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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 65th 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.

答案和详解如下:

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.

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

Q9. How much should an investor have in a retirement account on his 65th 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.

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.

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.

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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w

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[em01]

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Thanks

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看答案,谢谢LZ

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看看

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 thx

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谁能帮我解释一下什么时候计算器调到BGN什么时候调到END啊,我已经晕了!多谢!

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 [em51]

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