Exam 10: Consumer Mathematics

Solve the problem. -Bess Leigh Walker used her credit card in January to purchase the following college supplies: Textbooks ($606), lab glasses and apron ($25), mathematics software ($78), and basketball season Ticket ($102). On February 1, Bess Leigh makes a payment of $395 and makes no other charges on This credit card. The bank that issues the card charges 1.6% interest per month. What is the balance Due on March 1?

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent. -Annual payments with 3.1% interest compounded annually for 9 years.to accumulate $4400

Solve the problem. Round to the nearest hundredth. -21 is 2% of what number?

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$1700 is invested semiannually for 4 years at 4.3% compounded semiannually

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $2400, r = ?, t = 4 years, i = $720.00

Use an annual percentage rate table to solve the problem. -In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays His father back by making 60 monthly payments of $891.08. Determine the APR of the loan to the Nearest one-half of a percent.

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. -March 25 for 60 days

Solve the problem. Round to the nearest cent. -Bob deposits $5000 at the end of each year in an ordinary annuity paying 3% interest compounded Annually. Find the amount he 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.) - $\mathrm { p } = \$ 2500 , \mathrm { r } = 2 \% , \mathrm { t } = \frac { 1 } { 2 } \text { years }$

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$1000 invested annually for 12 years at 5% interest compounded annually

Solve the problem. Round to the nearest cent. -Joan wants to have $250,000 when she retires in 25 years. How much should she invest annually in Her annuity to do this if the interest is 7% compounded annually?

Solve the problem. -On the December 8 billing date, Hakeem had a balance due of $610.99 on his credit card. The Transactions during the following month were: December 10 Charge : football tickets \ 152.76 December 12 Payment \ 82.67 January 3 Charge: restaurant meal \ 55.01 The interest rate on the card is 1.4% per month. Using the average daily balance method, find the Balance due on January 8 (December has 31 days).

Solve the problem. -Sumi Katoʹs savings account has a balance of $624. After 14 years what will the amount of interest Be at 1.5% compounded annually?

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. -January 15 to July 31 (a leap year)

Use an annual percentage rate table to solve the problem. -A newlywed couple bought a washer and dryer for $800. They paid 10% down and then paid 12 Monthly payments of $61.97. Determine the APR of the loan to the nearest one-half of a percent.

Solve the problem. -Kerry invests $553 in a savings account that earns 3.4% compounded annually. Andy invests $553 In a savings account that earns 5% compounded annually. How much is in each of their accounts After 10 years and after 20 years?

Solve the problem. -You purchase a 200-day, $1000 U.S. Treasury bill at 0.49% discount. On the date of maturity, you Will receive $1000. How much interest does the U.S. government pay to you on the date of Maturity?

Solve the problem. -John Leeʹs savings account has a balance of $3662. After 3 years, what will the amount of interest Be at 2% compounded semiannually?

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -Andy Jones opened a security service company. To pay for startup costs, Andy Jones borrowed $49,000 from a bank at 5% for 1 year. Find the interest.

Solve the problem -Brand X copier advertises that its copiers run 23% longer between service calls than its competitor. If Brand X copiers run 59,800 copies between services, how many copies would the competitor Run?