Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Management Posted 05 Jun 2017 My Price 11.00

A debt is being paid off with equal payments

1. A debt is being paid off with equal payments of $2,000 at the end of each quarter for twoyears. If interest on the debt is charged at 8% per annum compounded quarterly, calculate theprincipal outstanding (amount owing) when the fourth payment has just been made.Continued next page22. A printing firm borrows $50,000 to purchase a new poster printing machine. Under the loanagreement, the firm will make 12 equal monthly repayments with the first repayment made 6months after the loan amount is transferred to the firm’s bank account. If the rate of interestcharged on the loan is 12% per annum compounded monthly, what amount will be each of the12 monthly repayments?3. A firm borrows $500,000 from a bank. Interest is charged on the loan at a rate of 12% perannum compounded quarterly.(a) Suppose the firm agrees to pay back the loan by making 40 quarterly payments over10 years. Calculate the required quarterly payment if the first payment is made onequarter after the loan amount is received by the firm?(b) Suppose instead that the firm agrees to pay back the loan by making 40 equalquarterly payments with the first payment made one year after the loan amount isreceived by the firm. Calculate the quarterly payment in this case.4. A company is running a competition in which the first prize is a perpetuity paying $100 each month.Supposing an interest rate of 9% per annum compounded monthly, how much money will thecompany need to fund the prize now if the first payment is made(a) in one month's time?(b) immediately?(c) a year from now?5. In order to replace a large freezer system in the future, an abattoir plans to deposit 8 equalamounts into a fund at yearly intervals, with the first deposit made immediately, so that the amount inthe fund will be $50,000 in 8 years’ time.(a) Assuming the fund earns 7% per annum compounded annually, calculate the annualdeposit amount.(b) Suppose now that although the fund initially earns 7% per annum compoundedannually, after 3 years, i.e. just after the fourth deposit is made, the interest rateunexpectedly falls to 6% per annum compounded annually. If the firm changes itsannual deposit to take account of the lower interest rate, what will be the new annualdeposit amount for the last 4 deposits?(Students are strongly advised to draw a timeline when answering this question)

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Status NEW Posted 05 Jun 2017 08:06 PM My Price 11.00

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