ECUADOR CENTRAL FURNACE

ADMINISTRATIVE SCIENCES FACULTY

DISTANCE MODE
FINANCIAL MATHEMATICS II
BUSINESS ADMINISTRATION CAREER
SEMESTER 2019 - 2020

1. Download from the website of the Central Bank of Ecuador www.bce.fin.ec the "Effective
Reference Rates" that are in force at the date of your work (attach the form).

If you want to see the complete table, print it from

https://contenido.bce.fin.ec/docs.php?path=/documentos/Estadisticas/SectorMonFin/TasasInteres/
Indice.htm.

2. It is estimated that a wooded land will produce $ 18,000 per year from its exploitation in
the next 20 years and then the land can be sold for $ 15,000. Find its present value assuming
interest at 6.25%.

Data:
R=18000 $ /año
n=20 años
S=15000 $
i=6 , 25 %
A=?
 [ ]
−n
1−( 1+ i )
A=R + S ( 1+i )−n
i

[ ]
−20
1−( 1+ 0,0625 ) −20
A=18000 +15000 ( 1+ 0,0625 )
0,0625

A=18000∗11,2407+15000∗0,2975=206795 ,10 $
3. Each quarter Mr. Garcia deposits $ 3200 in his savings account, which earns interest at
3.8% per quarter. After three years, Mr. Garcia discontinues the quarterly deposits and the
amount obtained at that time is transferred to an investment fund that gives 22%
capitalizable each month. If the money remained in the investment fund for 2 years, obtain
the final amount in the fund.

Data:
R1=3200 $ /trimestre
i 1=3 , 8 % trimestral
n1=12trimestres
j 2 =22% acm
n2 =24 meses
S=?
j 22
i 2= = =1 , 83 % mensual
m 12

S1=R 1 [
( 1+i )n−1
i ]
S1=3200 [
( 1+0,038 )12−1
0,038
= 47534 , 62 $]
n
S2= A ( 1+i )
24
S2=47534 , 62 ( 1+ 0,0183 ) =73456 ,10 $

4. Today $ 15000 is deposited in a savings account that pays 7% interest. After 3 years, new
deposits are made at the end of each year, so that after 7 years, you will have $7,000 when
you make your last deposit. Find the value of the annual deposits.
Data:
A=15000 $
n=7 años
S=70000 $
i=7 %
R=?
After 3 years new deposits are made

S=R [ ( 1+i )n−1

i ]
+ A ( 1+i )n

70000=R [ ( 1+0 , 07 )5−1

0 , 07 ]
+ 15000 (1+ 0 ,07 )
7

70000=R∗5,7507+ 24086 , 32

70000−2 4086 , 32
R= =7983 , 95 $
5,7507
5. Francisco has deposited at the end of each month $3500 in a savings account. At the end
of three years he receives an amount of $180000. What nominal rate, compoundable
monthly, have you earned?

Data:
n=36 meses
S=180000 $
j=?
R=3500 $ /mes

S=R [
( 1+i )n−1
i ]
180000=3500 [ ( 1+i )36−1
i ]
 [ ]
36
180000 ( 1+ i ) −1
=
3500 i

[ ( 1+i )36−1
i ]
=51,4286

For i = 2% monthly

For i = 1% monthly
[ ( 1+0 , 02 )36−1
0 ,02 ]
= 51,9944

[ ( 1+0 , 01 )36−1
0 ,01 ]
= 43,0769

Interpolation:

y 2− y 1
Y = y 1+
x 2−x 1
( X−x 1 )

2−1
Y =1+ ( 51,4286−43,0769 )
51,9944−43,0769

Y =1 , 94 % mensual

j=1∗m=1 , 94∗12=23 ,28 % acm

6. The proceeds of a one-year lease contract, starting today, with a $3,000 monthly advance
fee, are deposited in a corporation that offers 10% convertible monthly. To find the
accumulated amount obtained after the expiration of the contract.

Data:
n=12 meses
S=?
j=10 % acm
R=3000 $ /mes(anticipadas)

j 10
i= = =0 ,83 % mensual
m 12

S=R [ ( 1+i )n−1

i ]
( 1+i )
 S=3000 [
( 1+0,0083 )12−1
0,0083 ]
( 1+0,0083 )

S=3000∗12,5632∗1,0083=38002 , 42 $
7. A person saves $1000 per month starting today and doing so in 2 years in a financial
institution that recognizes 12% compoundable monthly for the first year and 13%
compoundable monthly for the second year. What is the accumulated at the end of the 24
months.

Data:
R=1000 $ /mes(anticipada)
n=24 meses
j 1=12% acm año 1
j 2 =13 % acm año 2
n2 =24 meses
S=?

j 12
i 1= = =1 % mensual
m 12

j 13
i 2= = =1 , 08 % mensual
m 12

S=R [ ( 1+i )n−1

i ] [
( 1+i )( 1+i )n + R
(1+i )n −1
i ]
( 1+i )

S=1000 [ ( 1+0 , 01 )12−1

0 , 01 ]
(1+ 0 ,01 )( 1+0,0108 )12 +1000 [
( 1+ 0,0108 )12−1
0,0108 ]
( 1+0,0108 )

S=1000∗12,6823∗1 , 01∗1,1376+1000∗12,7391∗1,0108=27448 , 57 $
8. Sofia Rodriguez receives a loan of $ 5000 to be paid in 24 monthly payments, at the
beginning of each month, with the first payment due today; if the loan rate is 14%
convertible monthly, what is the value of the payments to be made?
Data:
A=5000 $
n=24 meses
j=14 % acm
R=?(anticipada)

j 14
i= = =1 ,17 % mensual
m 12

[ ]
−n
1−( 1+ i )
A=R ( 1+i )
i

[ ]
−24
1−( 1+ 0,0117 )
5000=R ( 1+0,0117 )
0,0117

5000=R∗20,8195∗1,0117

5000
R= =237 , 38 $
20,8195∗1,0117
9. It is required to establish a fund of $ 100,000, $ 5,000 is deposited at the beginning of each
year in a savings account that pays 6%. Calculate the number of full deposits required and
the value of the last additional deposit at maturity to achieve the proposed target.

Data:
n=?
S=100000 $
i=6 %
R=5000 $ /año(anticipadas)

S=R [
( 1+i )n−1
i
( 1+i )]
 100000=5000
0 , 06[
( 1+0 , 06 )n−1
( 1+0 ,06 ) ]
100000=5000 [ ( 1 , 06 )n −1
0 , 06 ]
( 1 , 06 )

100000∗0 , 06
( 1 , 06 )n= +1
5000∗1 ,06

( 1 , 06 )n=2,1321
n
log ( 1 , 06 ) =log 2,1321

n∗log 1 , 06=log 2,1321

log 2,1321
n= =12 , 99
log 1 , 06
12 full tanks and an additional tank of

S=R [ ( 1+i )n−1

i ]
( 1+i )+ X

100000=5000 [
( 1+0 , 06 )12−1
0 , 06
( 1+0 , 06 ) + X ]
100000=5000∗16,8699∗1 , 06+ X

X =100000−89410 , 47=10589 , 53 $
10. What amount deposited today in an account paying 4% convertible quarterly will be
necessary to make 20 quarterly withdrawals of $500 each, making the first withdrawal at the
end of the 3rd quarter. year.

Data:
A=?
n=20 trimestres
j=4 % act
R=500 $ /trimestre
First installment at the end of year 3 or quarter 12.
 j 4
i= = =1 % trimestral
m 4

[ ]
−n
1−( 1+ i )
A=R ( 1+i )−n
i

[ ]
−20
1−( 1+ 0 , 01 )
A=500 ( 1+0 , 01 )−11
0 , 01
A=500∗18,0456∗0,8963=8087 , 14 $
11. A machine is purchased and is to be paid in 10 quarterly installments equal to $ 18500,
the first of which is to be paid exactly 2 years from now.
commitment for 20 semiannual payments due, starting with the first payment exactly six
months after the purchase; consider a nominal rate of 10%, capitalizable according to the
corresponding payment period.

Data:
Payment plan 1: deferred 7 semesters
n=10 trimestres
R=18500 $ /trimestre
j=10 % act
j 10
i= = =2 , 5 % trimestral
m 4
Payment plan 2: no deferral
n=20 semestres
j=10 % acs
j 10
i= = =5 % semestral
m 2

[ ] [ ]
−n −n
1−( 1+i ) −n 1−( 1+i )
R (1+i ) =R
i i

[ ] [ ]
−10 −20
1−( 1+0,025 ) 1−( 1+0 , 05 )
18500 ( 1+0,025 )−7 =R
0,025 0 , 05

18500∗8,7521∗0,8413=R∗12,4622

136218 , 12
R= =10930 ,5 $
12,4622
12. A person inherits $20,000 and invests it at 10% per annum, compoundable semiannually,
agreeing to receive 20 equal semiannual payments and receiving the initial payment in 5
years. Find how much is the value of the semiannual payment.

Data:
A=20000 $
n=20 semestres
j=10 % acs
R=?
Deferred 9 semesters.

j 10
i= = =5 % semestral
m 2

[ ]
−n
1−( 1+ i )
A=R ( 1+i )−n
i

[ ]
−20
1−( 1+ 0 , 05 )
20000=R ( 1+0 , 05 )−9
0 , 05

20000=R∗12,4622∗0,6446

20000
R= =2489 , 69 $
12,4622∗0,6446
13. When buying a dump truck, $ 30000 are owed, to be paid in 8 quarterly installments,
starting in 9 months; together with the last quarterly installment, $ 5000 must be paid. Find
the value of the installments if the financing interest rate is 6% capitalizable.
quarterly.

Data:
A=30000 $
n=8 trimestres
j=6 % act
R=?
X =5000 $ con laultima cuota
Deferred 2 quarters.

j 6
i= = =1 , 5 % trimestral
m 4

[ ]
−n
1−( 1+ i )
A=R ( 1+i )−n + X ( 1+i )−n
i

[ ]
−8
1−( 1+ 0,015 )
30000=R ( 1+ 0,015 )−2 +5000∗( 1+0,015 )−10
0,015

30000=R∗7,4859∗0,9707+ 4308 , 34

30000−4308 , 34
R= =3535 ,60 $
7,4859∗0,9707
14. What amount is necessary to sponsor a series of quarterly lectures costing $3500, if the
lectures are to be held at the beginning of each quarter indefinitely, assuming interest at 5%
convertible quarterly.

Data:
$
R=3500 anticipada y indefinida
trimestre
j=5 % act
A=?

j 5
i= = =1 , 25 % trimestral
m 4

A=R 1+
[ ] 1
i

A=3500∗ 1+
[ 1
0,0125 ]
=3500∗81=283500 $

15. A person wants to build a fund to grant an annual award of $20,000 indefinitely; for this
purpose he deposits today $15,000,000 in a corporation that recognizes 8% per annum. How
long must you leave the money in escrow before you begin the indefinite annual award?
Data:
A=150000 $
n=?
i=8 %
R=?
R=20000 $ /año indefinida

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−n
1−( 1+ 0 , 08 )
150000=20000
0 , 08

150000=250000 [ 1−( 1+0 , 08 ) ]

−n

150000
=[ 1−( 1+0 , 08 ) ]
−n
250000

0 , 6=[ 1−( 1+0 , 08 ) ]

−n

( 1 , 08 )−n=1−0 , 6

( 1 , 08 )−n=0 , 4
−n❑
log ( 1 , 08 ) =log 0 , 4

−n log ( 1 , 08 )=log 0 , 4

log 0 , 4
−n=
log1 , 08

−n=−11, 91

n=11, 91 años
16. Find the amount and present value of 10 quarterly payments of $1500, if the interest rate
is 25% compoundable each month.
Data:
R=1500 $ /trimestre
n=10 cuotas
j=25 % acm
S=?
A=?
j 25
i= = =2 , 08 % mensual
m 12
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0,0208 )12=( 1+i 2 ) 4
4
1,2802=( 1+i 2 )

√ 1,2802=√ ( 1+i2 )
4 4 4

1,0637=1+i 2
i 2=1,0637−1=0,0637 ≈ 6 , 37 % trimestral

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−10
1−( 1+ 0,0637 )
A=1500
0,0637

A=1500∗7,2328=10849 , 15 $

S=R [
( 1+i )n−1
i ]
S=1500 [ ( 1+0,0637 )10−1
0,0637 ]
S=1500∗13,4121=20118 , 12 $
17. Find the cash value of an industrial equipment that has been paid for in 12 quarterly
installments of $450 with an interest rate of 5.2% compounded monthly.

Data:
R=450 $ /trimestre
n=12 cuotas
j=5 ,2 % acm
A=?
j 5,2
i= = =0 , 43 % mensual
m 12
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0,0043 )12=( 1+i 2 ) 4
4
1,0528=( 1+i 2)

√ 1,0528= √( 1+i2 )
4 4 4

1,0129=1+i 2

i 2=1,0129−1=0,0129 ≈ 1 ,29 % trimestral

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−¿2
1−( 1+0,0129 )
A=450
0,0129

A=450∗11,0516=4973 , 22 $
18. A car whose cash price is $ 63000 is sold with a down payment of $ 6300 and the
outstanding balance to be paid in 24 monthly installments, with an interest rate of 30% per
annum, capitalized every six months. Find the value of the monthly payments.
Data:
A=63000 $
Paid = $6300
Unpaid balance = $56700

R=?
n=24 cuotas
j=30 % acs

j 30
i= = =15 % semestral
m 2
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0 , 15 )2=( 1+i 2 )12
12
1,3225=( 1+i 2)

√1,3225= √ ( 1+i2 )
12 12 12

1,0236=1+i 2

i 2=1,0236−1=0,0236 ≈ 2 , 36 % mensual

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−24
1−( 1+ 0,0236 )
56700=R
0,0236

56700
R= =3121 , 43 $

[ ]
−24
1− (1+ 0,0236 )
0,0236

Sofia buys a used car valued at $13,400. Pay $3400 down and agree to pay $1000 at the end
of each month; applying the equivalent payment criterion find the number of full payments
and the final payment, one month after the last payment, if the interest rate is 14%
compoundable quarterly.
Data:
A=13400 $
Down payment = $3400

R=1000 $ /mes
n=?
j=14 % act
Full payments and a final payment

j 14
i= = =3 ,5 % trimestral
m 4
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0,035 )4=( 1+i 2 )12
12
1,1475=( 1+i 2)

√1,1475= √ ( 1+i2 )
12 12 12

1,0115=1+i 2

i 2=1,0115−1=0,0115 ≈ 1 ,15 % mensual

[ ]
−n
1−( 1+ i )
A=R +X
i

[ ]
−n
1−( 1+ 0,0115 )
13400=1000 +3400
0,0115

13400=86956 , 52 [ 1−( 1,0115 ) ]+ 3400

−n

13400−3400
=[ 1−( 1,0115 ) ]
−n
86956 ,52

0,115=[ 1−( 1,0115 ) ]

−n

( 1,0115 )−n=1−0,115
 ( 1,0115 )−n=0,885
−n
log ( 1,0115 ) =log 0,885

−n∗log 1,0115=¿ log 0,885 ¿

log 0,885
−n=
log 1,0115

−n=−10 , 68

n=10 , 68
There are 10 full payments and an additional payment of

[ ]
−10
1−( 1+ 0,0115 )
13400=1000 +3400+ X ( 1+0,0115 )−11
0,0115

13400=1000∗9,3955 +3400+ X∗0,8818

13400−9395 , 5−3400
X= =685 , 48 $
0,8818
20. A secretary deposits $180 of her salary each month in a savings account that pays 12%
compounded quarterly. How many deposits and what is the value of the additional deposit,
made together with the last deposit, must you make to collect $2800?

Data:
S=2800 $
R=180 $ /mes
n=?
j=12 % act
Full payments and a final payment

j 12
i= = =3 % trimestral
m 4
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0 , 03 )4 =( 1+i 2 )12
 12
1,1255=( 1+i 2)

√1,1255= √ ( 1+i2 )
12 12 12

1,010=1+ i2

i 2=1,010−1=0,010 ≈ 1 % mensual

S=R [( 1+i )n−1

i ]
2800=180 [ ( 1+0 , 01 )n −1
0 , 01 ]
2800=18000 [ ( 1, 01 )n−1 ]

2800
=[ ( 1 ,01 ) −1 ]
n
18000
n
0,156=( 1 , 01 ) −1
n
0,156+ 1=( 1 , 01 )
n
1,156=( 1 ,01 )
n
log ( 1 , 01 ) =log 1,156

n∗log 1 , 01=¿ log 1,156 ¿

log1,156
n=
log 1 ,01

n=14 , 57

n=10 , 68
There are 14 full payments and an additional payment of

2800=180 [ ( 1+0 , 01 )14 −1

0 ,01
+X ]
2800=180∗14,9474 + X

X =2800−2690 ,54=109 , 46 $
21. It is agreed to pay a debt in installments of $1700, at the beginning of each quarter, for 4
years. Find the value of the debt at the rate of 30% capitalizable each month.

Data:
A=?
R=1700 $ /trimestre(anticipadas)
n=16 trimestres
j=30 % acm

j 30
i= = =2 , 5 % mensual
m 12
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0,025 )12=( 1+i 2 ) 4
4
1,3449= ( 1+ i2 )

√ 1,3449= √( 1+i2 )
4 4 4

1,0769=1+i 2

i 2=1,0769−1=0,0769 ≈ 7 , 69 % trimestral

[ ]
−n
1−( 1+ i )
A=R ( 1+i )
i

[ ]
−16
1−( 1+ 0,0769 )
A=1700 (1+ 0,0769 )
0,0769

A=1700∗9,0295∗1,0769=16530 ,58 $

22. A computer costing $1070 can be purchased with 18 monthly payments starting with the
first payment at the time of purchase; determine the value of the payment if an interest rate
of 8% compounded quarterly is applied.
Data:
A=1070 $
R=?
n=18
j=8 % act

j 8
i= = =2 % trimestral
m 4
P1 P2
( 1+i1 ) =( 1+i 2)
( 1+0 , 02 )4 =( 1+i 2 )12
12
1,0824=( 1+i 2 )

√1,0824= √( 1+i2 )
12 12 12

1,0066=1+i 2

i 2=1,0066−1=0,0066 ≈ 0 , 66 % mensual

[ ]
−n
1−( 1+ i )
A=R ( 1+i )
i

[ ]
−18
1−( 1+ 0,0066 )
1070=R (1+ 0,0066 )
0,0066

1070=R∗16,9194∗1,0066

1070
R= =62, 83 $
16,9194∗1,0066
23. A computer services company obtains a three-year term loan of $30000 with an interest
rate of 17.5% per annum compoundable quarterly, to be repaid in quarterly installments.
Calculate the quarterly installment and prepare the amortization table until the debt is
extinguished.
Data:
A=30000 $
R=?
n=12trimestres
j=17 , 5 % act

j 17 , 5
i= = =4,375 % trimestral
m 4

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−12
1−( 1+ 0,04375 )
30000=R
0,04375

30000=R∗9,1841

30000
R= =3266 ,5 $
9,1841

Unpaid balance Recurring Unpaid balance

Periods Interest Capital credit
before payment payment after payment
1 30000,00 1312,50 3266,50 1954,00 28046,00
2 28046,00 1227,01 3266,50 2039,49 26006,51
3 26006,51 1137,78 3266,50 2128,72 23877,80
4 23877,80 1044,65 3266,50 2221,85 21655,95
5 21655,95 947,45 3266,50 2319,05 19336,90
6 19336,90 845,99 3266,50 2420,51 16916,39
7 16916,39 740,09 3266,50 2526,41 14389,98
8 14389,98 629,56 3266,50 2636,94 11753,04
9 11753,04 514,20 3266,50 2752,30 9000,74
10 9000,74 393,78 3266,50 2872,72 6128,02
11 6128,02 268,10 3266,50 2998,40 3129,62
12 3129,62 136,92 3266,50 3129,58 0,00

24. Find the value of the semiannual installment and prepare a table to amortize the sum of $
60000 in equal semiannual payments for 6 years, with a grace period of 2 years, in which
only interest is paid and a rate of 12% capitalizable semiannually.
Data:
A=60000 $
R=?
n=12 semestres
4 semesters deferred, 8 semesters actual
j=12 % acs

j 12
i= = =6 % semestral
m 2

[ ]
−n
1−( 1+ i )
A=R ( 1+i )−n
i

[ ]
−8
1−( 1+ 0 , 06 )
60000=R ( 1+0 , 06 )−4
0 , 06

60000=R∗6,2098∗0,7921

60000
R= =12198 , 14 $
6,2098∗0,7921

Unpaid balance Recurring Unpaid balance

Periods Interest Capital credit
before payment payment after payment
1 60000,00 3600,00 -3600,00 63600,00
2 63600,00 3816,00 -3816,00 67416,00
3 67416,00 4044,96 -4044,96 71460,96
4 71460,96 4287,66 -4287,66 75748,62
5 75748,62 4544,92 12198,14 7653,22 68095,39
6 68095,39 4085,72 12198,14 8112,42 59982,98
7 59982,98 3598,98 12198,14 8599,16 51383,82
8 51383,82 3083,03 12198,14 9115,11 42268,71
9 42268,71 2536,12 12198,14 9662,02 32606,69
10 32606,69 1956,40 12198,14 10241,74 22364,95
11 22364,95 1341,90 12198,14 10856,24 11508,71
12 11508,71 690,52 12198,14 11507,62 1,09

25. A loan of $30000 is to be repaid in 4 years with equal installments at the end of the
month. If the financing interest rate is 7%, capitalizable monthly:
a. Calculate the monthly periodic payment.
Data:
A=30000 $
R=?
n=48 meses
j=7 % acm

j 7
i= = =0 , 58 % mensual
m 12

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
− 48
1−( 1+ 0,0058 )
30000=R
0,0058

30000=R∗41,7926

30000
R= =717 , 83 $
41,7926
b. Construct the amortization table for the first 3 months.
Unpaid balance Recurring Unpaid balance
Periods Interest Capital credit
before payment payment after payment
1 30000,00 174,00 717,83 543,83 29456,17
2 29456,17 170,85 717,83 546,98 28909,19
3 28909,19 167,67 717,83 550,16 28359,03

c. Determining the creditor's rights after payment No. 45.

[ ]
−n
1−( 1+i )
Derecho del acreedor despuesdel pago 45=R
i

[ ]
− ( 48−45 )
1−( 1+0,0058 )
Derecho del acreedor despuesdel pago 45=717 , 83
0,0058

Derecho del acreedor despuesdel pago 45=717 , 83∗2,9655=2128 , 75 $

d. Construct the table for the last three payments.

Unpaid balance Recurring Unpaid balance

Periods Interest Capital credit
before payment payment after payment
 45 2128,75
46 2128,75 12,35 717,83 705,48 1423,27
47 1423,27 8,25 717,83 709,58 713,69
48 713,69 4,14 717,83 713,69 0,00

26. Calculate the periodic rate as well as the nominal rate, capitalizable quarterly, at which a
debt of $ 30000 is being amortized by quarterly installments of $ 1850 during 5 years;
construct the corresponding amortization table.

Data:
A=30000 $
R=1850 $ /trimestre
n=20 trimestres
i=?

[ ]
−n
1−( 1+ i )
A=R
i

[ ]
−20
1−( 1+ i )
30000=1850
i

[ ]
−20
30000 1−( 1+i )
=
1850 i

[ ]
−20
1−( 1+ i )
= 16,2162
i

For i = 2%.

[ ]
−20
1−( 1+ 0 , 02 )
=16,3514
0 , 02

For i = 3%.

[ ]
−20
1−( 1+ 0 , 03 )
=14,8775
0 , 03

Y 2 −Y 1
Y =Y 1+
X 2 −X 1
( X −X 1 )
 3−2
Y =2+ (16,2162−16,3514 )
14,8775−16,3514

Y =2, 09 % trimestral

j=2 ,09∗4=8 ,36 % act

Unpaid balance Recurring Unpaid balance

Periods Interest Capital credit
before payment payment after payment
1 30000,00 627,00 1850,00 1223,00 28777,00
2 28777,00 601,44 1850,00 1248,56 27528,44
3 27528,44 575,34 1850,00 1274,66 26253,78
4 26253,78 548,70 1850,00 1301,30 24952,49
5 24952,49 521,51 1850,00 1328,49 23623,99
6 23623,99 493,74 1850,00 1356,26 22267,74
7 22267,74 465,40 1850,00 1384,60 20883,13
8 20883,13 436,46 1850,00 1413,54 19469,59
9 19469,59 406,91 1850,00 1443,09 18026,50
10 18026,50 376,75 1850,00 1473,25 16553,26
11 16553,26 345,96 1850,00 1504,04 15049,22
12 15049,22 314,53 1850,00 1535,47 13513,75
13 13513,75 282,44 1850,00 1567,56 11946,19
14 11946,19 249,68 1850,00 1600,32 10345,86
15 10345,86 216,23 1850,00 1633,77 8712,09
16 8712,09 182,08 1850,00 1667,92 7044,17
17 7044,17 147,22 1850,00 1702,78 5341,40
18 5341,40 111,64 1850,00 1738,36 3603,03
19 3603,03 75,30 1850,00 1774,70 1828,34
20 1828,34 38,21 1850,00 1811,79 16,55

27. A company produces 6000 units of an item per year. The price per unit is $12.50 for the
first year, $13.00 for the second year, $13.50 for the third year and so on. The cost per unit of
the item is $8.00, and the company annually invests one-fourth of the profits in an institution
that pays 3%. How much will the company have saved at the end of nine years?

Data:
Produccion=6000unidades /año
Precio 1=12 , 5 $ /unidad
Precio 2=13 $/unidad
Precio 3=13 ,5 $ /unidad
n=9 años
i=3 %
Costo=8 $/unidad
S=?
Period Revenue Expens Utility 25% of profit
 s es
1 75000 48000 27000 6750
2 78000 48000 30000 7500
3 81000 48000 33000 8250
4 84000 48000 36000 9000
5 87000 48000 39000 9750
6 90000 48000 42000 10500
7 93000 48000 45000 11250
8 96000 48000 48000 12000
9 99000 48000 51000 12750

[ ( 1+i )n−1
] [( ) [ ]]
n
1 ( 1+i ) −1
S=R +G −n
i i i

S=6750 [
( 1+0 , 03 )9−1
0 , 03
+ 750 ] [( ) [
1
0 , 03
( 1+0 , 03 )9−1
0 , 03
−9 ]]
S=6750∗10,1591+750∗38,6369=97551 ,59 $

28. In one year, $ 5000 must be paid as a down payment on an apartment; for this purpose,
monthly deposits are made starting today with a savings of $ 400. What should be the
constant increase in subsequent installments if an interest rate of 18% compounded
monthly is recognized for the deposits?

Data:
S=5000 $
R=400 $ /mes(anticipadas)
n=12 meses
j=18 % acm
G=?

j 18
i= = =1 , 5 % mensual
m 12

[[ ] [( )[ ]]]
n n
(1+i ) −1 1 ( 1+i ) −1
S= R +G −n ( 1+i )
i i i
 [ [ ] [( )[ ] ]]
12 12
( 1+0,015 ) −1 1 ( 1+0,015 ) −1
5000= 400 +G −12 ( 1+ 0,015 )
0,015 0,015 0,015

5000=( 400∗13,0412+G∗69,4141 )∗1,015

5000=5294 , 73+G∗70,4553

5000−5294 , 73
G= =−4 ,18 $
70,4553
29. Find the cash value of an article that, when financed, can be purchased as follows: a
down payment equivalent to 30% of the cash value and the rest in 15 months with
installments increasing each month by 2%, knowing that the first installment will be $ 230
and the interest rate will be 24% capitalizable monthly.

Data:
A=X
Inicial=0 ,3 X
R=230 $ /mes
n=15 cuotas
j=24 % acm
g=2% mensual

j 24
i= = =2 % mensual
m 12

nR
A= +inicial
(1+i)

15∗230
X= +0 , 3 X
(1+0 , 02)

X −0 , 3 X=3382 , 35

0 , 7 X =3382, 35

3382 , 35
X= =4831, 92 $
0,7
30. Luis acquires today a loan for $ 60000 to be paid in three years with quarterly
installments increasing by 2% each quarter until the end of the second year and thereafter
remaining constant; if the interest rate will be 9% capitalizable quarterly, find the value of the
first installment to be paid exactly one year from now.
capitalizable on a monthly basis.

Data:
A=60000 $
R1=?
n=12trimestres
j=9 % act
g=2% hasta eltrimestre 8 y despues constante

j 9
i= = =2 , 25 % trimestral
m 4
n−1
Rn =R (1+ g )
9−1
R9 =R 1 ( 1+0 , 02 )

R9 =R 1∗1,1717

[ ( ) ]
n
1+ g
1−
[ ]
−n
1+i −n 1− (1+i ) −n
A=R1 (1+i ) + R 9 ( 1+i )
i−g i

[ ( ) ]
1+0 , 02 8
1−
[ ]
−4
1+0,0225 −3 1−( 1+0,0225 ) −11
60000=R1 ( 1+0,0225 ) + R1∗1,1717∗ ( 1+0,0225 )
0,0225−0 , 02 0,0225

60000=R1∗7,2564 + R1∗3,4718

60000=10,7882 R1

60000
=R 1
10,7882
R1=5592 , 74 $