Financial Arithmetic - SS3 Mathematics Past Questions and Answers - page 1
An account having \(N12,000\) earns a compound interest of \(20\%\) per annum. What is its value after \(5\) years? \((a)N30,500\ (b)N29,600\ 9\ (c)N29,860\ (d)N25,200\)
N30,500
\(N29,600\ 9\)
N29,860
N25,200
William bought \(1,000\) \(50k\) shares at \(75k\) per share with a dividend of \(15\%\). What is the total dividend?
N750
N75
N7,500
N7.50k
Mr Wilkerson bought some Nigerian government bonds worth N2,500,000. If the bonds mature after 10 years at an interest rate of 8%, what is the maturity value of his investment?
N4,000,000
N2,000,000
N4,500,000
N2,500,000
Matthew deposits N15,000 at the end of each quarter for 15 years with Ivory Bank which pays an annual interest rate of 10% compounded quarterly. Find the worth of the account.
A company wants to accumulate N5,000,000 in 5 years’ time to make a purchase. A sinking fund is established by making fixed monthly payments into an account paying 15% per annum compounded monthly. How much should each payment be?
Kyle got a \(\$ 250,000\) housing loan at an annual interest rate of \(10\%\). If the loan is amortized for a \(30\ year\ term\), what is the monthly payments Kyle is expected to pay?
The value of a factory machine depreciates by 15% of its value in the beginning of each year. If the machine cost N7.5 million, find the book value after 3 years.