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Title: | Individual Quiz 2 |

Started: | May 30, 2008 3:42 PM |

Submitted: | May 30, 2008 4:52 PM |

Time spent: | 01:09:48 |

Total score: | 19/20 = 95% Total score adjusted by 0.0 Maximum possible score: 20 |

1. | |

  | What is the future value of $9,500.00 in 8 years? Use a nominal rate (monthly compounding) of 8.25%.

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  | Student Response |

A. | $18,339 |

B. | $19,273 |

C. | $19,651 |

D. | $16,991 |

E. | $19,948 |

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Score: | 1/1 |

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2. | |

  | 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%.

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  | Student Response |

A. | $19,623 |

B. | $18,678 |

C. | $16,833 |

D. | $18,190 |

E. | $18,445 |

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Score: | 1/1 |

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3. | |

  | What is the future value of an annuity due that pays $800.00 per year for 15 years? Use an annual effective interest rate of 9.50%.

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  | Student Response |

A. | $27,501 |

B. | $26,753 |

C. | $26,238 |

D. | $24,988 |

E. | $24,432 |

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Score: | 1/1 |

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4. | |

  | Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.60%. What portion of the payments during the first 33 months goes toward principal?

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  | Student Response |

A. | 16.65% |

B. | 14.74% |

C. | 15.59% |

D. | 15.17% |

E. | 15.64% |

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Score: | 1/1 |

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5. | |

  | Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.90%. What portion of the payments during the first 31 months goes toward interest?

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  | Student Response |

A. | 86.15% |

B. | 82.91% |

C. | 80.72% |

D. | 93.71% |

E. | 90.37% |

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Score: | 1/1 |

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6. | |

  | You just opened a...