Exam 10: Consumer Mathematics

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -February 23 to October 16

Solve the problem. Use an annual percentage rate table if necessary. -A landscaping company buys a new bulldozer for $55,000. The company makes a down payment Of $15,000 and finances the balance at 6.0% APR over 60 months. Before making the 30th payment, The company owner decides to pay the remaining balance on the loan. What is the total amount Due to pay off the balance (use the actuarial method)?

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -John Leeʹs savings account has a balance of $2183. After 27 months, what will the amount of Interest be at 6.8% per year?

Solve the problem. Round to the nearest cent. -Sandra deposits $3000 in an ordinary annuity at the end of each semiannual period at 3% interest Compounded semiannually. Find the amount she will have on deposit after 12 years.

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) - $\mathrm { p } = \$ 500 , \mathrm { r } = 8 \% , \mathrm { t } = 2 \text { years }$

Use the circle graph to answer the question. -Average Daily Numbers of Livestock (in thousands) - Category A Farms, 2002 What percent of livestock was chickens? Round to the nearest tenth of a percent.

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) - $\mathrm { p } = \$ 690 , \mathrm { r } = 3 \% , \mathrm { t } = 1 \frac { 1 } { 4 } \text { years }$

Solve the problem. -On the July 5 billing date, David had a balance due of $857.86 on his credit card. The transactions During the following month were: July 6 Payment \ 278.43 July 19 Charge: auto repair \ 316 August 1 Charge: clothing \ 157.38 The interest rate on the card is 1.8% per month. Using the average daily balance method, find the Finance charge on August 5 (July has 31 days).

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $275, r = 0.055% per day, t = 99 days

Solve the problem. -In June, Carla charged the following expenses to her credit card: winter coat ($239), jeans ($130), And shoes ($77). On July 1, she makes a payment of $200 and makes no other purchases with this Credit card. The bank that issues the card charges 1.2% interest per month. What is the balance due On August 1?

Solve the problem. -You have a choice of two accounts in which to invest your money for one year. Account A pays 4.6% simple interest rate and account B pays 3.5% interest compounded daily. Compute the Effective annual yield of account B and determine which account has the better rate. (Assume that There are 360 days in a year.)

Use an annual percentage rate table to solve the problem. -A restaurant owner purchased a new dishwasher for $4000. She paid 15% down and financed the Balance with a 12-month fixed installment loan with an APR of 8.5%. Determine the total finance Charge and monthly payment for the loan.

Solve the problem. -On the October 15 billing date, Jacob had a balance due of $292.31 on his credit card. The Transactions during the following month were: October 17 Payment \ 24.28 October 30 Charge: groceries \ 52.48 November 10 Charge: freezer \ 281.86 The interest rate on the card is 1.3% per month. Using the average daily balance method, find the Balance due on November 15 (October has 31 days).

Solve the problem. Use an annual percentage rate table if necessary. -A retired couple buys a new recreational vehicle (RV) for $50,000. They make a down payment of $13,000 and finance the balance at 9.0% APR over 60 months. Before making the 30th payment, the Couple decides to pay the remaining balance on the loan. How much interest will the couple save (use the actuarial method)?

Solve the problem. Round to the nearest hundredth. -What percent of 101 is 11.72?

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$125 is invested monthly for 8 years at 8% compounded monthly

Solve the problem. -Yuri used his credit card in May to purchase the following items: tent ($385), sleeping bag ($100), Camping stove ($31), and backpack ($153). On June 1, Yuri makes a payment of $337 and makes no Other charges on this credit card. The bank that issues the card charges 1.9% interest per month. What is the balance due on July 1?

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days. -February 3 for 150 days (the year is not a leap year)

Use an annual percentage rate table to solve the problem. -A carpenter spent $6500 to purchase a table saw , a circular saw, and a panel saw. He paid 20% Down and financed the balance with a 30-month fixed installment loan with an APR of 5.0%. Determine the total finance charge and monthly payment for the loan.

A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. - Effective Maturity Partial Payment Principal Rate Date Date Amount Date \ 3500 October 12 \ 12,000 3\% April 15 February 26 \ 2500 January 11