# Quiz 2

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Submitted by to the category Business and Industry on 10/08/2012 08:03 AM

You expect to receive \$9,500 in 6 years from a lawsuit settlement. What is the present value of the settlement? Use an annual interest rate of 7.75%.

a. \$5,518

b. \$6,070

c. \$6,251

d. \$6,290

e. \$6,571

2. (Points: 1)

What is the monthly payment on a \$460,000 mortgage? Assume a standard 30-year, 6.8% mortgage with monthly payments.

a. \$2,822

b. \$2,955

c. \$2,998

d. \$3,068

e. \$3,190

3. (Points: 1)

You just won the lottery, which promises you \$200,000 per year for the next 20 years. You receive the first payment today (hint: annuity due). If your discount rate is 9.25%, what is the present value of your winnings?

a. \$1,774,025

b. \$1,793,643

c. \$1,885,159

d. \$1,959,555

e. \$2,038,975

4. (Points: 1)

You just paid \$925 for a security that claims it will pay you \$2,175 in 9 years. What is your annual rate of return?

a. 9.10%

b. 9.20%

c. 9.97%

d. 10.14%

e. 10.53%

5. (Points: 1)

You just deposited \$9,000 in an account. What is the future value in 9 years? Use a nominal rate (monthly compounding) of 8.00%.

a. \$16,833

b. \$18,190

c. \$18,446

d. \$18,678

e. \$19,623

6. (Points: 1)

What is the future value of an annuity due that pays \$800 per year for 15 years? Use an annual effective interest rate of 9.50%.

a. \$24,432

b. \$24,988

c. \$26,238

d. \$26,753

e. \$27,501

7. (Points: 1)

Estimate the effective annual rate (EAR) for a continuously compounded annual nominal rate of 8.00%.

a. 8.2109%

b. 8.4344%

c. 8.5999%

d. 8.7264%

e. 8.328%

8. (Points: 1)

Consider a \$100,000, 30-year, 5.4% mortgage with monthly payments. What portion of the payments during the first 25 months goes toward principal?

a. 20.17%

b. 20.98%

c. 21.25%...

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