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mathematics
linear algebra

Questions and Answers of Linear Algebra

Rob deposits $1,000 in a savings account at New York State Bank that pays 4.4% interest, compounded monthly. a. How much is in his account at the end of one year? b. What is the APY for this
How much more does $1,000 earn in eight years, compounded daily at 5%, than $1,000 over eight years at 5%, compounded semiannually?
A bank representative studies compound interest, so she can better serve customers. She analyzes what happens when $2,000 earns interest several different ways at a rate of 4% for 3 years. a. Find
Ed computes the ending balance for an account he is considering. The principal is $20,000, and the interest rate is 5.39%, compounded continuously for four years. He uses the formula B = pert and
Whitney deposits $9,000 for two years. She compares two different banks. State Bank will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded
Interest rates fluctuate with the economy. In the 1980s, the highest CD interest rate was over 16%. By 2009, the highest CD interest rates were approximately 5%. a. If $1,000 is invested at 16%
Caroline is opening a CD to save for college. She is considering a 1 3-year CD or a 3 1/2. year CD since she starts college around that time. She needs to be able to have the money to make tuition
Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for three years. He compares two different options. Option 1 will pay 3.8% interest, compounded
You are constructing a future value spreadsheet. Users will be asked to enter the periodic investment in cell A3, the interest rate as an equivalent decimal in cell A4, the time in years in cell A5,
Albert Einstein said that compound interest was ". . . the most powerful thing I have ever witnessed." Work through the following exercises to discover a pattern Einstein discovered which is now
Robbie opens an account at a local bank by depositing $100. The account pays 2.4% interest, compounded weekly. He deposits $100 every week for three years. a. How much is in the account after three
Suppose $600 is deposited into an account every quarter. The account earns 5% interest, compounded quarterly. a. What is the future value of the account after 5 years? b. Write the future value
Sydney invests $100 every month into an account that pays 5% annual interest, compounded monthly. Benny invests $80 every month into an account that pays 8% annual interest rate, com- pounded
Marcy wants to have $75,000 saved sometime in the future. How much must she deposit into an account that pays 3.1% interest, compounded monthly? Use a graphing calculator to graph the present value
Complete the table to find the single deposit investment amounts.
Complete the table to find the periodic deposit investment amounts.
Go to www.cengage.com/school/math/financialalgebra and down- load a blank check register. Complete all of the necessary information in the check register. a. The balance on December 10 is
How much more would $10,000 earn in three years compounded daily at 4.33%, than compounded semiannually at 4.33%?
Austin deposits $2,250 into a one-year CD at an interest rate of 5.3%, compounded daily. a. What is the ending balance after the year? b. How much interest did the account earn during the year? c.
Examine each of the following situations, labeled I, II, and III. Identify which of the three cases below applies. Do not solve the problems.I. Future value of a single deposit investment II. Future
Use a table of increasing values of x to find each of the following limits. If no limit exists, say the limit is undefined.a.b.c.
Tom wants to have $50,000 saved sometime in the future. How much must he deposit every month into an account that pays 2.8% interest, compounded monthly. Use a graphing calculator to graph the
Use the check register from Exercise 1. It is now one month later, and the checking account statement has arrived. Does the account balance?
Ruth has a savings account at a bank that charges a $3.50 fee for every month her balance falls below $1,500. Her account has $1,722 and then she withdraws $400. What is her balance in five months if
Ralph deposited $910 in an account that pays 5.2% simple interest, for 3 1/2 years. a. How much interest did the account earn? b. What is the ending balance? c. How much interest did the account
Matt has two single accounts at Midtown Bank. One account has a balance of $74,112.09 and the other has a balance of $77,239.01. a. What is the sum of Matt's balances? b. Is all of Matt's money
Rhonda deposits $5,600 in a savings account that pays 4 1/2% interests, compounded semiannually. a. How much interest does the account earn in the first six months? b. What is the ending balance
Rebecca opened a savings account on March 20, with a $5,200 deposit. The account pays 3.99% interest, compounded daily. On March 21 she made a $700 deposit, and on March 22 she made a $500
Max created a spreadsheet for installment purchase calculations.a. Write a spreadsheet formula to compute the down payment in cell C2.b. Write a spreadsheet formula to compute the time in months in
A deferred payment plan is also similar to an installment plan, except there are very low monthly payments until the end of the agreement. At that point, the entire purchase must be paid in full. If
Lillian purchased a guitar from Smash Music Stores. It regularly sold for $670, but was on sale at 10% off. She paid 8% tax. She bought it on the installment plan and paid 15% of the total cost with
Jean bought a $1,980 snow thrower on the installment plan. The installment agreement included a 10% down payment and 18 monthly payments of $116 each. a. How much is the down payment? b. What is the
Linda bought a washer and dryer from Millpage Laundry Supplies for y dollars. She signed an installment agreement requiring a 15% down payment and monthly payments of x dollars for one year. a.
Solomon is taking out a $15,320, two-year loan with an APR of 10.29%. What will be the finance charge for this loan to the nearest dollar?
Reggie needs a quick x-dollar loan, just until his next payday in two weeks to take advantage of a sale on ski equipment. The bank would take too long in paperwork, so he goes to a pawnshop. The
Olivia is considering membership to the Regional Teachers Credit Union so that she can save money on a loan. The credit union will lend her $8,000 for three years at 8.25% APR. The same loan at her
Rob wants to purchase a $5,000 drum set. The music store offers him a two-year installment agreement requiring $800 down and monthly payments of $202.50. Rob has a poor credit rating. a. What is his
A loan used for buying a home is called a mortgage. The Fortuna to family is buying a $430,000 home. They are taking out a 30-year mortgage at a rate of 8%. a. Compute the monthly payment. b. Find
The following spreadsheet can be used to compute monthly payments given the APR, principal, and length of the loan.a. Write the spreadsheet formula to compute cell D2. b. Write the spreadsheet
Rachel has a $10,000, three-year loan with an APR of 7.25%. a. What is the monthly payment? b. What is the total amount of the monthly payments? c. What is the finance charge?
Melissa wants to check the accuracy of the finance charge on her promissory note. She has a $6,000, four-year loan at an APR of 10%. a. What is the monthly payment? b. What is the total amount of
Juliana is taking out an $8,700, 3 1/2-year loan with an APR of 9.31%. What will be the monthly payment for this loan?
Dave wants to borrow $22,000 from First Finance Bank. The bank will give him a 15-year loan at an interest rate of 4.85%. How much will he pay the bank in interest over the life of the loan? Round to
Use the given yearly payment schedule.a. What is the loan amount?b. What is the length of the loan?c. What is the monthly payment?d. What is the total interest paid?e. Construct a scatterplot using
Use the given payment schedule.a. What is the loan amount? b. What is the length of the loan? c. What is the approximate monthly payment rounded to the nearest cent? d. What is the total interest
What is the total interest on a ten-year 6.1% loan with a principal of $32,000?
Jamie wants to borrow $15,000 from South Western Bank. They offered her a 4-year loan with an APR of 5.5%. How much will she pay in interest over the life of the loan?
Charlie and Kathy want to borrow $20,000 to make some home improvements. Their bank will lend them the money for 10 years at an interest rate of 5 3/4%. How much will they pay in interest?
Devon is considering taking out a $7,000 loan. He went to two banks. Stevenson Trust Company offered him an 8-year loan with an interest rate of 8.6%. First National Bank offered him a 5-year loan
A bank offers a $25,000 loan at an interest rate of 7.7% that can be paid back over 2 to 10 years. a. Write the monthly payment formula for this loan situation. Let t represent the number of years
Jennifer wants to borrow $20,000. Her bank offers a 7.1% interest rate. She can afford $500 a month for loan payments. What should be the length of her loan to the nearest tenth of a year?
Louis wants to take out a $14,000 loan with a 6.8% APR. He can afford to pay no more than $400 per month for loan payments. What would be the length of his loan? Round to the nearest tenth of a year.
Use your answer and the loan information from Exercise 8 to determine what effect a $50 decrease in Louis' monthly payment would have on the length of his loan. In exercise 8 Louis wants to take out
Interpret the quote in the context of what you learned.
Gino has a debit card. The account pays no interest. He keeps track of his purchases and deposits in this debit card register. Find the missing entries a-f.
Ron did not pay his credit card bill in full last month. He wants to pay it in full this month. On this month's bill, there is a mistake in the average daily balance. The credit card company lists
Express the missing entries in the debit card register algebraically.
Jill's credit card was stolen. The thief charged a $900 kayak on the card before she reported it stolen. a. How much of the thief's purchase is Jill responsible for? b. Jill's average daily balance
Kristin's credit rating was lowered, and the credit card company raised her APR from 12% to 13.2%. If her average daily balance this month is x dollars, express algebraically the increase in this
Naoko has these daily balances on his credit card for September's billing period. He paid his balance from the August billing in full. Two days @ $99.78 Fifteen days @ $315.64 Eleven days @
Janine's credit card was stolen, and the thief charged a $44 meal using it before she reported it stolen. How much of this is Janine responsible for paying?
Felix and Oscar applied for the same credit card from the same bank. The bank checked both of their FICO scores. Felix had an excellent credit rating, and Oscar had a poor credit rating. a. Felix
Vincent had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%.Nine
Express the average daily balance algebraically given this set of daily balances. x days @ y dollars w days @ d dollars r days @ q dollars m days @ p dollars
Suzanne's average daily balance for last month was x dollars. The finance charge was y dollars. a. What was the monthly percentage rate? b. What was the APR?
Helene's credit card has an APR of 16.8%. She never pays her balance in full, so she always pays a finance charge. Her next billing cycle starts today. The billing period is 30 days. Today's balance
How might the quote apply to what you have learned? Discuss.
Zea has a credit limit of $2,000 on her credit card. Each month, she charges about $200 and makes a payment of $125. a. Estimate the number of months that Zea can continue this pattern until she
Examine this portion of the credit card summary.a. Express the sum of the cycle's daily balances algebraically.b. Express the monthly periodic rate as an equivalent decimal without the % symbol.
Fill in the missing amounts for a-d.
Determine the amount of the payment made on this credit card.
Use Mark Gilley's FlashCard statement. There is an error in his bill. The average daily balance, finance charge, available credit, and new balance amounts are not filled in. You can find a copy of
Ed Lubbock's FlashCard bill is below. There are entries missing.a. What is Ed's average daily balance? b. What is Ed's finance charge? c. What is Ed's new balance? d. What is Ed's available credit?e.
Examine the following 21-day credit calendar. The opening balance is Y dollars. On March 23, a purchase of X dollars was made. On March 28, a payment of Z dollars was made. On April 4, a purchase of
Faith is taking an $8,100, 2 1/2-year loan with an APR of 8.22%. What is the monthly payment for this loan?
Michelle's credit card billing cycle is 30 days. She had a daily balance of b dollars for d days. Then she charged one item for $56, and that was all of the purchases she made for the rest of the
The finance charge on Lauren's credit card bill last month was $13.50. Her APR is 18%. What was her average daily balance?
Riel had an average daily balance of $415.22 on his May credit card statement. The bill showed that his APR was 21.6% and that his finance charge was $89.69. When he verified the finance charge, did
Harold borrowed $8,000 for five years at an APR of 6.75%. a. What is Harold's monthly payment? b. What is the total amount that Harold paid in monthly payments for the loan? c. What is the amount
The table lists the balances at the end of each year for a 15-year, $50,000 loan with an 8% interest rate. a. Construct a scatterplot using the data points (year, loan balance). b. Write a linear
Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at 7% interest rate. What should the length of the loan be? Round your answer to the nearest year.
Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. a. What should be the length of her loan? Round to the nearest tenth of a year. b.
Use the credit card statement and a blank credit card calendar.a. What is the total of all of the purchases made this billing cycle? b. What is the amount of total payments? c. What is sum of the
Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. a. How much is the down payment? b. What is the
Carly took a $7,000, three-year loan with an APR of 8.15%. a. What is the monthly payment? b. What is the total amount of the monthly payments? c. What is the finance charge?
Sarah is taking out a $24,400, four-year new-car loan with an APR of 6.88%. What is the finance charge for this loan? Round to the nearest hundred dollars.
Jake had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 18.6%. Two days @
Kim's credit card was not paid in full last month so she will pay a finance charge this month. She had an average daily balance of $d during this billing period, which had 31 days. The APR was p%.
Interpret the quote in the context of what you learned. Discuss.
Leslie placed this ad in the Collector Car Monthly. 1957 Chevrolet Nomad station wagon. Tropical Turquoise, 6 cyl. auto, PS, PW, AM/FM, repainted, rebuilt transmission, restored two-tone interior.
The cost of an ad in a local paper is given by the piecewise functiona. Find the cost of a three-line ad. b. Find the difference in cost between a one-line ad and a four-line ad. c. Find the cost
Express the following classified ad rate as a piecewise function. Use a let statement to identify what x and y represent. $29 for the first five lines, and $6.75 for each additional line.
The piecewise function describes a newspaper's classified ad rates.a. If x represents the number of lines, and y represents the cost, translate the function into words. b. If the function is graphed,
A local Pennysaver charges $11 for each of the first three lines of a classified ad, and $5 for each additional line. a. What is the price of a two-line ad? b. What is the price of a five-line
The Position Posted online job website charges $15 to place a classified ad plus $2.50 for each of the first five lines, and $8 for each additional line after the fifth line. If x is the number of
A local newspaper charges by the character for its classified ads. Letters, numbers, spaces, and punctuation each count as one character. They charge $46 for the first 200 characters and $0.15 for
The following list of prices is for a used original radio for a 1955 Thunderbird. The prices vary depending on the condition of the radio.$210, $210, $320, $200, $300, $10, $340, $300, $245, $325,
Bill is looking for original taillights for his 1932 Ford. The prices vary depending on the condition. He finds these prices: $450, $100, $180, $600, $300, $350, $300, and $400.a. Find the four
Find the mean, median, mode, and range for each data set given.a. 7, 12, 1, 7, 6, 5, 11 b. 85, 105, 95, 90, 115 c. 10, 14, 16, 16, 8, 9, 11, 12, 3d. 10, 8, 7, 5, 9, 10, 7 e. 45, 50, 40, 35, 75 f. 15,
Which of the data sets from Exercise 2 are skewed?

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