment	Interest Rate
$1000 today $1500 in 70 days $2000 in 210 days	? 60 days from now	8 1/2%

$4442.98

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

How much interest was paid on a $1500 loan for seven months at an annual interest rate of 4.5%?

$39.38

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Montel loaned $6800 to a friend for 13 months at an annual rate of 7.7% simple interest. How much interest did the borrower owe?

$567.23

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned?

$187.50

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What was the term of a $4850 loan at 4.5% if the interest due at the end was $145.50?

8 months

The interest paid at the end of the term of a $9125 loan at 0.8% per month was $511.00. Calculate the term of the loan.

7 months

The interest paid on an 11-month loan at 10¼% was $328.85. What was the principal amount of the original loan?

$3499.96

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What annual rate of interest, to the nearest 0.01%, was earned if a $15,000 investment for five months earned $546.88 in interest?

8.75%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

$890 interest was charged on $8900 borrowed on a simple interest basis for eight months. What was the interest rate per month on the loan?

1.25% per month

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much interest will be earned on $5000 in 5 months if the interest rate is 5.5%?

$114.58

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

An invoice states that interest will be charged on overdue accounts at the rate of 1½% per month. What will be the interest charges on a $3760 billing that is 3 months overdue?

$169.20

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

The interest owed on a loan after 5 months was $292.50. If the simple interest rate charged on the loan was 0.9% per month, what was the amount borrowed?

$6500.00

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much must be placed in a five-month term deposit earning 4.3%, simple interest, in order to earn $500 interest?

$27,906.98

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A five-month term deposit of $10,000 at the Scotiabank earned $175 in interest. What annual rate of simple interest did the deposit earn?

4.2%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Indira paid interest charges of $169.05 on a $4830 invoice that was two months overdue. What monthly rate of simple interest was she charged?

1.75% per month

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Morgan loaned $3100 to Rolf at a simple interest rate of 0.65% per month. What was the term of loan if the total interest came to $221.65?

11 months

Asher cashed in a one-year term deposit after only five months had elapsed. In order to do so, he accepted an interest rate penalty-a reduction from the scheduled 5.5% rate of simple interest. If he was paid $145.83 interest on the $10,000 term deposit, what reduction was made in the per-annum rate of simple interest?

2% reduction

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Sumer put $10,000 in a 3-month term deposit at Canada Trust, earning a simple interest rate of 2.2%. After the 3 months, she invested the entire amount of the principal and interest from the first term deposit in a new 3-month term deposit earning the same rate of interest. How much interest did she earn on each term deposit?

Interest on first term deposit = $55.00
Interest on second term deposit = $55.30

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Sergon has $5000 to invest for six months. The rates offered on three-month and six-month term deposits at his bank are 5.5% and 5.8%, respectively. He is trying to choose between the six-month term deposit and two consecutive three-month term deposits. What would the simple interest rate on three-month term deposits have to be, three months from now, for Sergon to end up in the same financial position with either alternative? Assume that he would place both the principal and interest from the first three-month term deposit in the second three-month term deposit. Round to the nearest 0.01%

6.02%

Difficulty: Hard
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A $3800 loan at 7.5% was advanced on June 17, 2017. How much interest was due when the loan was repaid on October 1, 2017?

$82.77

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much interest accrued from November 30, 2014 to March 4, 2015 on a $7350 loan at 7.5%?

$141.97

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

An $85,000 investment earned a 3.9% rate of simple interest from December 1, 2015 to May 30, 2016. How much interest was earned?

$1634.88

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

$850 borrowed on January 7, 2015 was repaid with interest at an annual rate of 7% on July 1, 2015. What was the amount of interest?

$28.53

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

The interest rate on $27,000 borrowed on October 16, 2016 was 5.7%. How much interest was owed on the April 15, 2017 repayment date?

$763.18

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A $14,400 loan taken out on May 21, 2014 was repaid with interest at 11¼% per annum on July 19, 2015. How much interest was paid?

$1881.86

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

If $40.52 interest accrued on a $1000 certificate of deposit from January 15, 2017 to July 7, 2017, what rate of simple interest did the certificate of deposit earn? Round to the nearest 0.01%

8.55%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What was the principal amount of a loan at 9½% if $67.78 of interest accrued from October 28, 2014 to April 14, 2015?

$1550.11

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

On June 26 Laura put $2750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60-89-day range, her credit union pays an interest rate of 3%. How much interest will she earn on the term deposit?

$15.60

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 12.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days.

$48.53

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Joyce had $2149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate of simple interest did her balance earn? Round to the nearest 0.01%

1.50%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Maia’s chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate of simple interest was charged? Round to the nearest 0.01%

18.49%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

In addition to a $2163 refund of his income tax overpayment, Revenue Canada paid Raisa $13.36 of interest on the overpayment. If the simple interest rate paid by Revenue Canada was 5.5%, how many days’ interest was paid? Round to the nearest day.

41 days

Megan was charged $124.83 interest on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principal balance on the loan during the month?

$18,409.27

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

On June 26, 2017, $1000 was borrowed at an interest rate of 4.55%. On what date was the loan repaid if the amount of accrued interest was $11.47? Round to the nearest day.

Sept 26, 2017

$1000 was invested on April 18, 2015 in a certificate of deposit earning 7.7% per annum. On its maturity date, the certificate paid $32.28 interest. On what date did it mature? Round to the nearest day.

September 18, 2015

On what date was a $1000 loan granted if the interest accrued as of November 16, 2015 was $50.05? The interest rate on the loan was 7¼%. Round to the nearest day.

March 9, 2015

The $1000 principal amount of a loan was repaid on March 13, 2015 along with accrued interest in the amount of $49.42. If the interest rate on the loan was 11%, what was the repayment date?

September 30, 2014

Bruce borrowed $6000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $127.60 interest. If the rate of simple interest on the loan was 6¾%, on what date did Bruce repay the loan? Assume that February has 28 days.

March 18 of the subsequent year

Sharon’s $9000 term deposit matured on March 16, 2015. Based on a simple interest rate of 3.75%, she received $110.96 in interest. On what date did she originally make the term deposit? Round to the nearest day.

November 16, 2014

Mario borrowed $6000 on March 1 at a variable rate of interest. The interest rate began at 7.5%, increased to 8% effective April 17, and then fell by 0.25% effective June 30. How much interest will be owed on the August 1 repayment date?

$196.03

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Penny invested $4500 on October 28 at a floating rate of interest that initially stood at 6.3%. Effective December 2, the rate dropped by ½% and then it declined another ¼% effective February 27. What total amount of principal plus interest will Penny receive when the investment matures on March 15? Assume that the new year is a leap year.

$4601.03

How much will be required on February 1 to pay off a $3000 loan advanced on the previous September 30 if the variable interest rate began the interval at 4.7%, rose to 5.2% effective November 2, and then dropped back to 5.0% effective January 1?

$3051.13

The total accrued interest owed as of August 31 on a loan advanced the preceding June 3 was $169.66. If the variable interest rate started at 8¾%, rose to 9% effective July 1, and increased another ½% effective July 31, what was the principal amount of the loan?

$7649.90

What will be the maturity value after seven months of $2950 earning interest at the rate of 4½%?

$3027.44

$12,800 was invested in a 237-day term deposit earning 3¾%. What was its maturity value?

$13,111.67

What will be the maturity value in 15 months of a $4500 loan at a simple interest rate of 7.9%?

$4944.38

Cecille placed $17,000 in a 270-day term deposit earning 4.25%. How much will the bank pay Cecille on the maturity date?

$17,534.45

What was the principal amount of a loan at 10½% if the total amount owed after 23 days was $785.16?

$780.00

The maturity value of an investment earning 7.7% per annum for a 360-day term was $2291.01. What amount was originally invested?

$2129.30

The balance after 11 months, including interest, on a loan at 9.9% is $15,379.58. What are the principal and interest components of the balance?

Principal = $14,100.00
Interest = $1279.58

$7348.25 was the amount required to pay off a loan after 14 months. If the loan was at 8¼% per annum simple interest, how much of the total was interest?

$645.17

To the nearest 0.01%, what was the interest rate on a $1750 loan if the amount required to pay off the loan after five months was $1828.02?

10.70%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A $2875.40 investment grew to $3000 after eight months. What annual rate of simple interest, to the nearest 0.01%, did it earn?

6.50%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Marliss made a $780.82 purchase on her Visa card. Including 45 days’ interest, the amount billed on her credit card was $798.63. What annual interest rate, to the nearest 0.01%, does her card charge?

18.50%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

The amount required to settle a $680 debt after 300 days was $730.30. What rate of interest, to the nearest 0.01%, was charged on the debt?

9.00%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Janesh has savings of $9625.63. If he can invest this amount to earn 2.8%, how many days will it take for the investment to grow to $9,800? Round to the nearest day.

236 days

The amount required to pay off a $3500 loan at 8.4% was $3646.60. What was the term of the loan, to the nearest day?

182 days

A $7760 investment earning 6¼% matured at $8083.33. What was the term of the investment, to the nearest month?

8 months

The interest rate on an $859.50 debt was 10¼%. For how many months was the loan outstanding if it was settled with a payment of $907.22? Round to the nearest half month.

6.5 months

Judith received the proceeds from an inheritance on March 25. She wants to set aside enough on March 26 so that she will have $20,000 available on October 1 to purchase a car when the new models are introduced. If the current interest rate on 181- to 270-day term deposits is 3.75%, what amount should she place in the term deposit?

$19,619.04

The bookkeeper for Durham’s Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub has the note “$3701.56 for principal and 7 months’ interest at 12.5%.” What are the principal and interest components of the payment?

Principal = $3450.00
Interest = $251.56

The annual $3600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year. Instead of a single “lump” payment, a member can pay $1600 at the start of the year and defer the $2000 balance for five months by paying a $75 surcharge at the time of the second payment. Effectively, what annual rate of simple interest is Oak Meadows charging on the $2000 deferred payment? Round to the nearest %.

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

The snow tires that you are planning to buy next October 1 at the regular price of $107.50 each are advertised at $89.95 in a spring clearance special that will end on the preceding March 25. What annual rate of simple interest will you earn if you “invest” in the new snow tires at the sale price on March 25 instead of waiting until October 1 to buy them at the regular price? Round to the nearest 0.01%

37.48%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A&B Appliances sells a washer-dryer combination for $1535 cash. C&D Appliances offers the same combination for $1595 with no payments and no interest for 6 months. Therefore, you can pay $1535 now or invest the $1535 for 6 months and then pay $1595. What value would the annual rate of return have to exceed for the second alternative to be your advantage? Round to the nearest 0.01%

7.82%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

To the nearest day, how many days will it take $2500 to grow to $2614.47 at an annual rate of 8.75%?

191 days

Karen borrowed $2000 at 10¼% on July 13. On what date would the amount owed first exceed $2100?

January 8

On what date did a corporation borrow $350,000 at 7.5% from its bank if the debt was settled by a payment of $356,041 on February 28? Round to the nearest day.

December 6 of the previous year

Village Finance Co. advanced three loans to Kamiko-$2200 on June 23, $1800 on August 5, and $1300 on October 31. Simple interest at 7.25% was charged on all three loans, and all were repaid on December 31 when some bonds that she owned matured. What total amount was required to pay off the loans?

$5452.13

The cash balance in Amalia’s account with her stockbroker earns interest on the daily balance at an annual rate of 4%. Accrued interest is credited to her account every six months-on June 30 and December 31. As a result of the purchase and sale of securities from time to time, the account’s balance changed as follows:

Period	Balance
January 1 to March 3	$3347
March 4 to May 23	$8687
May 24 to June 16	$2568
June 17 to June 30	$5923

What interest was credited to Amalia’s account on June 30? The brokerage firm includes interest for both January 1 and June 30 in the June 30 payment. Assume that February had 28 days.

$115.69

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Dominion Contracting invested surplus funds in term deposits. All were chosen to mature on April 1 when the firm intends to purchase a new grader.

Investment Date	Amount Invested	Interest Rate	Maturity Date
November 16	$74,000	6.3%	April 1
December 30	$66,000	5.9%	April 1
February 8	$92,000	5.1%	April 1

What total amount will be available from the maturing term deposits on April 1 (of a leap year)?

$235,423.32

What amount of money paid today is equivalent to $560 paid five months from now if money can earn 3¾% per annum?

$551.38

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What amount, seven months from now, is equivalent to $1215 today if money can be invested to earn 8½%?

$1275.24

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What payment, 174 days from now, is equivalent to $5230 paid today? Assume that money is worth 5.25% per annum.

$5360.89

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What amount should be accepted as equivalent, 60 days before an obligation of $1480 is due, if money can earn 6¾%?

$1463.76

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What amount paid on September 24 is equivalent to $1000 paid on the following December 1 if money can earn 5%?

$990.77

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What amount received on January 13 is equivalent to $1000 received on the preceding August 12 if money can earn 9.5%?

$1040.08

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Rasheed wishes to postpone for 90 days the payment of $450 that he owes to Roxanne. If money now earns 2.75%, what amount can he reasonably expect to pay at the later date?

$453.05

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Avril owes Value Furniture $1600, which is scheduled to be paid on August 15. Avril has surplus funds on June 15 and will settle the debt early if Value Furniture will make an adjustment reflecting the current short-term interest rate of 7.25%. What amount should be acceptable to both parties?

$1580.85

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

To the nearest 0.01%, what annual rate of return would money have to earn for $1975.00 to be equivalent to $1936.53 paid 100 days earlier?

7.25%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

To the nearest 0.01%, at what rate can money be invested if $2370.00 is equivalent to $2508.79 paid 190 days later?

11.25%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A late payment of $850.26 was considered equivalent to the originally scheduled payment of $830.00, allowing for interest at 9.9%. To the nearest day, how many days late was the payment?

90 days

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

To the nearest month, what is the time interval separating equivalent payments of $3500.00 and $3439.80 if money is worth 5¼% per annum?

4 months

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

An early payment of $4574.73 was accepted instead of a scheduled payment of $4850.00, allowing for interest at the rate of 8¾%. To the nearest day, how many days early was the payment?

251 days

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

To the nearest day, how many days separate equivalent payments of $2755.20 and $2740.00 if money can earn 4½%?

45 days

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

a) If money can be invested at 0.6% per month, which has the greater economic value: $5230 on a specific date or $5500 exactly five months later?
b) At what monthly rate (to the nearest 0.01%) would the two amounts be economically equivalent?
a) $5500 five months later
b) 1.03% per month

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Compare the economic values of $1480 today vs. $1515 in 150 days. Assume money can earn 6.75%.
a) Which has the greater economic value?
a) At what rate (to the nearest 0.01%) would the two amounts be equivalent?
a) $1480 today
b) 5.75%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

To settle a $570 invoice, Anna can pay $560 now or the full amount 60 days later.
a) Which alternative should she choose if money can earn 10¾%?
b) What rate (to the nearest 0.01%) would money have to earn for Anna to be indifferent between the alternatives?
a) Pay $560 now
b) 10.86%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Jonas recently purchased a one-year membership at Gold’s Gym. He can add a second year to the membership now for $1215, or wait 11 months and pay the regular single-year price of $1280.
a) Which is the better economic alternative if money is worth 8.5%?
b) At what rate (to the nearest 0.01%) would the alternatives be equivalent?
a) Pay $1280 in 11 months
b) 5.84%

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Nicholas can purchase the same furniture from Store A for $2495 cash or from Store B for $2560 with nothing down and no payments or interest for 8 months. Which option should Nicholas choose if he can pay for the furniture by cashing in Canada Savings Bonds currently earning 3.9% per annum?

Purchase from Store A

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A $5000 payment is scheduled for 120 days from now. If money can earn 7.25%, calculate the payment’s equivalent value at each of nine different dates: today and every 30 days for the next 240 days.

$4883.60 today
$4912.19 in 30 days
$4941.11 in 60 days
$4970.38 in 90 days
$5000 in 120 days
$5029.79 in 150 days
$5059.59 in 180 days
$5089.38 in 210 days
$5119.18 in 240 days

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A $3000 payment is scheduled for 6 months from now. If money is worth 6.75%, calculate the payment’s equivalent values at two-month intervals beginning today and ending one year from now.

$2902.06 today
$2933.99 in 2 months
$2966.63 in 4 months
$3000 in 6 months
$3033.75 in 8 months
$3067.50 in 10 months
$3101.25 in 12 months

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

During its 50-50 Sale, Marpole Furniture will sell its merchandise for 50% down, with the balance payable in six months. No interest is charged for the first six months. What 100% cash price should Marpole accept on a $1845 chesterfield and chair set if Marpole can earn a rate of return of 10.75% on its funds?

$1797.94

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Mr. and Mrs. Chan have listed for sale a residential building lot they own in a nearby town. They are considering two offers. The offer from the Smiths is for $145,000 consisting of $45,000 down and the balance to be paid in six months. The offer from the Kims is for $149,000 consisting of $29,000 down and $120,000 payable in one year. The Chans can earn an interest rate of 4.5% on low-risk short-term investments.
a) What is the current economic value to the Chans of each offer?
b) Other things being equal, which offer should the Chans accept? How much more is the better offer worth (in terms of current economic value)?
a) Smiths’ offer: $142,799.51
Kims’ offer: $143,832.54
b) The Chans should accept the Kims’ offer. It is worth $1033.03 more

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Westwood Homes is beginning work on its future College Park sub-division. Westwood is now pre-selling homes that will be ready for occupancy in nine months. Westwood is offering $5000 off the $295,000 selling price to anyone making an immediate $130,000 down payment (with the balance due in nine months.) The alternative is a $5000 deposit with the $290,000 balance due in nine months. Mr. and Mrs. Symbaluk are trying to decide which option to choose. They currently earn 4.8% on low-risk short-term investments.
a) What is the current economic cost of buying on the $130,000-down $5000-off option?
b) What is the current economic cost of buying on the $5000-deposit full-price option?
c) Which alternative should the Symbaluks choose? In current dollars, what is the economic advantage of the preferred alternative?
a) $284,440.15
b) $284,922.78
c) The Symbaluks should choose the $130,000-down option. It saves $482.63

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What interest rate must money earn for a payment of $1389 on August 20 to be equivalent to a payment of $1348 on the previous March 29? Round to the nearest 0.01%

7.71%

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Calculate the combined equivalent value, six months from now, of $500 due today and $300 due in three months. Assume that money can earn 2½%.

$808.13

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A payment stream consists of $1000 payable now and $1500 payable five months from now. What is the equivalent value of the payment stream two months from now if money is worth 5.5%?

$2488.82

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $900 and $1000 are due 30 days from now and 210 days from now, respectively. If money can be invested at 4%, what single payment made 90 days from now is equivalent to the payment stream?

$1892.94

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

What is the equivalent value, 30 days from now, of a payment stream comprised of $2500 due 70 days from now and $4000 due 200 days from now? Assume money can earn 6¼%.

$6369.85

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A payment stream consists of three payments: $1000 due today, $1500 due 70 days from today, and $2000 due 210 days from today. What single payment, 60 days from today, is economically equivalent to the payment stream if money can be invested at a rate of 3.5%?

$4475.96

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

What single payment, made 45 days from now, is economically equivalent to the combination of three equal payments of $1750 each: one due 75 days ago, the second due today, and the third due in 75 days from today? Money is worth 9.9% per annum.

$5314.19

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Two payments of $2000 each are to be received six and twelve months from now. If money is worth 5%, what is the total equivalent value of the payments:
a) Today?
b) Six months from today?
a) $3855.98
b) $3951.22

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Two payments of $3000 each are due in 50 and 100 days. What is their combined economic value today if money can earn:
a) 9%?
b) 11%?
a) $5891.27
b) $5867.70

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $850 scheduled to be paid today and $1140 to be paid nine months from today are to be replaced by a single equivalent payment. What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 4¼%?

$1954.78

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $1300 due five months ago and $1800 due three months from now are to be replaced by a single payment at a focal date one month from now. What is the size of the replacement payment that would be equivalent to the two scheduled payments if money can earn 4½%?

$3115.85

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

If money earns 3.5%, calculate the economic value today of the following payment streams:
a) Payments of $900 due 150 days ago and $1400 due 80 days ago.
b) Payments of $800 due in 30 days, $600 due in 75 days, and $1000 due in 125 days.
a) $2323.68
b) $2381.58

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

What is the economic value today of each of the following payment streams if money can earn 7.5%? (Note that the two streams have the same total nominal value.)
a) $1000, $3000, and $2000 due in one, three, and five months, respectively.
b) Two $3000 payments due two and four months from now.
a) $5877.97
b) $5889.79

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Eight months ago, Louise agreed to pay Thelma $750 and $950 six and twelve months, respectively, from the date of the agreement. With each payment, Louise agreed to pay interest on the respective principal at the rate of 6.5% from the date of the agreement. Louise failed to make the first payment and now wishes to settle her obligations with a single payment four months from now. What payment should Thelma be willing to accept if money can earn 4.75%?

$1804.52

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Ninety days ago Stella signed an agreement with Manon requiring her to make three payments of $400 plus interest 90, 150, and 210 days, respectively, from the date of the agreement. Each payment was to include interest on the $400 principal at the rate of 13.5% from the date of the agreement. Stella now wants Manon to renegotiate the agreement and accept a single payment 30 days from now, instead of the three scheduled payments. What payment should Manon require in the new agreement if money is worth 8.5%?

$1257.69

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Payments of $2600, due 50 days ago, and $3100, due in 40 days, are to be replaced by payments of $3000 today and the balance due in 30 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.25%. Use 30 days from now as the focal date.

$2719.68

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Three payments of $2000 each (originally due six months ago, today, and six months from now) have been renegotiated to two payments: $3000 due one month from now and a second payment due in four months. What must the second payment be for the replacement payments to be equivalent to the originally scheduled payments? Assume that money can earn an interest rate of 4%. Choose a focal date four months from now.

$3050.09

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A $3000 loan at 6% was made on March 1. Two payments of $1000 each were made on May 1 and June 1. What payment on July 1 will pay off the loan?

$1045.38

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

$5000 was borrowed at 9½% on March 1. On April 1 and June 1, the borrower made payments of $2000 each. What payment was required on August 1 to pay off the loan’s balance?

$1105.10

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

The interest rate on a $3000 loan advanced on March 1 was 5.2%. What must the first payment on April 13 be in order that two subsequent payments of $1100 on May 27 and $1100 on July 13 settle the loan?

$839.18

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on June 15, and a final payment on August 31. What was the third payment if the interest rate on the loan was 8¼%?

$1589.92

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $1000 loan at 5.5% was repaid by two equal payments made 30 days and 60 days after the date of the loan. Determine the amount of each payment.

$503.39

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 10¼%. What was the amount of each payment?

$1541.84

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

What should be the amount of each payment if a $2500 loan at 3.5% is to be repaid by three equal payments due two months, four months, and seven months following the date of the loan?

$843.84

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

$8000 was borrowed at an interest rate of 11½%. Calculate the amount of each payment if the loan was paid off by three equal payments made 30, 90, and 150 days after the date of the loan.

$2741.67

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

The simple interest rate on a $5000 loan is 7%. The loan is to be repaid by four equal payments on dates 100, 150, 200, and 250 days from the date on which the loan was advanced. What is the amount of each payment?

$1291.81

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $7500 loan will be paid off by four equal payments to be made 2, 5, 9, and 12 months after the date of the loan. What is the amount of each payment if the interest rate on the loan is 9.9%?

$1981.53

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

Maurice borrowed $6000 from Heidi on April 23 and agreed to make payments of $2000 on June 1 and $2000 on August 1, and to pay the balance on October 1. If simple interest at the rate of 5% was charged on the loan, what is the amount of the third payment? Use April 23 as the focal date.

$2082.60

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A loan of $10,000 is to be repaid by three payments of $2500 due in two, four, and six months, and a fourth payment due in eight months. What should be the size of the fourth payment if an interest rate of 11% is charged on the loan? Use today as the focal date.

$2966.44

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A loan of $4000 at 6.25% is to be repaid by three equal payments due four, six, and eight months after the date on which the money was advanced. Calculate the amount of each payment. Use the loan date as the focal date.

$1374.91

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

Anthony borrowed $7500 on September 15 and agreed to repay the loan by three equal payments on the following November 10, December 30, and February 28. Calculate the payment size if the interest rate on the loan was 11¾%. Use September 15 as the focal date.

$2587.49

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

What amount invested at 4½% on November 19, 2015 had a maturity value of $10,000 on March 3, 2016?

$9872.20

If $3702.40 earned $212.45 interest from September 17, 2016 to March 11, 2017, what rate of interest was earned? Round to the nearest 0.01%

11.97%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

A loan of $3300 at 6¼% simple interest was made on March 27. To the nearest day, on what date was it repaid if the interest cost was $137.99?

November 26

Marta borrowed $1750 from Jasper on November 15, 2016, and agreed to repay the debt with simple interest at the rate of 7.4% on June 3, 2017. How much interest was owed on June 3?

$70.96

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Petra has forgotten the rate of simple interest she earned on a 120-day term deposit at the Bank of Nova Scotia. At the end of the 120 days, she received interest of $327.95 on her $21,000 deposit. To the nearest 0.01%, what rate of simple interest was her deposit earning?

4.75%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a term deposit on March 16, an amount sufficient to provide a $45,000 down payment for the purchase of a home on November 1. If the current interest rate on 181-day to 270-day deposits is 5¾%, what amount should he place in the term deposit?

$43,426.53

Sheldrick Contracting owes Western Equipment $60,000 payable on June 14. In late April, Sheldrick has surplus cash and wants to settle its debt to Western Equipment, if Western will agree to a fair reduction reflecting the current 3.6% interest rate that short-term funds can earn. What amount on April 29 should Sheldrick propose to pay to Western?

$59,729.01

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Peter and Reesa can book their Horizon Holiday package at the early-booking price of $3900, or wait four months and pay the full price of $3995.
a) Which option should they select if money can earn a 5.25% rate of return?
b) To the nearest 0.01%, at what interest rate would they be indifferent between the two prices?
a) Early-booking price
b) 7.31%

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

What amount on January 23 is equivalent to $1000 on the preceding August 18 if money can earn 6½%?

$1028.14

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Three payments are scheduled as follows: $1200 is due today, $900 is due in five months, and $1500 is due in eight months. The three payments are to be replaced by a single equivalent payment due ten months from now. What should the payment be if money is worth 5.9%? Use ten months from now as the focal date.

$3695.88

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Two payments of $5000 each are to be received four and eight months from now.
a) What is the combined equivalent value of the two payments today if money can earn 6%?
b) If the rate of interest money can earn is 4%, what is the payments’ combined equivalent value today?
a) $9709.65
b) $9804.34

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Thad is planning to buy a rototiller next spring at an expected price of $579. In the current fall “flyer” from Evergreen Lawn and Garden, the model he wants is advertised at $499.95 in a Fall Clearance Special.
a) If money can earn 4%, what is the economic value on the preceding September 15 of the $579 that Thad will pay to purchase the rototiller next April 1? (Assume that February has 28 days.)
b) What are his true economic savings if he purchases the rototiller at the sale price of $499.95 on September 15?
c) What interest rate would money have to earn for Thad to be indifferent between buying the rototiller at $499.95 on September 15 or buying it for $579 on the subsequent April 1? Round to the nearest 0.01%
a) $566.70
b) $66.75
c) 29.15%

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Evelyn put $15,000 into a 90-day term deposit at Laurentian Bank paying a simple interest rate of 3.2%. When the term deposit matured, she invested the entire amount of the principal and interest from the first term deposit into a new 90-day term deposit earning the same rate of interest. What total amount of interest did she earn on both term deposits?

$237.65

Umberto borrowed $7500 from Delores on November 7, 2016. When Umberto repaid the loan, Delores charged him $190.02 interest. If the rate of simple interest on the loan was 6¾%, on what date did Umberto repay the loan?

March 24, 2017

Payments of $1000 scheduled to be paid 5 months ago and $7500 to be paid four months from now, are to be replaced with a single payment two months from now. What payment two months from now is equivalent to the scheduled payment if money can earn 2½%?

$8483.46

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

If money earns 7.5%, calculate the economic value today of the following payment streams:
a) Payments of $1800 made 150 days ago and $2800 made 90 days ago.
b) Payments of $1600 due 30 days from now, $1200 due 75 days from now, and $2000 due 120 days from now.
a) $4707.26
b) $4723.86

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Mr. & Mrs. Parsons are considering two offers to purchase their summer cottage. Offer A is for $200,000 consisting of an immediate $40,000 down payment with the $160,000 balance payable one year later. Offer B is for $196,500 made up of a $30,000 down payment and the $166,500 balance payable in six months.
a) If money can earn 4%, what is the current economic value of each offer?
b) Other things being equal, which offer should the Parsons accept? What is the economic advantage of the preferred offer over the other offer?
c) If money can earn 6%, which offer should the Parsons accept? What is the economic advantage of the preferred offer?
a) Offer A: $193,846.15
Offer B: $193,235.29
b) The Parsons should accept Offer A. It is worth $610.86 more
c) The Parsons should accept Offer B. It is worth $707.09 more

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7¼%. Use the loan date as the focal date.

$3106.16

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

Nine months ago, Muriel agreed to pay Aisha $1200 and $800 on dates 6 and 12 months, respectively, from the date of the agreement. With each payment Muriel agreed to pay interest at the rate of 8½% from the date of the agreement. Muriel failed to make the first payment and now wishes to settle her obligations with a single payment four months from now. What payment should Aisha be willing to accept if money can earn 6¾%?

$2173.14

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Scheduled Payments	Equivalent Value	Interest Rate
$1750, 75 days ago $1750, today $1750, in 75 days	? 45 days from now	9.9%

$5314.19

Difficulty: Easy
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

The first two of the following three payments were not made as scheduled. $1200 was due seven months ago, $900 was due two months ago, and $1500 is due in one month. The three payments are to be replaced by a single equivalent payment due three months from now. What should the payment be if money is worth 9.9%? Use three months from now as the focal date.

$3760.88

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

What amount of interest will be earned on $1500 invested for 18 months at an interest rate of 4%?

$90

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

How much will have to be deposited to earn $600 interest over two years at an interest rate of 3%? Round to the nearest 0.001%

$10,000

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

An investment of $2000 earned $156.25 interest in 30 months. What was the simple annual rate of interest?

3.125%

Difficulty: Easy
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

The interest earned on a $7500 investment was $1181.25. What was the term in months if the rate of interest was 3.5%?

54 months

Sam borrowed $1250 on March 15 at an interest rate of 4.5%. Sam repaid the full amount plus the interest owed on September 1. How much did Sam repay?

$1276.20

Mandeep earned $40.07 interest at 2.5% on $5000 invested on April 7. To the nearest day, on what date did her investment mature?

Aug 2

Larissa earned $8.74 interest on $1100 invested from January 11 to June 4 (of a leap year). To the nearest %, what annual rate of simple interest did she earn?

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Kristina earned $33.70 at an interest rate of 2.5% from November 29 to April 1. What amount did she invest? Assume that February has 28 days.

$4000.16

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What will be the maturity value of $3300 invested at an interest rate of 2.75% in 15 months?

$3413.44

How much interest will an investment of $5075 earn in two years at an interest rate of 2.25%?

$228.38

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Sandeep earned $650 on an investment deposited at an interest rate of 3.25% for 30 months. How much was the original investment?

$8000

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

Elita deposited $2100 on May 22. On September 10, she had $2120.12. What simple interest rate per year did she earn? Round to the nearest 0.01%

3.15%

Difficulty: Medium
Learning Objective: 06-01 Calculate interest, maturity value (future value), present value, rate, and time in a simple interest environment.
Topic: 06-01 Basic Concepts

What amount would have to be invested at a simple interest rate of 2.85% to grow to $2529.28 in 150 days?

$2500

A large retail store offers no payments, no interest for six months on all furniture and appliance purchases exceeding $1500. If money can earn 3.5%, how much should the store accept as a payment today on furniture costing $1850?

$1818.18

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

A large retail store offers a payment plan of no interest with 50% down and the balance in six months on a minimum purchase of $500. If money can earn 3.25%, how much of a discount should a buyer receive on a purchase of $2000 if paid in full at the time of purchase?

$16

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Purvinder has won a lottery. He can take $5000 now or $5500 in one year. If money can earn 8%, which option should he choose?

$5500 in one year

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-04 Equivalent Payments

Puri has a loan to repay. His terms are payments of $1000 in six months and $1000 in one year. He wants to settle the debt in three months. If the rate of interest is 6.5%, what single equivalent payment should Puri make?

$1937.53

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-05 The Equivalent Value of a Payment Stream

Kris has borrowed $2000 and has agreed to repay the loan in two payments in nine and fifteen months. Each payment is $1000 of principal and interest at the rate of 7%. Kris wants to settle the debt in six months. What single equivalent payment should she make if money is now worth 5%?

$2087.70

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $10,000 loan made on January 1 at 7%, is to be repaid by payments of $3500 on July 1, $3500 on October 1, and a final payment on January 1 of the next year. What is the amount of the final payment required to pay off the loan in full?

$3523.45

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $6000 loan at 8% is to be repaid in three equal payments at three months, six months, and nine months. Determine the size of the equal payments.

$2079.49

Difficulty: Medium
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

A $5,000 loan made on March 15 at an interest rate of 7.5%, is to be repaid by payments of $2000 on June 15, $2000 on October 15, and a final payment on December 15. What is the amount of the final payment required to pay off the loan in full?

$1183.68

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

An $8000 loan at an interest rate of 6.5% is to be repaid in three equal payments at six months, nine months, and one year later. Determine the size of the equal payments.

$2796.22

Difficulty: Hard
Learning Objective: 06-03 Calculate the equivalent value on any date of a single payment or a stream of payments.
Topic: 06-06 Loans: A Principle About Principal

Business Mathematics in Canada 9th Edition By Jerome - Test Bank

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Business Mathematics in Canada 9th Edition By Jerome - Test Bank

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