https://www.youtube.com/watch?v=L_xrDAtykMI
Part A Simple Interest Rate: Calculate how much interest will be earned each year for the following cases
a) $4444.44 at 3.25% per year (1) b) 9876.54 at 12.75% for four years (2)
Part B: Service Fee
If there is $3000 in your saving account and you the money with the Bank of Morneau and the service fee is as follows:
TAP: First 3 free, then $0.75/each e-transfer: $1.50 each time
ATM withdraw: $3.50 each time Cheque: $1.75 per cheque
In branch withdrawal: $2.50 each time If account has less than $2000 anytime, $25 charge
Kwok buys a Starbucks every morning, and he always TAP to pay for the drink. In February 2020, he wrote a cheque to pay for hydro, a cheque for insurance, a cheque for property tax, a cheque for his plumber and a cheque for heat. He also bought something from eBay and makes four e-transfers some money to the sellers. By the end of the month, he needed to make twocash withdrawals from the ATM machine. Lastly, he had to go to the bank and take out some money.
By the end of February, he has $1999 left. Calculate how much service fee he had to pay the Bank of Morneau? Show your calculations. (10)
Part C: Banking hours
Locate the Royal Bank of Canada branch at 5700 Yonge St, North York, ON, M2M 4K2
i) How many hours does it open during the week (Sunday to Saturday) (1)
ii) How many ATM machines in this branch (1)
iii) The staff in this branch speak which two languages? (1)
Part D: Credit Cards, Debit Cards and Compound Interest
Most credit cards charge 20% for outstanding balance (purchases that have not been paid back). The interest will be accumulated daily.
Assuming the chart below is the Google Sheet, write down the formula needed to calculate the interest accumulated after a week.
E | F | G | H | |
15 | Date | Charges | Interest rate | Total |
16 | February 5, 2020 | $876.54 | 23.99% | Question 15 formula |
17 | Question 16 formula | 23.99% | Question 17 formula | |
18 | 23.99% | |||
19 | 23.99% | |||
20 | 23.99% | |||
21 | 23.99% |
Formula for Question 15 (1)
Formula for Question 16 (1)
Formula for Question 17 (1)
Use your Google Sheet and determine the total on February 20, 2020 (5)
Give three reasons why you should get a debit card when you are 15 (3)
Swiss cheese company Saputo will sell $100,000 (Canadian dollar) of cheese to Canada this spring. All of a sudden, the C$ drops 20% in a week. How will that affect Saputo’s profit with the lower Canadian dollar? (1)
a) Saputo’s profit will stay the same with the lower C$
b) Saputo’s profit will drop with the lower C$
c) Saputo’s profit will go higher with the lower C$
Part E: Exchange Rates (10)
- use the exchange rate App in Google and determine the following
Name of currency | How much for C$100 | Is this worth more or less than C$ | |
Canada | Dollar | $100 | Same |
Sri Lanka | |||
Romania | |||
Kuwait | |||
Ethiopia |
This is a Canadian Dollar and Swiss Franc Exchange rate chart for the last 12 months
When did the C$ hit low point against the Franc? label “LOW” on the graph (1)
When did the C$ hit high point against the Franc? Label “HIGH” on the graph (1)
Financial Goals: Post Secondary Education Saving (10)
You are going to UCLA (University of California, Los Angeles Campus)
https://admission.ucla.edu/tuition-aid/tuition-fees
- add the following numbers up, plus the $29754 non resident fee since you do not live in California
Domestic Students | |
Tuition | |
UCLA Resident Halls, Room and Meals | |
Books and Supplies | |
Transportation | |
Personal | |
Health Insurance | |
Non resident supplement tuition | |
Total, 0ne year, in USD$ | |
Total, Four years, in USD$ |
- is it cheaper or more expensive to go to UCLA compare to York University in Toronto?
- will you go to the UCLA and study?
Bonus: Investing in your future (6)
Look at the chart below, and make THREE conclusions based on the data listed
No comments:
Post a Comment