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Exam 7: Consumer Mathematics

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Question 21

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

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Question 22

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Find the effective rate when the stated rate is 19% and the interest is compounded quarterly.

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Question 23

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Phil had an unpaid balance of $2,084.50 on his credit card statement at the beginning of December. He made a payment of $385.00 during the month. If the interest rate on Phil's credit card was 1.5% Per month on the unpaid balance, find the finance charge and the new balance on January 1.

A student loan is taken out for $8,500 at 6.6%. The student graduates 2 years and 3 months after the Loan is acquired. Payments are deferred for 6 months after graduation. Find the the monthly Payment. Assume 30-day months and that the term of the loan is 10 years.

For an investment of $100,000 at 9% interest for 8 years, find (a) the simple interest, and (b) the Compound interest if interest is calculated once per year.

With an mortgage, the rate of interest may fluctuate (i.e., increase and decrease)during the period of the loan.

A house sells for $282,500 and a 35% down payment is made. A 15-year mortgage at 7.5% was Obtained. Find the monthly payment and the total interest paid.

As part of her retirement planning, Mrs. Campbell purchases an annuity that pays 9.5% compounded Quarterly. If the quarterly payment is $3,500, how much will Mrs. Campbell have saved in 5 years?

Suppose you have a $4,200 balance on a credit card with an interest rate of 1.26% per month, and The minimum payment for any month is the amount of interest plus 1% of the principal balance. You Find that if you don't make any more purchases on that card and make the minimum payment for 6 Months, you will have reduced your principle by $245.78. If the credit card company instead sets its Minimum payment at interest plus 3% of the principal balance, how much more progress would you Make after making minimum payments for 6 months?

Dr. Sand borrowed some money to buy new furniture for his office. He paid $48.00 simple interest On a 2-year loan at 4%. Find the principal.

Find the missing value.

Express 59% as a decimal.

Amy had an unpaid balance of $910.86 on her credit card statement at the beginning of November. She made a payment of $445.00 during the month, and made purchases of $199.89. If the interest Rate on Amy's credit card was 14% per month on the unpaid balance, find her finance charge and the New balance on December 1.

An investor purchased 900 shares of stock for $31.08 per share and sold them later for $33.36 per Share. The broker's commission was 4% of the purchase price and 4% of the selling price. Find the Amount the investor made on the stock.

1. Simple interest = 2. Future value =

An investor bought 600 shares of a stock at $11.22 using a broker that charged a 2% commission. Find the amount of commission that was paid.

A coat was reduced from $250 to $200. Find the percent decrease.

Kelly bought a new SUV for $28,000. She made a down payment of $12,500 and has monthly Payments of $303.28 for 5 years. She is able to pay off her loan at the end of 36 months. Using the Actuarial method, find the unearned interest and payoff amount.

Determine the better investment: 4% compounded monthly or 4.2% compounded semiannually

When putting together a monthly budget what are important considerations?