Looking for correct answers FYI chat gpt does not work on these equations so if you are using that platform it will give incorrect answers.
1
Kyla wants to have an annuity payment of $800, at the end of each six months. Use the appropriate formula to find how much she should deposit (in $) now at 6% interest, compounded semiannually, to yield this payment for 12 years. (Round your answer to the nearest cent.)
$
2.
Use the appropriate formula to find how much you should deposit now at 8% interest, compounded annually, to yield an annuity payment of $1,700 at the BEGINNING of each year, for 20 years.
$16,690.85
$17,028.57
$18,026.12
$20,271.84
3.
Apollo Enterprises has been awarded an insurance settlement of $6,000 at the end of each 6 month period for the next 11 years. (Round your answers to the nearest cent.)
(a)
As the accountant, calculate how much (in $) the insurance company must set aside now at 6% interest compounded semiannually to pay this obligation to Apollo.
$
(b)
How much (in $) would the insurance company have to invest now if the Apollo settlement was changed to $3,000 at the end of each 3 month period for 11 years and the insurance company earned 8% interest compounded quarterly?
$
(c)
How much (in $) would the insurance company have to invest now if the Apollo settlement was paid at the beginning of each 3 month period rather than at the end?
$
4.
Note: Round all answers to the nearest cent when necessary.
Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan.
Purchase (Cash) Price |
Down Payment |
Amount Financed |
Monthly Payment |
Number of Payments |
Finance Charge |
Total Deferred Payment Price |
$2,700 |
0 |
$ |
$183.69 |
18 |
$ |
$ |
5.
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,100.
On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,900, and on October 19 they borrowed $4,600. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.)
$
6.
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
STATEMENT OF ACCOUNT Billing cycle: June 1–30 |
||
June 1 |
Previous month's balance |
$264.74 |
June 6 |
Kim's Paints |
54.95 |
June 12 |
Payment |
112.00 |
June 15 |
Biggie Supermarket (credit) |
41.47 |
June 28 |
Lamont's Bikes |
130.98 |
$292.74
$297.20
$300.66
$338.70
7.
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
Amount Financed |
Interest Rate |
Term of Loan (years) |
Monthly PI |
Annual Property Tax |
Annual Insurance |
Monthly PITI |
$126,700 |
6.75% |
15 |
$ |
$2,310 |
$1,385 |
$ |
8.
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at
5
3 |
4 |
%
for 30 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.)
Monthly payment$ Total interest$
9.
As the owner of a business, Avery needs fire insurance. His building is worth $497,000 and the contents are valued at $365,600. His agent placed the building in structural classification A and area rating 4. Use Table 19-4 to calculate his total premium. (Round your answer to the nearest cent.)
$3,424.12
$4,051.36
$5,418.38
$5,849.68
10.
Jessie is happy with his seven-year-old car, but he is thinking of switching auto insurance carriers. His agent said the car was in model class A and that he would be assigned to driver class 3. For comparison with his current policy, he wants a price quote for 50/100/50 liability coverage, $500 deductible collision and $100 deductible comprehensive. Based on Table 19-6 and Table 19-7, what would be his total premium if he lives in territory 2 and has a rating factor of 1.6?
$306.00
$489.60
$499.39
$558.14
11.
Calculate the accrued interest (in $) and the total purchase price (in $) of the bond purchase. (Round your answers to the nearest cent.)
Company |
Coupon Rate |
Market Price |
Time Since Last Interest |
Accrued Interest |
Commission per Bond |
Bonds Purchased |
Total Price |
Company 1 |
9.75 |
102.50 |
78 days |
$ |
$3.50 |
15 |
$ |
12.
Calculate the total cost, proceeds, and gain (or loss) (in $) for the stock market transaction.
Company |
Number of Shares |
Purchase Price |
Selling Price |
Commissions |
Total Cost |
Proceeds |
Gain (or Loss) |
||
Buy |
Sell |
Odd Lot |
|||||||
an audio and video products manufacturer |
800 |
$24.37 |
$33.25 |
3% |
3% |
$ |
$ |
$ |
13.
Calculate the preferred and common dividend per share (in $) for the company. (If there is no answer, enter NONE.)
Company |
Common Stock Shares |
Preferred Stock |
Dividend |
Declared Arrears |
Preferred Div./Share |
Common Div./Share |
||
Shares |
Div. or Par |
Cum. |
||||||
a personal electronics manufacturer |
9,000,000 |
1,000,000 |
$100 7% |
no |
$5,000,000 |
none |
$ |
$ |
14.
Saunders and Flimsy Partnership paid dividends of $0.24 and $0.19 per share last year. If yesterday's closing price was $13.19, what is the current yield on the stock? (Round to the nearest tenth.)
2.5%
2.8%
3.3%
8.3%