Introduction to Financial Management.
1. Tom took an RM5,000 bank loan from ACE Bank. The bank charged Tom 4.5% interest and requires him to pay at the end of each year for 4 years. Calculate the yearly repayment amount.
2. Nicole plans to save RM2,000 every year for the following three years. There is no money set aside for years four and five. Determine how much Nicole will have at the end of the fifth year if all investments earn 2%.
3. Hussein invested RM7,000 in Bank A three years ago. The bank pays 8% simple interest per annum. He decided to withdraw all the money accumulated in that bank and invest in Bank Z which gives 5% interest compounded quarterly. He plans to keep the money for 4 years in Bank Z. Calculate the accumulated amount at the end of the fourth year.
4. Sofia plans to buy a condominium when she graduates from Trident International University three years from now. The condo’s selling price is expected to be RM240,000 in three years’ time and she will need 10% of the selling price as a deposit to book the condo.
If she puts RM6,000 now in an account that yields 15% interest compounded semiannually, calculate how much more would she need to deposit soon after she has graduates?
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