Exam 7: Applications of Percent

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Round your answer to the nearest cent. cellpadding="0" cellspacing="0" width=" 63\% " border="0"> Balance Rate Payment Method \ 5006\%\ 250 Average daily balance $ __________

Use estimation to select the best response. Do not calculate. A $147,000 30-year loan at 10% + 2 points + $100 would have a fee for points of approximately __________.

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent. A $3,500 loan at 17% add-on rate for 3 years. $ __________ interest; $ __________ per month

A car dealer will sell you a $16,450 car for $3,290 down and payments of $339.97 per month for 48 months. What is the APR? Round your answer to the nearest tenth of a percent. __________ %

Find the sale price of a belt that is on sale for $\frac { 1 } { 3 }$ OFF if the original price is $9.10. Round your answer to the nearest cent. $__________

Right or Wrong? From the consumer's point of view, the best method of calculating interest is the adjusted balance method.

Find the complement of the number $\frac { 8} {9 }$ .

Find the cost of a cup of coffee in 2 years, assuming that it costs $2.50 today and the annual inflation rate will be 1%. $ __________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $932, you make a $50 payment, the APR is 12%, and the interest is calculated according to the adjusted balance method, then the finance charge is

Find the total amount, including tax, for an item with a price of $26.86 and a tax rate of $4 \frac { 3 } { 8 } \%$ . Round your answer to the nearest cent. $__________

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 1.5 points + $150 origination fee Would require what monthly income for the buyer?

Determine the comparable interest rate (to two decimal places) for a $50,000 loan with this quoted information. 7.85% + 2 pts + $400 origination fee

Estimate the answer by picking the best choice without calculating. A reasonable APR for a credit card is __________.

Use the table to answer the question. }">$\text { cellpadding }=" 0 \text { " cellspacing }=" 0 " \text { align }=\text { "center" width }=" 60 \% \text { " border="1"> }$ Effect of Down Payment on the Cost of a $\$ 120,000$ Home with Interest at $8 \%$ Down Payment Percent Total Payment Total Payment Total Payment \ 00 20 Years 25 Years 30 Years \ 6,000 0\% \ 240,895 \ 277,854 \ 316,987 \ 12,000 10\% \ 216,806 \ 250,068 \ 285,289 \ 24,000 20\% \ 192,715 \ 222,282 \ 253,588 \ 30,000 25\% \ 180,672 \ 208,389 \ 237,740 \ 36,000 30\% \ 168,626 \ 194,499 \ 221,890 Is the following statement true or false? For a $120,000 loan with interest rate 8% and 10% down, the total amount that can be saved by changing the term from 30 years to 25 years is $68,483, because the total amount of payments changes from $285,289 to $216,806.

If the rate of an investment is 6% compounded daily, then what is the value of $\text { i? }$

Find the discount if the original price is $330 and the percent markdown is 55%.

What are the bank charges for $\frac { 3 } { 4 }$ point on a house with a borrowed amount of $85,000?

Use estimation to select the best response. Do not calculate. Assume that interest rates are close to 10%. If you purchase a new car for $12,000, and finance it for 1 year, then the amount of interest you would expect to pay is about: Choose 120, 1,200, or 6,000. $ __________

Calculate the future amounts you would have if $2,000 were invested at 8% for 4 years with simple interest and if it were invested with annual compounding. What is the difference between the two to the nearest cent, and does compound interest yield more or less than simple interest?

Find the amount of interest and the monthly payment for the loan described below. Round your answers to the nearest cent. Purchased a car for $30,450 at 9.9% add-on interest for 4 years. $ __________ interest; $ __________ per month