Exam 7: Applications of Percent

Use estimation to select the best response. Do not calculate. If you purchase an item for $3,995 at an interest rate of 9.2%, and you finance it for 1 year, then the amount of add-on interest is about _______.

Use the table to answer the questions. }">$\text { cellpadding }=" 0 \text { " cellspacing }=" 0 \text { " align }=\text { "center" width }=48 \% \text { " border="1"> }$ Effect of Down Payment on the Cost of a $\$ 120,000$ Home with Interest at $8 \%$ Down Payment Percent of House Price Monthly Payment 30 Years Total Payment 30 Years \ 0 0\% \ 880.52 \ 316,987 \ 6,000 5\% \ 836.49 \ 301,136 \ 12,000 10\% \ 792.47 \ 285,289 \ 24,000 20\% \ 704.41 \ 253,588 \ 30,000 25\% \ 660.39 \ 237,740 \ 36,000 30\% \ 616.36 \ 221,890 If you are obtaining a $120,000 home with a 30-year 8% loan, what would you save in the total payments by increasing your down payment from $6,000 to $36,000?

Find the total amount, including tax, for an item with a price of $21.86 and a tax rate of $6 \frac { 1 } { 2 } \%$ .

What is the future value of $840 invested at 6% simple interest for 95 days? Assume ordinary interest; that is, use 360 for the number of days in a year. Round your answer to the nearest cent. $ __________