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标题: Reading 5: The Time Value of Money- LOS e ～ Q8-10 [打印本页]

作者: mayanfang1 时间: 2008-12-29 17:48 标题: [2009] Session 2 - Reading 5: The Time Value of Money- LOS e ～ Q8-10

Q8. Nikki Ali and Donald Ankard borrowed $15,000 to help finance their wedding and reception. The annual payment loan carries a term of seven years and an 11% interest rate. Respectively, the amount of the first payment that is interest and the amount of the second payment that is principal are approximately:

A) $1,468; $1,702.

B) $1,650; $1,468.

C) $1,650; $1,702.

Q9. How much should an investor have in a retirement account on his 65^th birthday if he wishes to withdraw $40,000 on that birthday and each of the following 14 birthdays, assuming his retirement account is expected to earn 14.5%?

A) $274,422.

B) $234,422.

C) $272,977.

Q10. Sarah Parker is buying a new $25,000 car. Her trade-in is worth $5,000 so she needs to borrow $20,000. The loan will be paid in 48 monthly installments and the annual interest rate on the loan is 7.5%. If the first payment is due at the end of the first month, what is Sarah’s monthly car payment?

A) $483.58.

B) $416.67.

C) $480.57.

作者: mayanfang1 时间: 2008-12-29 17:48

答案和详解如下：

A) $1,468; $1,702.

B) $1,650; $1,468.

C) $1,650; $1,702.

Correct answer is C)

Step 1: Calculate the annual payment.

Using a financial calculator (remember to clear your registers): PV = 15,000; FV = 0; I/Y = 11; N = 7; PMT = $3,183

Step 2: Calculate the portion of the first payment that is interest.

Interest₁ = Principal × Interest rate = (15,000 × 0.11) = 1,650

Step 3: Calculate the portion of the second payment that is principal.

Principal₁ = Payment − Interest₁ = 3,183 − 1,650 = 1,533 (interest calculation is from Step 2)

Interest₂ = Principal remaining × Interest rate = [(15,000 − 1.533) × 0.11] = 1,481

Principal₂ = Payment − Interest₁ = 3,183 − 1,481 = 1,702

A) $274,422.

B) $234,422.

C) $272,977.

Correct answer is A)

This is an annuity due so set your calculator to the BGN mode. N = 15; I/Y = 14.5; PMT = –40,000; FV = 0; CPT → PV = 274,422.50. Switch back to END mode.

A) $483.58.

B) $416.67.

C) $480.57.

Correct answer is A)

N = 48; I/Y = 7.5 / 12 = 0.625; PV = 20,000; FV = 0; CPT → PMT = 483.58.

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回复 2# mayanfang1

Answer,please...

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