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FINA 200 - Personal Finance (Summer C 2026)
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Tracey is buying a condo and will have a mortgage of $180 000 which she plans to pay off in 25 years. The interest rate is 5 percent compounded semi-annually. Her payments would be $1046 at the end of every month. She has heard she can reduce the time it would take to pay off her mortgage if she pays $523 every two weeks instead. How many years it would take her to pay off her mortgage if she chooses the second option.
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Mortgages are annuities in that a fixed monthly payment is made to the lender (assume end of month payments and an interest rate that compounds semi-annually). Sara is planning to take on a mortgage of $100 000 and believes she can afford monthly payments up to $700. How much interest would she save if she decided to pay off her mortgage over 20 years, rather than over 25 years? Her mortgage is at five percent interest compounded semi-annually.
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If John makes annual year-end payments of $8337.83 on a 20-year loan with an interest rate of 7.5 percent compounded annually what is the present value of the original principal amount for John's loan?
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How much interest would Aleem save if he paid off his mortgage over 15 years instead of 30 years? His mortgage is $100 000 at six percent interest compounded semi-annually.
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You will receive $100 at the end of year one, $200 at the end of year two, and $300 at the end of year three. What is the present value of these cash flows today if the discount rate is 13 percent compounded annually?
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Kayla plans to buy his first house for $280,000. If the property is expected to increase in value by 5 percent each year, the approximate value of the house 5 years from now is:
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Which best describes time value of money?
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Sharon had a net worth at the beginning of the year of $22 000. At the beginning of the year she received $1000 that she invested and earned 3 percent interest for the year. During the year she also saved $50 each week from her pay cheque in a non-interest chequing account. How much is her net worth at the end of the year?
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Which is the most important consideration when establishing your financial goals?
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If you have total assets of $14 000 and your net worth is $4000, how much liabilities do you have?
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