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By A. H. Pollard (Auth.)

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67 Problem 6: A person buys a home for $12,000. a. convertible monthly. 40 per $100. Because of loss of interest and extra administrative expenses the company adds 5 % to the p r e m i u m for monthly payments. (i) W h a t is his monthly commitment to the insurance company? (ii) W h a t is the a m o u n t of loan outstanding after 15 years? (iii) If the company expects to pay a n n u a l compound bonuses at 2 % based on the a m o u n t of policy and declared bonuses, what is the a m o u n t of the insurance cover at the end of 15 years?

26. 08 is available for part repayment of principal. 34 as before. 00 is to be repaid by ten equal annual instalments of principal and interest which is at the rate of 5 % per a n n u m . (i) W h a t is the a n n u a l instalment? (ii) Draw u p a schedule showing the a m o u n t of principal and the a m o u n t of interest contained in each instalment, and the principal still outstanding after each payment. (iii) As a check, calculate independently the a m o u n t outstanding after the 4th and 7th repayment.

A. provided interest only is paid annually and the principal is repaid at the end of the 10 years. a. Which is the cheaper method of borrowing and by how much? 81 per a n n u m . In each of the following problems we purchase a machine for a given a m o u n t (say $1000) and after a given period (say every 10 years) it requires replacement at a given cost (say $800). W e have to find the a n n u a l cost at (say) 5 % per a n n u m c o m p o u n d interest of owning the machine—that is, the level annual a m o u n t (X) payable for ever which is equivalent to the above irregular payments and which will therefore result in us owning such a machine for ever.

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