Questions 1. Future Value. What is the future value of a. $800 invested for 14 years at 11 percent compounded annually? b. $210 invested for 8 years at 9 percent compounded annually? c. $650 invested for 12 years at 8 percent compounded annually?
2. Present Value. What is the present value of a. $803 to be received 18 years from now at a 10 percent discount rate? b. $406 to be received 7 years from now at a 5 percent discount rate? c. $400 to be received 10 years from now at a 9 percent discount rate?
3. Future Value of an Annuity. What is the future value of a. $557 a year for 12 years at 5 percent compounded annually? b. $748 a year for 9 years at 12 percent compounded annually? c. $442 a year for 7 years at 11 percent compounded annually?
4. Present Value of an Annuity. What is the present value of a. $1,163 a year for 12 years at an 7 percent discount rate? b. $329 a year for 6years at a 12 percent discount rate? c. $365 a year for 20 years at a 14 percent discount rate?
5. How many years will it take to grow a. $765 to a value of 2,028.19 at a compound rate of 14 percent? b. $321 to a value of 450.22 at a compound rate of 12 percent? c. $881 to a value of 1,305.78 at a compound rate of 7 percent?
6. Interest Rate. At what interest rate will it take to grow a. $800to a value of 1,017.13 over 6 years? b. $600 to a value of 1,082.08 over 5 years? c. $401 to a value of 1,311.16 over 6 years?
7. Car Loans (Hint: P/Y=12). How much is a car loan with a payment of a. $453 per month for 3 years at 6% interest per year? b. $466 per month for 5 years at 15% interest per year? c. $301 per month for 6 years at 7% interest per year?
8. Mortgages (Hint: P/Y=12). What was the initial mortgage on the house? a. $4,369.66 per month for 30 years at 8 percent interest? b. $1,626.83 per month for 15 years at 4 percent interest? c. $3,724.21 per month for 30 years at 18 percent interest?
9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of a. $255,413 with a payment of 1,321.33 with 8 years remaining? b. $530,493 with a payment of 3,180.57 with 12 years remaining? c. $297,266 with a payment of 1,782.26 with 11 years remaining?
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