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10 Pages

Administrative Studies
Course Code
ADMS 3530
Lois King

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NameSectionIDProf Kings section A Prof Kohens sections D and G Prof Tahanis sections C E and F Prof Wongs sections B and HAKADMS 3530 Midterm Exam Fall 2006 October 15 2006ExamSolutionsThis exam consists of 30 multiple choice questions and carries a total of 100 points Choose the response which best answers each question Circle your answers below and fill in your answers on the bubble sheet Only the bubble sheet is used to determine your exam score Please note the following points Read the questions carefully and use your time efficiently The 20 Numerical Questions are worth 4 points each The 10 Conceptual Questions are worth 2 points each Choose the answers that are closest to yours because of possible rounding in your calculations and at least 6Keep at least 4 decimal places for dollar amountsdecimal places for interest ratesInterest rates are annual unless otherwise statedBonds pay semiannual coupons unless otherwise stated and have a face value or par value of 1000You may use the back of the exam paper as your scrap paper Numerical Questions 4 points each1 Q 3 in B If 200000 is borrowed for a home mortgage to be repaid monthly at a 6 APR semiannually compounded over 25 years how much interest is paid over the life of the mortgage loanA183884 B223763 C310850 D 383884 Solution AFirst Compute monthly mortgage payment using your calculator212i103 1000493862 or 493862 mPMT200000PVIFA0493862300127961 Total interest paidTotal payments made less mortgage loan127961 x 3002000003838838920000018388389Page 1
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