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This course begins with a review of arithmetic, algebra and linear functions, followed by applications of mathematics in business industry. Topics include consumer and commercial credit, simple and compound interest, financial instruments and discounting, annuities, bonds, mortgages, loans, cash flow analysis, NPV and IRR. Emphasis is on maximum use of pre-programmed calculator and practical applications from the field of Financial Management. There is no prerequisite for this course. This course is equivalent to OPMT 1110 and OPMT 0199 combined, and is designed for students who do not have Grade 11 Math or are not confident in their algebraic skills. The pace of delivery for this course is designed to support understanding and includes tutorials.
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Upon successful completion of this course, the student will be able to:
Perform basic mathematical functions.
Convert between numbers, decimals, fractions, and percents.
Perform calculation using order of operations.
Simplify algebraic expressions.
Solve linear equations.
Identify the problem (e.g., to choose the most economical equipment).
Formulate the problem elements into mathematical relationships and models.
Use appropriate technology to assist in problem solving.
Manipulate the relationship and models to provide a solution to the problem.
Approximate the solution.
Validate the solution.
Apply concepts of proportion and percent to business areas such as markup, discounts, budget allocation.
Utilize standard functions and graphical techniques to analyze relationships between quantities such as cost, revenue, production volume and profit.
Apply the concept of the time value of money.
Calculate interest, present and future values using simple interest.
Calculate interest, present and future values using compound interest.
Analyze interest rates by finding equivalent and effective rates.
Calculate payments, present and future values for annuities in budgeting and asset evaluation and for mortgages.
Calculate and compare interest on various forms of debt or investments.
Create and use amortization tables for various debt instruments.
Evaluate investment decisions using methods of payback and discounted cash flow such as net present value and internal rate of return.
Effective as of Spring/Summer 2020
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