Exam 7: Consumer Mathematics

Suppose you plan to work right after you graduate, but still save money for graduate school. You Decide to save $35,000 before starting, and find a weekly annuity that pays 5.5% interest for 6 years. How much will you need to pay each week?

A credit card statement showed these transactions during June. The credit card has an interest rate of 19.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on July 1. [Hint: Remember that June has 30 days.]

According to a government agency, there were 103,600 chefs/head cooks employed in the United States in 2010 and 322,600 food service managers. Those numbers were projected to decrease to 102,100 and 304,600 by 2020. Which job was facing the larger percent decrease? By how much?

A credit card statement showed these transactions during October. The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance, The finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

Find the future value.

The general formula for compound interest is A =

Find the future value of the loan. P = $7,800, r = 8%, t = 4 years

A $1,900 loan is to be paid off in 12 monthly payments of $182.51. The borrower decides to pay Off the loan after 9 payments. Use the rule of 78s to find the amount of interest saved.

According to a government researcher, the average cost of tuition, room and board, and fees at public 4-year universities was $8,453 in the 2000-2001 academic year, $12,697 for 2006-7, and $15,114 for 2009-10. Find the percent increase from 2001 to 2007 and from 2007 to 2010.

Amy had an unpaid balance of $2,033.25 on her credit card statement at the beginning of August. She made a payment of $405.00 during the month. If the interest rate on Amy's credit card was 17% per month on the unpaid balance, find the finance charge and the new balance on September 1.

The sale price of a spring break vacation package was $174.99, and the travel agent said by booking Early, you saved $35. Find the percent decrease in price.

Express 7.98 as a percent.

If a worker is paid a salary of $45,100 per year and is in a tax bracket that results in 28% deductions, What is her monthly take-home pay?

Find the missing value.

Express 985% as a decimal.

My friend Charles noticed that one of his students came to class every day with two cups of coffee From a well-known coffee chain that isn't exactly famous for their low prices. He asked her if she'd Ever thought about how much she spent on that coffee over the course of a year; not surprisingly, She had not. If she paid $2.75 per cup for that coffee every day, how much would she spend on Coffee in a year?

A small restaurant was purchased for $316,000 with no down payment and a 6.6% loan for 10 years. Find the monthly payment.

As part of his retirement planning, Mr. Martin purchases an annuity that pays 12.5% compounded quarterly. If the quarterly payment is $9,500, how much will Mr. Martin have saved in 5 years?

Express 0.2 as a percent.

Suppose that you buy a bond with face value $1,500 that was originally issued 18 months ago. The maturity date is 4 years from the time it was issued, and the interest rate is 4% simple interest per year. If you pay $1,290 for the bond and keep it until the maturity date. a. Find the amount of interest that will be paid on the bond at maturity, and the total amount of money you'll get from the issuer at that point. b. Find the profit you'd make on this transaction. c. What percent of your investment is the profit made?