Financial Mathematics
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Find the simple interest for each loan:
1. $15,903 at 8% for 8 months
3. $42,368 at 5.22% for 5 months
5. For a given amount of money at a given interest rate for a given time period, does simple
interest or compound interest produce more interest?
Find the compound amount in each loan:
7. $19,456.11 at 12% compounded semi-annually for 7 years
9. $57,809.34 at 12% compounded quarterly for 5 years
Find the amount of interest earned by each deposit:
11. $12,699.36 at 10% compounded semi-annually for 7 years
13. $34,677.23 at 9.72% compounded monthly for 32 months
15. $42,000 in 7 years, 12% compounded monthly
17. $1347.89 in 3.5 years, 6.77% compounded semi-annually
Geometric Sequence (GP):
21. Find the sixth term of the geometric sequence
23. Find the sum of the first four terms of the geometric sequence
25. Find S 30, 01 [Please refer to the attachment for the correct notation].
27. What is meant by the future value of an annuity?
Find the future value of each annuity:
29. $1288 deposited at the end of each year for 14 years; money earns 8% compounded annually
31. $233 deposited at the end of each month for 4 years; money earns 12% compounded monthly
33. $11,900 deposited at the beginning of each month for 13 months; money earns 12% compounded monthly
35. $6500; money earns 8% compounded annually; 6 annual payments
37. $233,188; money earns 9.7% compounded quarterly for years
Find the present value of each ordinary annuity:
39. Deposits of $850 annually for 4 years at 8% compounded annually
41. Payments of $4210 semi-annually for 8 years at 8.6% compounded semi-annually
43. Give two examples of the types of loans that are commonly amortized.
Find the amount of the payment necessary to amortize each loan.
45. $3200; 8% compounded quarterly; 10 quarterly payments
47. $51,607; 13.6% compounded monthly; 32 monthly payments
Find the monthly house payments for each mortgage:
49. $77,110 at 11.45% for 3 years
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Solution Summary
This solution is comprised of detailed step-by-step calculation and explanation of the given problems. The solution also provides students with a clear perspective of the underlying financila and mathematical concepts.
Education
- MSc, Osmania University
- MSc, Indian Institute of Technology - Roorkee (I.I.T.-ROORKEE)
- BSc, Banaras Hindu University
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