Exam 6: Applications for Business

A vacation home has a mortgage of $120,000 for 15 years at an annual interest rate of 6%. a. Find the monthly mortgage payment. b. During a month when $384.8 of the monthly mortgage payment is principal, how much of the payment is interest?

Over a 10-year period, a grocery store chain increased its number of stores from 470 to 520. What was the percent increase in the number of stores? Round your answer to the nearest tenth of a percent.

A couple considering a mortgage of $80,000 have a choice of loans. One loan is an 8% loan for 20 years, and the other loan is at 7% for 20 years. Find the amount of interest that the couple can save by choosing the 20-year loan.

Maria Hernandez purchased a home for $100,000 and made a down payment of $30,000. The balance was financed for 25 years at an annual interest rate of 8%. Find the monthly mortgage payment.

Suppose your local supermarket offers the following products at the given prices. Find the more economical purchase. Corn, 8 ears for $2.29 or 4 ears for $2.19

Gil Stratton's hourly wage is $12.72. For working overtime, he receives double time. a) What is Gil's hourly wage for working overtime? b) How much does he earn for working 14 hours overtime?

A medical device costs $16 to produce. If the retail store uses a 45% markup rate on the device, what is its selling price?

To save for a child's education, the Petersens deposited $2300 into an account that pays 4% annual interest compounded daily. Find the amount of interest earned on this account over a 10-year period. Round your answer to the nearest cent.

To save for retirement, a couple deposited $4000 in an account that pays 7% interest compounded daily. a) What will the value of the investment be in 5 years? b) How much interest will be earned in the 5 years? Round your answer to the nearest cent.

A nutritionist had a checking account balance of $1278.99 before writing one check for $106.58 and another check for $263.45. Find the current checkbook balance.

Decide whether the bank statement and checkbook balance. RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT BALANCE NUMBER DATE DESCRIPTION OF TRANSACTION PAYMENT/DEBIT (-) √ T FEE (IF ANY) (-) DEPOSIT/CREDIT (+) $ 2466 79 223 3/2 Groceries $ 167 32 $ $ 2299 47 3/5 Deposit 960 70 3260 17 224 3/5 Rent 860 00 2400 17 225 3/7 Gas & Electric 142 35 2257 82 226 3/7 Cash 300 00 1957 82 227 3/7 Insurance 218 44 1739 38 228 3/7 Credit Card 419 32 1320 06 229 3/12 Dentist 92 00 1228 06 230 3/13 Drug Store 47 03 1181 03 3/19 Deposit 960 70 2141 73 231 3/22 Car Payment 241 35 1900 38 232 3/25 Cash 300 00 1600 38 233 3/25 Oil Company 170)00 40 1429 98 234 3/28 Plumber 155 73 1274 25 235 3/29 Department Store 288 39 985 86 CHECKING ACCOUNT Monthly Statement Account Number: 122-345-1 DATE Transaction Amount Balance 3/1 OPENING BALANCE 2466.79 3/5 DEPOSIT 960)70 3427.49 3/7 CHECK 167)32 3260.17 3/8 CHECK 860)00 2400.17 3/8 CHECK 300)00 2100.17 3/9 CHECK 142)35 1957.82 3/12 CHECK 218)44 1739.38 3/14 CHECK 92)00 1647.38 3/18 CHECK 47)03 1600.35 3/19 DEPOSIT 960)70 2561.05 3/25 CHECK 241)35 2319.70 3/27 CHECK 300)00 2019.70 3/29 CHECK 155)73 1863.97 3/30 INTEREST 11)27 1875.24 4/1 CLOSING BALANCE 1875.24

Keisha Brown receives an annual salary of $30,900 as an Italian language teacher. How much does Keisha receive each month?

Sam had a checking account balance of $2908.08 before writing a check for $1240.57 and making a deposit of $140.00. Find the current checkbook balance.

A loan of $150,000 is obtained to purchase a home. The loan origination fee is $1 \frac { 1 } { 2 }$ points. Find the amount of the loan origination fee.

An author bought a sports car for $30,000 and made a down payment of 15% of the purchase price. Find the amount financed.

Lewis works in a clothing store and earns $9.50 per hour. How much does he earn in a 30-hour work week?

Green River Lodge invests $80,000 in a trust account that pays 4% interest compounded quarterly. a) What will be the value of the investment in 5 years? b) How much interest will be earned in the 5 years? Round your answer to the nearest cent.

Kiwi fruit costs $0.23 each. Find the total cost of 8 kiwi. Round to the nearest cent.

A medical practice invested $40,000 in an account that pays 7% annual interest, compounded quarterly. What is the value of the investment in 1 year? Use the Compound Interest Table at the below.

A car loan of $22,000 is financed for 3 years at an annual interest rate of 9%. Find the monthly car payment.