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# Week 2 Hmwk Es Essay

503 words - 3 pages

Week 2 : Time Value of Money - Homework ES

Homework ES

Question 1. 1. (TCO 3) You have been approved for a \$70,000 loan toward the purchase of a new home at 12% interest. The mortgage is for 30 years. How much are the approximately annual payments of the loan? Hint: Assume you pay yearly. (Points : 3)
\$2613
\$8690
\$5740
None of the above

Question 2. 2. (TCO 3) First Choice Bank pays 9% APR compounded quarterly on its business loans. National Emerald Bank pays 16% APR compounded daily. The EAR for First Choice and National Emerald Bank are: (Points : 3)
9.31% and 17.35%, respectively
9% and 17.50%, respectively
9.31% and 17.50%, respectively
9% ...view middle of the document...

Select all answers that apply: (Points : 4)
interest rate
frequency of the interest payments
length of the investment period

Question 5. 5. (TCO 3) If you borrow \$50,000 today at 10% interest for eight years. How much of your second payment will be applied to interest? (Points : 3)
\$5,000
\$4,562
\$4,809
can not be determined with the information given

Question 6. 6. (TCO 3) Match the following terms with the examples as appropriate:
(Points : 4)

Potential Matches:
1 : You obtained a business loan for four months. The loan will allow you to paid \$300 in interest for three months and a final payment of interest and principal at the end of the four month.
2 : You obtained a mortgage to buy a home. You will pay \$800 per month to cover both interest and principal.
3 : a way used by the US government to borrow money on short-term basis.
4 : You borrow \$1,000 from your best friend. In return, you will give him back \$1150 in 3 months.

: Pure discount loan
: Amortized Loan
: Interest-only Loan
: Treasury Bill

Question 7. 7. (TCO 3) You are interested in saving to buy a new machine that costs \$1,105. You can deposit \$250 in your bank today. If your bank pays 8% annual interest on its accounts, how long will it take you to save for the new machine? (Points : 4)
Can not be determined

Question 8. 8. (TCO 3) How can we apply the concept of time value of money in evaluating a mortgage? (Points : 6)

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