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Herbert J. Bernstein Professor of Mathematics and Computer Science
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90092 MTH 1002 A -- Fundamentals of Mathematics -- Fall 2012
Online Course
Quiz 6

This web page is http://www.bernstein-plus-sons.com/.dowling/MTH1002F12/MTH1002_Quiz_6.html
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This is the weekly quiz for 30 October 2012 for the MTH 1002 course. Please do this quiz after you have completed the rest of assignment 6. It should take between one half hour and 2 1/2 hours to complete if you are well prepared, longer if not.

In answer to questions on this page, when you need to show an exponent as in xa show the raised part using ^ and (), as in x^(a). For division, use / and (), as in (x^3-1)/(x-1).

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  1. Define simple interest.

  2. You buy a $1,000 note that pays 3% per annum, paid semi-annually. The principal of the note is payable in full after 10 years. How many dollars will you receive in the first year? in the second year? in the tenth year?

  3. You can buy a $1,000 note, note A, that pays 3% per annum, paid semi-annually for 10 years. Prevailing interest rates are much lower, so note A sells at a premium. You can have note A for $1,200. Alternatively, you can buy a $1,200 note, note B, that pays 1% per annum, paid semi annually for 10 years. Note B is available for $1,200. Which note should you buy, and why?

  4. Joe's business borrows $300,000 at 6% per annum simple interest for 2 months. How many dollars of interest is due? Show your work.

  5. Frank's business borrows $1,000,000 for 2 days at 10% per annum interest using banker's year rules. How many dollars of interest is due. Show your work.

  6. Frank's business borrows $1,000,000 for 2 days at 10% per annum interest using 365-day year rules. How many dollars of interest is due. Show your work.

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Updated 21 October 2012.