Saturday Math 113 Final Exam: Fall 2013 Name

Saturday Math 113 Final Exam: Fall 2013 Name:

1. One year’s worth of quarterly payments of $645.45 are made to clear a loan of $2500 borrowed at 5.2%(4). Construct the amortization schedule for this loan.

2. Upon graduating from the academy, Zekk had student loans in the amount of $80000. He is to repay the loans by making monthly payments for 10 years with the first due in 3 years. If he is charged 3%(12), how much are his payments?

3. If $475 at the end of each month for the next 5 years will clear a debt with an interest rate of 5.4%(12), how much was borrowed?

4. Suppose $350000 is invested into an account paying 2.1%(12). If a semiannual scholarship is to be given away from this fund indefinitely, how large a scholarship can be awarded?

5. Lando borrowed $22000 on January 5, 2000. He was to make monthly payments starting on February 5, 2000 with the last on May 5, 2004. His interest rate was 4.2%(12). How much were his payments?

6. Luke deposited $800 each quarter starting on his nephew’s 10th birthday with the last on his nephew’s 18th birthday. If the interest rate he received was 2.4%(4), how much was in the account 3 months after his nephew’s 18th birthday?

7. Han borrowed $35000 from Jabba at 8.2%(4) and agreed to make payments of $1200 at the end of quarter to repay the debt. How many such payments must Han make, and what is the size of the final, smaller payment that will clear the debt?

8. Monthly payments of $315 for 2.5 years with the first due in 2 years will clear Jaina’s debt. If her interest rate is 6.6%(12), how much did she borrow?

9. Mara wants to be able to withdraw $1500 each quarter indefinitely from her savings account that pays 2.4%(12). How much must be deposited today for her to be able to do this?

10. Palpatine started making monthly deposits of $300 into his account paying 1.8%(12) on May 15, 2000. He made the last such deposit on May 15, 2005, and then left the money sitting in the account. How much will be in the account on May 15, 2010?

11. Quarterly deposits of $1450 are made at the end of each quarter into an account paying 2.7%(4) for 6 years. How much is in the account when the last deposit is made?

12. Semiannual payments of $1175 at the beginning of each 6-month period for 4 years will clear a debt. If interest is charged at a rate of 7.4%(2), how much was borrowed?