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De La Salle-College of Saint Benilde BMAT2-X S.Y. 2011-2012 3rd Trimester Quiz #2 -------------------------------------------------------------------------------------------------------------------------------Each set of asterisks is your I.D. number.

1,115.8220 is your I.D. number with the last four digits as decimal. 11,158.220 is your I.D. number with the last three digits as decimal. 111,582.20 is your I.D. number with the last two digits as decimal. 1,115,822.0 is your I.D. number with the last digit as decimal. In addition, the pair of asterisk 20 in the rate value are the last two digits of your I.D.#. NEATLY show all your work on yellow pad. For the first four problems, show also the time diagram and equation of values.

1.

Php111,582.20 is due at the end of two years. What is the value of the obligation five months before the maturity date if at that time money is worth 6.20% compounded monthly?
(6 points)

2.

Php111,582.20 with accumulated interest at 7.20% compounded monthly is due in three years. What is the value of the obligation 76 days after the maturity date if the prevailing rate is 6.20% simple interest?
(9 points)

3.

Php111,582.20 due at the end of six years at 6.20% simple interest and Php111,582.20 due at the end of four years with accumulated interest from today at 4.20% compounded quarterly. If a single payment is made to settle these obligations, how much would it be if it is made at the end of three years? The prevailing is 8.20% converted monthly.
points) (12

4.

Christian owes Php11,158.220 due in four years, Php11,158.220 due in three years, and Php11,158.220 due in 27 months. He wishes to repay his debts by making three payments: P15,000 at the end of the first year, P25,000 at the end of the second year, and a third payment at the end of 3 years. Find the size of the last payment if money is worth 10.20% compounded monthly.
points) (15

5.

In order to settle a loan, you promise to pay Php1,115.8220 at the end of each month for four and a half years. If money is worth 12.20% converted monthly, how much did you borrow?
points) (6

Professor : Jacobo O. Gonzales

De La Salle-College of Saint Benilde BMAT2-X S.Y. 2011-2012 3rd Trimester Quiz #2 -------------------------------------------------------------------------------------------------------------------------------6.

At the end of each three months for three years, a company will deposit Php11,158.220 in a fund to provide replacement of machinery. How much is in the fund at the end of three years if it accumulates at 5.20% compounded quarterly?
points) (6

7.

A family buys a hand car that sells for Php1,115,822.0 cash. They pay 50% of the cash price on October 19, 2010 and promise to settle the balance through equal semiannual payments to be paid starting April 19, 2011 until April 19, 2015. If the seller charges 11.20% converted semiannually, find the size of each payment. (Hint: Count the number of months from October 2010.)
points) (6

8.

The cash price of an X-box is Php11,158.220. It can be paid through a 3,000peso down payment and an annuity of P999 at the end of every month. If money is worth 6.20% compounded monthly, a. How many regular monthly payments should be made?
b.

What is the remaining debt on the day the last regular payment is made?
points) (8

9.

The owner of a manufacturing plant will invest Php11,158.220 in a depreciation fund at the end of every month to accumulate P100,000 for the first phase of a plant overhaul. If money is worth 10.20% converted monthly,
a) b)

Find the number of regular deposits the plant owner should make. A month after the last regular deposit is made, how much more should be deposited to have exactly P100,000?
points) (8

10.

A philanthropist assigns a bank to be the administrator of a foundation account that will provide Php111,582.20 at the beginning of every six months for ten years to an orphanage. If the account earns 8.20% compounded semiannually, how much should he put in the bank now?
points) (6

Professor : Jacobo O. Gonzales

De La Salle-College of Saint Benilde BMAT2-X S.Y. 2011-2012 3rd Trimester Quiz #2 -------------------------------------------------------------------------------------------------------------------------------11.

Ten years from now a businessman estimates that a capital of Php1,115,822.0 will be needed to put up a certain business. The businessman will deposit equal sums at the beginning of each quarter, with the first deposit made now, in a bank that gives 6.20% interest compounded quarterly. Find the size of each deposit.
(6 points)

12.

Fernan inherited Php111,582.20 from an aunt whom he had taken care of until her death. He deposits it in a bank that gives 3.20% compounded monthly. If he intends to make 20 equal-sized withdrawals from it and if the first withdrawal is to be made a year from now, how much would he be able to withdraw every month?
(6 points)

Professor : Jacobo O. Gonzales