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McMaster University *

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Finance

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Feb 20, 2024

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Lab 1 Julia brings home $1,900 per month after taxes. Her rent is $489 per month, her utilities are $96 per month, and her car payment is $219 per month. Julia is currently paying $135 per month to her orthodontist for maintenance of her braces. If Julia's groceries cost $84 per week and she estimates her other expenses to be $224 per month, how much will she have left each month to put toward savings to reach her financial goals? Julia brings home $2,600 per month after taxes. Her rent is $792 per month, her utilities are $191 per month, and her car payment is $389 per month. Julia is currently paying $184 per month to her orthodontist for maintenance of her braces. Julia is considering trading in her car for a new one. Her new car payment will be $461 per month, and her insurance cost will increase by $39 per month. Julia determines that her other car-related expenses (gas, oil) will stay about the same. What is the opportunity cost if Julia purchases the new car? Mia has $3,310 in her chequing account, a furniture loan for $612, and an outstanding credit card balance of $118. Mia's monthly disposable income is $1,655, and she has monthly expenses of $1,363. What is Mia's net worth? 1900 489 219 135 84 4 224 497 461 389 72 72 39 111 opportunity cost Networth Assets Liabilities Liabilities 612 118 730 Networth 3310 730 2580

At the beginning of the year, Arianne had a net worth of $5,300. During the year, she set aside $80 per month from her paycheque for savings and borrowed $500 from her cousin that she must pay back in January of next year. What was her net worth at the end of the year? Anna has just received a gift of $390 for her graduation, increasing her net worth by $390. If she uses the money to purchase a smartwatch, how will her net worth be affected? If she invests the $390 at 5 percent compounded annually, what will it be worth in one year? Jason's car was just stolen, and the police informed him that they will probably be unable to recover it. His insurance will not cover the theft. Jason has a net worth of $4,000, all of which is easily convertible to cash. Jason requires a car for his job and his daily life. Based on Jason's net cash flow, he cannot afford more than $350 in car payments. What options does he have? How will these options affect his net worth and net cash flow? What options does Jason have and how will these options affect his net worth and net cash flow? Net worth 5300 80 12 500 5760 smartwatch no change in net worthas exchanging oneasset for another invests 390 390 0.05 409.50 He can convert his net worth to cash andavoid any effect on his net cash flow He could also borrow the needed amount which will reduce his netcash flow and net worth

Lab 2 How much interest will you pay on a loan of $19,400 if you are paying the loan off in 13 months? Your loan rate is 4.001 percent. Earl wants to know how much he will have available to spend on his trip to Belize in three years. If he deposits $4,300 today at an interest rate of 9 percent interest compounded quarterly, how much will Earl have available to spend on his trip to Belize in three years? Cheryl wants to have $3,900 in spending money to take on a trip to Niagara Falls in three years. How much must she deposit now in a savings account that pays 4 percent compounded monthly to have the money she needs in three years? 19400 0.04001 x I 840.88 in interest in excel FV n per 3 4 quarterly Rate 0.09 4 PV 4300 FV 5616.01 in excel PV rate 0.04 12 monthly n per 3 X 12 FV 3900 PV 3459.68

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Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a "nest egg" to start her off. Michelle works out her budget and decides that she can afford to set aside $130 per month for savings. Her bank will pay her 4 percent interest compounded monthly on her savings account. What will Michelle's balance be in five years? Farah will receive $1,350 each year for 15 years from an ordinary annuity that she recently purchased. If she earns interest at a rate of 7.9 percent compounded annually, what is the present value of the amount that she will receive? Jeron invests $70 per month, at the beginning of each month, at 4 percent interest compounded weekly. How long, in years, will it take him to accumulate $5,000? The effective interest rate on your credit card is 31 percent. What is the equivalent nominal interest rate if interest compounds daily? (EFF) in excel FV rate 0.04 12 h per 5 12 PMT 130 FU 8618.87 in excel PV rate 0.079 n per 15 PMT 1350 PV 11626.19 Withcalculator I 4 Fk gooo Ve Gr n 64.17 PMI 70 64.17 12 months 5.3 years Ply 12 Cry 52 TVM FSC CNUT II 36,5 daily APR nominal interest rate Press APR APR 27.013

Lab 3 Angela earns $3,000 per month before taxes in her full-time job and $1,000 per month before taxes in her part-time job. About $850 per month is needed to pay taxes and other payroll deductions. What is Angela's monthly disposable income? Angela inspects her chequebook and credit card bills and determines that she has the following monthly expenses: Rent $520 Cable TV 25 Electricity 100 Water 30 Telephone 55 Groceries 510 Car expenses 370 Disability insurance 110 Critical Illness insurance 120 Clothing and personal items 170 Recreation 340 What is Angela's net cash flow if Angela's disposable income is $3,140? 3000 1000 850 3150 in disposable income sum expense total 2350 net cash flow 3140 2350 790

If Angela is saving $643 per month and her disposable income is $2,900, Angela's savings ratio (that is, savings as a percentage of disposable income) is A recent car accident has Ali and Nazra Khan concerned about their ability to meet financial emergencies. Help them calculate their current ratio given the following assets and liabilities. $2,400 $3,100 $8,100 $510 $1,000 Auto loan (1-year remaining) $3,100 Paul is a student. All of Paul's disposable income is used to pay for his post-secondary education expenses. While he has no liabilities (he is on a scholarship), he does have a credit card that he typically uses for emergencies. He and a friend went on a shopping spree in Toronto costing $1,300, which Paul charged to his credit card. Paul has $54.629901924 in his wallet, but his bank accounts are empty. Paul's current ratio is 643 2900 22 17 Current ratio Liquid assets current liabilities one year Liquid assets 2400 3100 8100 13600 current liabilities 510 1000 3100 4610 Currentratio 13600 4610 2.95 Current ratio 54.629901924 0.042 1300 for every dollar in current liabilities he has 0.04 in liquidassets

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Paul is a student. All of Paul's disposable income is used to pay his post-secondary education expenses. While he has no liabilities (he is on a scholarship), he does have a credit card that he typically uses for emergencies. He and his friend went on a shopping spree in Toronto costing $1,800, which Paul charged to his credit card. Paul has $21 in his wallet, but his bank accounts are empty. Paul has an old TV worth about $117. Paul's other assets total about $173. Santos and Cecilia have the following assets as listed in the accompanying table Fair Market Value Condo $106,000 Car $20,000 Furniture $13,900 Stocks $18,000 Savings account $4,100 Chequing account $1,175 Bonds $14,700 Cash $105 Mutual funds $6,675 What is the value of their liquid assets? What is the value of their household assets? What is the value of their investments? Debt to asset ratio total Gbs s't't's x 100 if paul lost his job he would not be able to pay off 1800 21 117 173 100 his debt 578.78 liquid asset household asset investments liquid assets 5380 household assets 139900 Value of investments 39375

Santos and Cecilia have assets and liabilities as shown in the accompanying table. What are their current liabilities? What are their long-term liabilities? What is their net worth? Assets Fair Market Value Condo $106,000 Car $20,000 Furniture $13,900 Stocks $18,000 Savings account $4,100 Chequing account $1,175 Bonds $14,700 Cash $105 Mutual funds $6,675 Liabilities Fair Market Value Mortgage $81,750 Car Loan $2,100 Credit Card Balance $205 Student Loans $16,750 Furniture Loan (6 months) $1,900 total 179690 Current liabilities long term liabilities Current liabilities 205 1900 2105 long term liabilities 81750 2100 16750 100600 net worth 179690 2105 100600 76985

Santos and Cecilia have the assets and liabilities attached below. Assume that Santos and Cecilia have monthly living expenses of $2,000. What is Santos and Cecilia's current ratio? What is their liquidity ratio? What is their debt-to-asset ratio? Comment on each ratio. Assets Fair Market Value Condo $101,000 Car $20,000 Furniture $14,000 Stocks $12,000 Savings account $6,000 Chequing account $1,700 Bonds $13,000 Cash $200 Mutual funds $8,000 Liabilities Fair Market Value Mortgage $75,000 Car Loan $2,500 Credit Card Balance $205 Student Loans $13,000 Furniture Loan (6 months) $1,700 Yasmeen has been saving for the past five years for a European vacation. Her vacation account currently has $3,500, and she is ready to book her trip. If she takes the vacation, what impact will it have on her net worth? Should she take the trip? Current ratio 200 1700 6000 205 1700 4.15 liquidity ratio__200 1700 6000 2000 3.95 175900 debt to asset ratio 92405 175900 52.53 92405 Their current ratio is high. For every dollar of liabilities, they have approximately $4.15 in liquid assets. Their liquidity ratio is reasonable. Currently, they have enough liquid assets to cover just under 4 months of living expenses. (3.95) Santos and Cecilia's debt-to-asset ratio may be reasonable if they are in their early career life stage. Their ratio may be excessive if they are in their mid-career or their prime earning years. Their ratio may be far too high if they are in their later life stage. The value of Yasmeen's vacation account will decrease if she takes the vacation. As a result, her net worth will decrease. Yasmeen should take the trip. The money in the vacation account was for a specific goal, which she seems to have now reached.

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Lab 4 Harvir purchased a new mountain bike for $430.03 at Canadian Tire. What would be his total purchase price, including GST, if he had made this purchase in Alberta? Alberta's GST rate is 5 percent. What would be his total purchase, including GST and PST, if he had made this purchase in Manitoba? Manitoba's GST rate is 5 percent and the PST rate is 7 percent. Linda neglected to complete her T1 General in time for the filing deadline of April 30, 2020. This would not be a problem if she did not owe any tax. However, after completing her tax return, she realized that the amount of tax withheld by her employer was not enough to cover the amount of taxes she owed. In fact, Linda owed an additional $1,600 of income tax. Linda completed her tax return late and submitted it to the CRA by November 1, 2020. Calculate Linda's income tax penalty. How much will she have to pay in total? Larry is in the 31 percent combined marginal tax bracket. Last year, he sold stock he had held for nine months for a gain of $1,800. How much tax must he pay on this capital gain? Alberta Jiggs.gg rice GST Manitoba Purchase price Gst Pst 450 450 0.05 450 450 0.05 450 0.07 504.00 penalty 5 of amount owing plus 7 for eachadditional full month returnis late 1600 0.05 880 1600 0.06 896 80 96 8176 May to October 6 months 6 tax on capital gain 50 taxable capital gain 1800 0.5 900 tax payable 900 0.31 279

Jim sold two stocks during the year. The capital gain on the sale of Alpha Corp.stock was $10,000. The capital loss on the sale of Gamma Inc.stock was $8,000. The net taxable capital gain Jim will record for the year is Freda incurred a $20,000 capital gain during the year. She would like to reduce her capital gain by selling one of two stocks that are currently sitting at a capital loss. She purchased 10,000 shares in Sesame Inc. for $26 each. The shares are currently trading at $21. She also purchased 8,000 shares in the Electric Co. for $34 each. These shares are currently trading at $27. Which shares should she sell? How many shares would she need to sell to reduce her taxable capital gain to zero? Mohammed had A total income for the year of $50,000. During the year, he contributed $8,000 to an RRSP, $375 towards union dues, $4,500 toward child support based on a written agreement established in 2005, and $150 toward a safety deposit box. Alpha Corp taxable gain 10000 0.5 5000 GammaInc Allowable Capital 1055 8000 0.5 4000 Nettaxable capital gain 5000 4000 1000 Capital loss of shares sold x loss per share sesame 2009188 Iha e of 20000 x 34 27 Electric x 2857 Shares 50000 8000 375 41625 of taxable income

The tax table was used to determine the amount of federal tax payable for each of the following individuals. Non-refundable tax credits are not applicable. a. Brenda has a taxable income of $29,000 and paid federal tax of $4,350.00. Her average tax rate is b. Earl has a taxable income of $69,000 and paid federal tax of $11,475.58. His average tax rate is c. Indira has a taxable income of $194,000 and paid federal tax of $43,833.35. Her average tax rate is Daniel has a marginal tax rate of 15 percent. He suddenly realizes that he neglected to include a $800 tax deduction. If he now includes this $800 tax deduction on his tax return, how will this affect his taxes? 4350 29000 100 15 11475.58 69000 x 100 16 63 43833.35 194000 x 100 22.59 tax deduction tax credit x marginal tax rate 800 0.15 120 reduces his taxes by 120

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Daniel has a marginal tax rate of 33 percent. Daniel has forgotten a $816 tax credit, instead of a $816 tax deduction, how would his taxes be affected if he were to now include this tax credit on his tax return? Edna qualifies for the age amount; however, she had an earned income of $42,000 in 2020. As a result, her age amount is subject to a clawback of 15 percent for every dollar of income greater than the threshold of $36,430. Calculate Edna's age amount credit for 2020. A 816tax credit will reduce his tax payable by 816 age amount credit 7637 46500 36430 0.15 7637 1510.50 6126.50

Lab 5 Benjo has a monthly income of $2,550. After taking into account taxes and other deductions, his disposable income is $2,200. He has $330 in net cash flows each month based on his current level of expenses. Benjo has decided to deposit his monthly net cash flows in a savings account. He would like to establish an emergency fund equal to four months' worth of expenses. Approximately how many months will it take Benjo to reach his goal? Mary's last bank statement showed an ending balance of $214.87. This month, she deposited $772.74 in her account and withdrew a total of $328.81. Furthermore, Mary wrote a total of five cheques, two of which have cleared. The two cheques that have cleared total $173.55. The three remaining cheques total $143.89. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? Stuart wants to open a chequing account with a $100 deposit. Stuart believes he will write 14 cheques per month and use other banks' ABMs seven times a month. He will not be able to maintain a minimum balance. Which bank should Stuart choose? 2200 330 1870 in monthly expenses 1870 4 7480 for4 months 34381 22.67 months 214.87 772.74 328.81 173.55 485.25 balance Winnipeg 7 3 0.755 6 14 10 0.9 12.60 Can National 7 1 7.50 14 5 0 9 22.60 West trust 7 1.05 12.50 19.85 East Coast 7 1 320 14 0.45 16.50 Winnipeg hasthe lowest monthly charge

Julie wants to open a chequing account with a $85 deposit. Julie estimates that she will write 21 cheques per month and use her ABM card only at the home bank. She will maintain a $200 balance. Which bank should Julie choose? Paul has an account at ICBC Bank. He does not track his chequing account balance in a cheque register. Yesterday evening, he wrote two cheques for $167.61 and $255.67 and placed them in the mail. Paul accesses his account online and finds his balance to be $545.26, and all the cheques he has written except for the two cheques from yesterday have cleared. Based on his balance, Paul writes a cheque for a new stereo for $220.31. Paul has no intention of making a deposit in the near future. What are the consequences of his actions? Nancy is depositing $3,000 in a six-month term deposit that pays 0.5 percent interest. How much interest will she accrue if she holds the term deposit to maturity? Winnipeg Cannot do because 852 than minimum deposit can National 21 8 1.47 6 824.2 West trust 9.50 East Coast 21 0.70 2.40 17.1 West trust hasthe lowest monthly charge 545.26 16761 255.67 121 98 121.98 220.31 98.33 i one of paul's cheques will bounce if he does not make another deposit because he wrote a cheque for 220.31 When the actual balance inhis account was 121.98 6 months O S 3000 0.05 0.5 7.5 on calculator Tum simple interest n 365 2 IT O S PV 3000 Press SI

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Travis has invested $4,200 in a one year GIC at 2.1 percent, compounded annually. How much will Travis have when the GIC matures? What rate of interest did Alberto receive over a period of 66 days if he invested $7,470 and received interest in the amount of $150? Use 365 days for the number of days in a year. What is the credit score range? What is a good score? If you have good credit, will you automatically be approved for a loan? Jarrod has narrowed his choice to two credit cards that may meet his needs. Card A has an APR of 18 percent. Card B has an APR of 9 percent but also charges a $23 annual fee. Jarrod will not pay off his balance each month but will carry a balance forward of about $160 each month. Which credit card should he choose? 4200 0.021 x 1 4200 4288.20 on calculator TUM simple interest n 365 I 2 I Tres's SEV 150 7470 x X x 3 65 x EY X 11.11 Credit score range 300 to 900 good score 600 or higher you will not automatically be approved if you have good credit because each financial institution setsitsown criteria to determine Whether to extend credit A 160 0.18 828.80 B 160 0.09 23 37.40 i Jarrod should choose card A because it has lower annual expenses

Beth has just borrowed $5,000 on a four–year loan at 9 percent, compounded monthly. She will be making monthly payments on her loan. Complete the amortization table below for the first five months of the loan. Chrissy currently has a credit card that charges 11 percent interest annually. She usually carries a balance of about $500. Chrissy has received an offer for a new credit card with a teaser rate of 5 percent for the first three months; after that, the rate increases to 15.5 percent. Assume that interest is compounded daily and there are 365 days in a year. What will her total annual interest be with her current card? What will her interest be the first year after she switches? Should she switch based on the first year interest? Sue obtains a one-year loan of $3,300 based on an interest rate of 11 percent compounded annually. What would be the monthly payment to pay it off in one year? New balance of year 1 4913.07 124.43 same for all payment periods 124.43 88.24 836.19 4737.25 88.90 84648.35 24.43 88.90 835.53 4648.35 89.57 84558.78 124.43 36.85 887.58 24.43 34.86 889.57 Current card interest Es 1 5007 12 months 55.24 New 1 3 60 95 xso x3 months 6.262 1 3 5 5 1 xsoojxqmonths gsg.gg 16.26 58.49 64 75 Chrissy should not switch on calculator TVM sF2 n 12 Ply 12 solve for PMT 1 11 Cry 1 PMT 290.86 PU 33 FV O

Sharon is considering the purchase of a car. After making the down payment, she will finance $15,000. She is offered three maturities. On a four–year loan, Sharon will pay $373.28 per month. On a five–year loan, her monthly payments will be $311.38. On a six-year loan, they will be $270.38. Sharon rejects the four–year loan, as it is not within her budget. How much interest will Sharon pay over the life of the loan on the five–year loan? On the six–year loan? Which should she choose if she bases her decision solely on the total interest paid? Bob bought a new car for $25,000 with a loan that will be amortized over five years. The best interest rate he got from his bank for the loan was 1.99 percent compounded annually. What is Bob's monthly car payment? How much interest was paid in the first car payment? How much interest will be paid over the entire life of the car loan? five year total interest311.38 5 12 18682.80 interest paid 18682.80 15000 she shouldchoose S year loan 3682.80 because interest paid is lower six year total interest 270.38 6 12 19467.36 interest paid 19467.36 1500084467.36 on calc TUM FZ n 5 12 170 1.99 cry I Fu O PV 25000 first payment on calc TUM AMT E4 PM 1 1 PM2 1 everything else is same as Press INT first interest 41.08 m 3,4in

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