Exam 7: Applications of Percent

Use estimation to select the best response. Do not calculate. If you purchase a $4,800 item and pay for it with monthly installments for 4 years, the monthly payment is ______________________________. ($100 per month / more than $100 per month / less than $100 per month)

Estimate the discount for an item marked 20% off with an original price of $2,755.95. Select the best answer: 55, 550, 850, or 85. $__________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $962, you make a $50 payment, the APR is 6%, and the interest is calculated according to the previous balance method, then the finance charge is __________.

Fill in the table, assuming simple interest. }">$\text { cellpadding }=0 \text { " cellspacing }=" 0 \text { " width }=69 \% \text { " border="1"> }$ I P r t Future Interest Principal Rate Time Value

Fill in the table, assuming simple interest. ">$\text { cellpadding }=" 0 " \text { cellspacing }=" 0 " \text { width }=" 69 \% " \text { border }=1 ">$ I P r t Future Interest Principal Rate Time Value

Find the cost of a home in 15 years, assuming an annual inflation rate of 3%, if the present value of the house is $245,500.

Find the missing values, assuming simple interest. }">$\text { cellpadding }=" 0 \text { " cellspacing }=0 " \text { width }=" 69 \% \text { " border="1"> }$ I P r t Future Interest Principal Rate Time Value

Estimate the answer by picking the best choice without calculating. The method of calculation most advantageous to the consumer is the __________.

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. cellpadding ="0" cellspacing ="0" width ="94\%" border="1"> Compounding P r t n i N A Period Present Annual Time Period Number of Future Value Rate Rate Periods Value Semiannual \ 200 6\% 3 ? ? ? ? n = __________ i = __________ % N = __________ A = $ __________

A car dealer will sell you a $16,191 car for $1,955 down and payments of $391.02 per month for 48 months. What is the APR? Round your answer to the nearest tenth of a percent.

Find the sales tax for a $25,150 automobile if the state sales tax rate is $6.75 \%$ .

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 \ 10010\%\ 400 Average daily balance $ __________

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $3,400 and current monthly payments for bills total $390. $ __________

Find the APR (rounded to the nearest percent) for the loan below. Purchased a dining room set for $4,000 at 9% add-on interest for 2 years.

In a 15% OFF sale, an item has an original price of $299.85. Estimate the sale price. Select the best answer: 100, 50, 250, or 25. $__________

Fill in the table. Assume ordinary interest; that is, use 360 for the number of days in a year. ">$\text { cellpadding }=" 0 \text { " cellspacing }=" 0 " \text { width }=" 71 \% " \text { border }=" 1 ">$ I P r t Future Interest Principal Rate Time Value

Use estimation to select the best response. If $I = \rho r t$ and $P = \$ 59,360.55$ , $r = 9.5 \%$ , and $t = 2 \text { years }$ , estimate $I$ .

Find the sale price of a pair of skis that are on sale for $\frac { 1 } { 2 }$ OFF if the original price is $\$ 430$ .

Fill in the table. Give answers to the nearest cent. Assume ordinary interest; that is, use 360 for the number of days in a year. cellpadding ="0" cellspacing= =0" width ="69\% " border ="1"> I P r t Future Interest Principal Rate Time Value

A newspaper advertisement offers a $4,000 car for nothing down and 36 easy monthly payments of $134.54. What is the APR? Round your answer to the nearest tenth of a percent. __________ %