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Business Mathematics Assignment 2 You are required to answer all the questions and submit your answers latest

by 20/06/2013. Late submission will not be entertained. (Total marks = 60%) 1. Find the simple interest and maturity value for the following problems. Principal RM 2,500 RM 9,000 RM 92,700 RM 86,000 RM 270,450 Interest rate 10 % 12 % 4% 8% 3.4 % Time 19 months 42 months 5.5 years 10.5 years 15 years

(i) (ii) (iii) (iv) (v)

(3 marks) (3 marks) (3 marks) (3 marks) (3 marks)

2. On April 1, a businessman borrowed RM 7,500 with the annual interest rate of 6.4 %, determine the exact simple interest and the maturity value for the businessman on December 17. (3 marks)

3. Tiffany borrowed RM 4, 305.25 from PB Bank with the interest RM 340. 50 for 120 days. Determine the rate of ordinary simple interest paid. (3 marks)

4. Johnson paid the interest of RM 206.30 to a bank at 7.2 % for 100 days. The interest is an ordinary interest. How much did Johnson borrow from the bank? (3 marks)

5. Determine the period for a principal of RM 870 to achieve a maturity value of RM 3, 470 at simple interest of 13.5 % per annum. (3 marks)

6. Kelvin borrowed RM 9,350 in Mar 12. The loan, at the interest rate of 6.5, is due in August 23. Assume that February has 28 days. Find the interest on the loan using the following: (a) Ordinary simple interest. (b) Exact simple interest. (2 marks) (2 marks)

7. Tommy wants to buy a car that cost RM 57, 520.00 after 3 years. A bank can pays 16.5 % interest compounded annually. How much money must Tommy put in the bank today in order to have RM 57, 520.00 in 3 years? (2 marks)

8. Brenda needs RM 43, 000 for university in 4 years. She can earn 9 % compounded quarterly at her bank. How much must Brenda deposit at the beginning of the year in order to have RM 43, 000 in 4 years? (3 marks)

9. A Singaporean invests RM 3,800 in an account paying 7 % compounded quarterly for 4 years. Determine the following: (a) The future value using simple interest. (b) The compound amount. (c) Compound interest. (4 marks) (3 marks) (2 marks)

(d) The amount by which simple interest calculations underestimate the compound interest that is earned. (3 marks)

10. Lydia deposits RM 4, 700 in Am Bank that pays 3.6 % interest compounded semiannually. How much will Lydia have in her account at the end of 5 years? How much compounded interest will she receive? (4 marks)

11. A man needs an amount of RM 92, 000 to buy a machine. If interest at a rate of 16 % per annum compounded semiannually is earned in an investment, and RM 65, 000 is invested, find the period needed for the man to do his investment. (4 marks)

12. Samuel borrows RM 23,000 from a bank to purchase a second-hand Myvi. Find the bank discount and the amount Samuel is going to receive, if the loan is for 180 days and has a discount rate of 11.7%. There are 365 days in that year. (4 marks)