Exam 7: Consumer Mathematics

Petty Marine Co. has a long-term plan to expand to a second location that's actually near some Water, so they want to start a monthly annuity to save $160,000 in capital over 6 years. The best rate They can find is 8%. Find the monthly payment.

Fill in the blank: When some quantity gets larger, we calculate percent increase, in decimal form, using the formula Percent increase =

What was the lowest price that the stock sold for during the last 52 weeks?

A brokerage charges a fee, called a(n), for the service of having their representatives buy or sell the stock at an exchange.

Usually are issued by a company to raise money for startup costs or special projects.

Stephen purchased a diamond engagement ring for $3,000. His down payment was $700, and he Made 24 monthly payments of $106.14. Find the APR from the table below.

Find the interest using the Banker's rule. P = $12,740, r = 7.2%, t = 45 days

Amanda's credit card statement showed these transactions during December. The interest rate is 12% per month on the average daily balance. Find the average daily balance, the Finance charge for the month, and the new balance on January 1. [Hint: Remember that December Has 31 days.]

A house has a $298,500.00 mortgage at 7.5%. The monthly payments are $2,770.08. Compute an Amortization schedule for the first three months.

Find the missing value.

An investor purchased 1,000 shares of stock at $54.36 per share. She later sold it at $50.13 . The Broker's commission on the purchase was 2% and 1% on the sale. Find the amount of money the Investor lost on the stock.

After securing a mortgage, the lending institution will prepare an . This shows what part of the monthly payment is paid on the principal and what part of the monthly payment is paid in interest.

Sheila borrowed $1,000.00 for 1 year. Her monthly payments are $89.60. If she decides to pay the Loan off after 4 months, find the amount of interest that she will save. (Use the rule of 78s.)

A house is purchased for $379,000 with a 20% down payment. A mortgage is secured at 5.25% for 30 years. Find the monthly payment.

Express 13.6% as a decimal.

A real estate agent received a 3% commission on the sale of a home. If his commission was $4,800, how much did the home sell for?

Max borrows $18,500 for her last 3 years of college, acquiring a federal student loan at 6.3% interest. Find the monthly interest rate for 30- and 31- day months.

A house has a $150,500.00 mortgage at 7.5%. The monthly payments are $1,052.00. Compute an amortization schedule for the first three months.

Jin pays $341.38 every six months for car insurance. He also pays $2,783 for tuition at the Beginning of both fall and spring semesters, and budgets $700 for books and supplies for each Semester. If he wants to plan ahead, how much money should he put into savings every month? Explain how you decided on that amount.

Angela borrowed $300 at 16% simple interest to buy a chair. Find the term of the loan if the interest was $384.00.