Exam 6: Applications for Business

Maria Hernandez purchased a home for $190,000 and made a down payment of $10,000. The balance was financed for 25 years at an annual interest rate of 6%. Find the monthly mortgage payment.

A construction company borrowed $80,000 for 6 months at an annual interest rate of 7%. Find the simple interest due on the loan

The monthly mortgage payment on a home is $783.40, and the homeowner pays an annual property tax of $648. Find the total monthly payment for the mortgage and property tax.

Find the unit cost. Round to the nearest tenth of a cent. Doritos Cool Ranch chips, 12.5 ounces for $3.99

The price of a certain liquid medication rose from $27.5 per bottle to $38.5 per bottle. What percent increase does this amount represent? Round to the nearest tenth of a percent.

Computer Inc. uses a markup of $1260 on a computer system for which they pay $2800. What is the markup rate on this system?

Susan Hernandez purchased a home for $200,000 and made a down payment of $20,000. The balance was financed for 20 years at an annual interest rate of 4%. Find the monthly mortgage payment.

A discount clothing store is selling a $70 sport jacket for $22 off the regular price. What is the discount rate?

A savings and loan institution is offering mortgage loans that have a loan origination fee of 5 $\frac { 1 } { 2 }$ points. Find the loan origination fee when a home is purchased with a loan of $202,000.

Grace Hospital purchased some imaging equipment for $225,000 and financed the full amount at 10 annual simple interest for 4 years. The simple interest on the loan is $78,000. Find the monthly payment.

Richard Valdez receives $10.9 per hour for working 33 hours a week and time and a half for working over 33 hours. Find his total income during a week in which he worked 54 hours.

A medical equipment store was purchased for $725,000, and a down payment that was 40% of the purchase price was made. Find the down payment.

One credit card company charges 1.3% per month on any unpaid balance, and a second company charges 1.75%. What is the difference between the finance charges that these two companies assess on an unpaid balance of $647.25? Round your answer to the nearest cent.

Suppose your local supermarket offers the following products at the given prices. Find the more economical purchase. Sutter Home pasta sauce, 20 ounces for $2.99 or Muir Glen Organic pasta sauce, 27 ounces for $3.49

A sedan was purchased for $20,000. A down payment of 8% of the purchase price was required. How much was the down payment?

North Island Federal Credit Union pays 5% annual interest, compounded daily, on time savings deposits. Find the value of $950 deposited in this account after 1 year. Round your answer to the nearest cent.

A bank lent Gloria Masters $26,000 at an annual simple interest rate of 9.2%. The period of the loan was 9 months. Find the simple interest due on the loan.

In 2009, the American Cancer Society estimated the number of new cancer cases in the United States would be 1,441,250. The 2010 prediction reflected a 4.9% increase in the estimate. Find the estimate of new cancer cases in 2010. Round to the nearest whole number.

A real estate agent receives a 4% commission for selling a house. Find the commission the agent earned for selling a house for $156,000.

Resner Builders' Hardware uses a markup rate of 36% for a table saw that costs $190. What is the selling price of the table saw?