The Mathematics of Money

650 Appendix A Answers to Odd-Numbered Exercises

29. a) $2,087.07; b) $854.40, $783.46;
    c) $25,538.40; d) 29.42 months, or
    approximately 2½ years


30. $9,850


31. Yes. Since his down payment is 17.6%, which is
    less than 20%, he may be required to pay PMI.


32. $121,976.46;
    $12,900


33. $1,097.48


34. a) $1,297.30, b) yes


35. a) $24,465, b) no


36. 47.7 months; possibly, but probably not


37. $55,767.30

Chapter 10 Section 10.3

1. $75.63


2. $95.30


3. 80,200


4. $12.69 interest; $62.94 principle


5. a) $205.42, b) $2,383.79


6. 43,639


7. a) 14.98%, b) 16.05%


8. a) 17.98%, b) 18.46%


9. Spreadsheet rate. The approximation formula just
   gives an approximation.


10. $416.67


11. a) $1,083.33, b) 12.40%, c) 10.59%


12. Amortization 9.70%; approximation 10.14%


13. a) $840, b) $835.59

Chapter 10 Section 10.4

1. a) $434.89, b) $298.68


2. a) $349.06, b) $191.56


3. $779.76


4. None


5. a) $324.17, b) $366.84, c) 12,500 plan would
   cost less


6. $630.74


7. 
   $55.20 (the leasing company would probably
   not accept this deal)


8. $21,658

Chapter 11 Section 11.1

1. a) 0.5300, b) 3.7509 riyal, c) 10.9290 pesos,
   d) 37.693 baht, e) 2.1496 reais


2. a) 15,676, b) A$ 722.76, c) 62,571.43 rand,
   d) 1,746.51 rupees, e) 1,467,980 rubles


3. a) $1.4114, b) $0.2282, c) $0.3090, d) $0.3233,
   e) $0.1254


4. a) $66,041.50, b) $241.45, c) $24.24, d) $43.89,
   e) $1.63


5. a) C$587.98, b) 2,593.50,
   c) 2,204.10 pesos


6. US $ equivalent


7. a) $179.44, b) 379.09, c) ¥16,322,

d) $303.32

15. $22.64


16. 39.95


17. $1,042.50


18. 20,910,038 rupiah


19. a) $634,900, b) $761,000, c) $30,450,
    d) $128,600, e) $633,800


20. $7.94


21. $7,015.58


22. One example: gasoline prices per gallon


23. a) $215,475, b) $214,700, c) $775


24. $3.07

Chapter 12 Section 12.1

1. $5,400


2. a) $47,904, b) ($36,719)


3. Gross profi t $337,000; net income $137,800


4. $2,542,290


5. $769,640


6. $1,772,650


7. a) $3,559,633, b) $1,696,814, c) $739,214


8. a) $57,500, b) ($5,000), c) ($11,000),
   d) 100.00%, e) 32.35%, f) 67.65%, g) 73.53%,
   h)
   5.88%, i) 7.06%, j)
   12.94%

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