511g.2014
,
i 19. -l1.7lpoints
BadbsdLsn
If,yNotes I SmithNMl2 11.7.038.
If an apartrnnt corplex will need painting in $ ,*ut= and the
job will cost $35,000,
what arrpunt needs to be deposited into an account now in order to have the
necessary funds? The account pays tr1olo interest corrpounded ser*annually.
(a) State the type of the problem.
O future value
O ordinary annuity
O annrtization
O sinking fund
O prcsent value
(b) Answer the guestion, (Round your answer to the nearest cent.)
$
--
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17. -11.57 points ilylrlotes I SmithNMl2 11.7.016.
I
r Classify the financial prcblem. Assurne a 9o/o interest rate conpounded annually.
I find the value of a $1,000 certificate in 3 years.
i O anpftization
O ordinary annuity
O sinking fund
O futurc value
i
I O present value
:
,:
Answer the question. (Round your answer to the nearest cent.)
$
--
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18. On.{polnts I Previous Answers ily i,lotes I SmihNMl 2 11.7.026.
The armunt to be financed on a new car is $9,500. The terns are 5o/o for4 years.
What is the nonthly paynent?
(a) State the type.
O future value
O arncrtization
O ordinary annuity
O present value
O sinking fund
x
(b) Answer the question. (Round your answer to the nearest cent.)
$
l-l-
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7
5lfitzJ14 Baclboard Learn
13. 1.5711.57 pdnts I Previous Answers ItiyNotes I SmithNMl2 11.6.015.CM1.
Use a calculator to evaluate the amortization formula
. {*},, m =-
| 1-{t --lr-(r+r\-
\ n/j
for the values of the variables P, n and f (respectively). Assunr n = 12, (Round your
answer to the nearcst cent.)
$150,000; 3o/oi 2O yr
$ 831.e0 6*
-,:::
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14. 011.57 poir*s I Previous Answers MyNotes I SmithNMl 2 11.6.$2.1
I Find the rmnthly paynent for the loan. (Round your answer to the nearest cent.)
I
; $700 loan for 12 rmnths at LZola
: $1008 x
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(-
15, 011.57 points I PreviousArswers MyNotes I SmithNMlz 11.6.040.Ctv{.
Find the monthly paynrent for the loan. (Round your answer to the nearest cent.)
i A $128,000 honre bought with a 20olo down paynent and the balance financed
', for 30 years at 6.50/o
:
; $ 213e.90 x
:-,-i-
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16. -11.57 poiffis Myt{otes I SmithNMl2'11.6.042.1
i
: Find the rmnthly payrnent for the loan. (Round your answer to the nearest cent.)
,
, Finance $450,000 fora warehouse with a 7.51o/o 30-year loan.
1. 511g.2014
,
i 19. -l1.7lpoints
BadbsdLsn
If,yNotes I SmithNMl2 11.7.038.
If an apartrnnt corplex will need painting in $ ,*ut= and the
job will cost $35,000,
what arrpunt needs to be deposited into an account now in order
to have the
necessary funds? The account pays tr1olo interest corrpounded
ser*annually.
(a) State the type of the problem.
O future value
O ordinary annuity
O annrtization
O sinking fund
O prcsent value
(b) Answer the guestion, (Round your answer to the nearest
cent.)
$
--
3. ,:
Answer the question. (Round your answer to the nearest cent.)
$
--
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18. On.{polnts I Previous Answers ily i,lotes I SmihNMl 2
11.7.026.
The armunt to be financed on a new car is $9,500. The terns are
5o/o for4 years.
What is the nonthly paynent?
(a) State the type.
O future value
O arncrtization
O ordinary annuity
O present value
O sinking fund
x
(b) Answer the question. (Round your answer to the nearest
cent.)
$
l-l-
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fjid/o3D*1214{,0_... 617
7
5lfitzJ14 Baclboard Learn
13. 1.5711.57 pdnts I Previous Answers ItiyNotes I SmithNMl2
11.6.015.CM1.
Use a calculator to evaluate the amortization formula
. {*},, m =-
| 1-{t --lr-(r+r-
n/j
for the values of the variables P, n and f (respectively). Assunr
n = 12, (Round your
answer to the nearcst cent.)
$150,000; 3o/oi 2O yr
$ 831.e0 6*
-,:::
NeecJ H*lr:? S.'"ffitr':'H 8,,- } ,E E,:.ffi*,:"U mSfffrH
14. 011.57 poir*s I Previous Answers MyNotes I SmithNMl 2
11.6.$2.1
I Find the rmnthly paynent for the loan. (Round your answer to
5. the nearest cent.)
I
; $700 loan for 12 rmnths at LZola
: $1008 x
hleedHelp? ffiffi
(-
15, 011.57 points I PreviousArswers MyNotes I SmithNMlz
11.6.040.Ctv{.
Find the monthly paynrent for the loan. (Round your answer to
the nearest cent.)
i A $128,000 honre bought with a 20olo down paynent and the
balance financed
', for 30 years at 6.50/o
:
; $ 213e.90 x
:-,-i-
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@[email protected]@&[email protected]@[email protected]@
16. -11.57 poiffis Myt{otes I SmithNMl2'11.6.042.1
i
: Find the rmnthly payrnent for the loan. (Round your answer to
the nearest cent.)
,
, Finance $450,000 fora warehouse with a 7.51o/o 30-year loan '
d
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il13t2014 Blacl.terd [.ean
t0. -11,57 points MyNotes I SmithNMl 2 11.2.059.
' Karen and Wayne need to buy a refrigerator because theirs just
broke. Unfoftunately,
, their savings account is depleted, and they will need to borrow
money in order to buy a
I new one. Searc offers theman installntent loan at L4o/o (add-
on rate). If the
. refrigerator at Sears costs $1,518 plus 5olo sales tax, and
lGren and Wayne plan to pay
, for the refrigerator for 3 years, what is the monthly paynrent?
(Round your answer to
: the nearest cent.)
$
Needl-{elp?ffiffiffi
11. -11.57 points MyNotes I SmithNMl2 11.5.020.CM1.
, Use a calculator to evaluate an ordinary annuity formula
[t" * rnt - rlA=ml n/ |lrlLnl
:
: for ffi, r, and f (respectively). Assurne rmnthly paynrents.
7. (Round youranswerto the
, nearest cent.)
, S LSO; 4o/o;40 Yr
I
- A=$
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12. -{1.57 points MyNotes I SmithNMl2 11.5.038.CM1.
I Find the arnount of periodic paynent necessary for the deposit
to a sinking fund.
, (Round your answer to the nearest cent.)
d*
Amunt Needed Frequency Rate Tirne
Anrt
$50,000 semiannually 14o/o 2O yr
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pbapps%zFHedo/otreler;r;fro/a*lzuncler%3Ftpe%3DCorseo/o26
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l
5l1s014 EacrbsdLear.
8. 3
$ 8.
Assurne the car can be purchased for CIo/a down for 60 rrcnths
(in lieu of rebate).
'l A car with a sticker price of $42,gOO with factory and dealer
rebates of g5,100
',
I (a) Find the rrcnthly paynrent if financed for 60 npnths at 0olo
APR. (Round your
I 6nswer to the nearest cent.)
;
$
(b) rind the rmnthly paynent if financed at 2,5o/o add-on
interest for 60
rmnths. (Round your answer to the nearest cent.)
$
(c) Use the APR approxirnation fortnrla to find the APR for part
(b). (Round your
answer to one decinml place.)
o/o
(d) State whether the 0olo APR or the 2.5olo add-on rate should
be preferred.
O oolo APR
O 2.5o/a add-on rate
hleEcHeip? ffiffi
)Af; 4.7811.57 points I Previous Answers Mytlotes I SmitrNMl
9. 2 11.2.045.1
' For the car loan described, give the following inforrnation.
; A newspaper advertisenent offers a $4,000 used car for
nothing down and 3Gi easy nnnthly paynents of g141.G2.
I (a) annunt to be paid
i $ s0e8.32 **
,
(b) amount of interest
$ 10e8.32 *r
I (c) interest rate (Round your answer to two decirnal places.)
: o/o
: fd) APR (rounded to the nearest tenth percent)
olo
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5t13t2014 Blaclberd Le*n
5. 1.5711.57 pornts I Previous Answers My Notes I SmithNMl 2
11.1.046.
Suppose that an insurance agent offers you a policy that will
provide you with a yearly
inconm of $80,000 in 30 yearc. What is the conparable salary
10. today, assuming an
inflation rate of 4olo cornpounded annually? (Round your
answer to the nearest cent,)
$ 24665.50 qdf
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6. 1.5711.57 pdfis I Previous Answers MyNotes I SmithNMl 2
11.2.025.1
: Conveft the credit card nate to the APR
2
Oregon, Lio/o per nrcnth
:t, 21 *g (1,"
:
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7. 1.57n.57 points I PreviousAnswers My Notes I SmithNMl2
11.2.031.
, Calculate the rmnthly finance charge for the crcdit card
transaction. Assunre that it
. takes 10 days for a paynnnt to be received and recorded, and
that the rmnth is 30
: days long. (Round your answers to the nearest cent.)
I $500 balance, L4o/o, $50 paynrent
ta) previous balance nethod
j $5.83 ,vf
(b) adjusted balance npthod
11. $ s.zs ef
(c) average daily balance nethod
$ 5.37 efl
i::--i-i;-ii:l i:i
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8. -11.57 points MyNotes I SmithNMl2 11.2.045.
htpsr//blakboard.sb4pr.€fu
^Eb6pps/portal/taneset"jsp?url=%2Fr,rebepsYo2FHacl6orydoA2
Femrteo62Flzurctrr%3Ftypeo63DCourseo/o26fl"9j214q)-..
U7
011.57 points I Previous Answers
I
MyNotes I SmithNMl2 11.1.030.
Blrclberd l-earn
: Find the prcsent value, using the present value formula and a
calculator. (Round your
i answer to the nearest cent.)
; echieve $225,500 at 8.95olo conpounded continuously for 8
years, 135 days.
I
i $ ,rozsoo.zr X
i-i_
12. Need Hels? ht ffi
@@
kl 4. 0.9511.57 polnts I Previous Answers ilylrlotes I
SmithNMl2 11.1.O32.. If $36,500 is invested at 6.40/o for 30
yeats, find the future value if the interest is
, conpounded the following ways. (Round your answers to the
nearest cent.)
: (a) annually
/
$ 2y+715.A- c
i (b) seriannually
, $'241587.63 ,ryf
:
; fc) quarterlY
, $ 245209:80 *6r
:
, (d) nnnthly
i
$ 2476e8.03 cf
: (e) daily
; $ 248e22.50 *r
a
, (f) every ndnute (/V = 525,600)
$
: (g) continuously
$
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::
Neec{ Heln? E'rffin.S &BD*reS.
[email protected][email protected][email protected][email prote
cted]
17. -11.57 points ilylrlotes I SmithNMl2 11.7.016.
I
r Classify the financial prcblem. Assurne a 9o/o interest rate
conpounded annually.
I find the value of a $1,000 certificate in 3 years.
i O anpftization
O ordinary annuity
O sinking fund
O futurc value
i
I O present value
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