Study Guide - University of Phoenix
Week 5 Study Guide: The Value of Money Calculations
Readings and Key Terms
• Ch. 11 of Business Math
o Simple interest
o Principal
o Rate
o Time
o Maturity value
o Ordinary interest
o Exact interest
o Promissory note
o Maker
o Payee
o Term
o Maturity date
o Face value
o Effective interest
• Ch. 13 of Business Math
o Interest period
o Compound interest
o Future value, maturity value, compound amount
o Period interest rate
o Effective rate
o Annual percentage yield (APY)
o Annual percentage rate (APR)
o Present value
Content Overview
• The simple interest formula
o Find simple interest using the simple interest formula.
o Find the maturity value of a loan.
o Convert months to a fractional or decimal part of a year.
o Find the principal, rate, or time using the simple interest formula.
• Ordinary and exact interest
o Find the exact time.
o Find the due date.
o Find the ordinary interest and the exact interest.
o Make a partial payment before the maturity date.
• Promissory notes
o Find the bank discount and proceeds for a simple discount note.
o Find the true or effective interest rate of a simple discount note.
o Find the third-party discount and proceeds for a third-party discount note.
• Compound interest and future value
o Find the future value and compound interest by compounding manually.
o Find the future value and compound interest using a $1.00 future value table.
o Find the future value and compound interest using a formula or a calculator application (optional).
o Find the effective interest rate.
o Find the interest compounded daily using a table.
• Present value
o Find the present value based on annual compounding for 1 year.
o Find the present value using a $1.00 present value table.
o Find the present value using a formula or a calculator application (optional).
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