Ch. 13 Answers

Please Post your answers for your Chapter 13 Questions

1 Interest Period
2 Compound Interest
3 Future Value
4 Period Interest Rate
5 Effective
6 Annual Percentage Rate
7 Present Value
8 9% and 12
9 3% and 16
10 $1717.35
11 $4424.97
12 $6861.61
13 $2.23
14 $1000
15 $1,682.24
16 now $2,244.75
I did these 4 problems on the Pick 3 part
17 $16,035.70
20 $2622.40
21 $22,523.96
23 $16,840.62

I'll post my Chapter 14 answers later today at some point. FYI. I'm not 100% sure these are all right so please let me know (reply) if you came up with a different answer or if you got the same.

Thanks,

Scott

how could 14 be $1000 if you need that at the end??? I got $728.45.

Not sure I must have wrote the wrong answer down or something I hope. Did the rest of my answers seem to be correct?

Yeah you had all the same as I did, but how did you do 16?

4(2)=8
12%/8=1.5%
Then i used table 13-1 to find 8 periods at 1.5% =1.12649

3780(1.126449)=4258.13

4258.13-3780= $478.13

why 12%/8?? wouldn't you do 12%/2 because it is semi-annually?
so then it would be 6% with 8 periods..
3780(1.59385)=6024.75
6024.75-3780=2244.75

dsauers wrote:why 12%/8?? wouldn't you do 12%/2 because it is semi-annually?
so then it would be 6% with 8 periods..
3780(1.59385)=6024.75
6024.75-3780=2244.75

My bad. You're right! Mental error there
Have you looked at my chapter 14 answers? Did I mention I HATE the stuff were doing in math right now?

Hi

I compared my answers and I had almost all of the same ones. Some of them were off by a cent or two...does Kristi mark points off for that?

Dani, I also got $728.45 for #14.

But I'm not sure about #13. How did you do it? Don't you multiply $300(0.742400)? I got $222.72 for the answer.

Also, for #16, why do we have to subtract $3,780 from $6,024? I got to $6,024 but that's where I stopped.

#13
300/100=3
3(.742400)
$2.23

#16
compound interest=future value-original value
future value=3780(1.59385)
original value=3780
so therefore, it would be 3780(1.59385)-3780=$2244.75

For #13 the Table 13-2 is out of $100 so you have to divide it by 100 first before multiplying it by the table value