New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
mathematics
linear algebra

Financial Algebra advanced algebra with financial applications 1st edition Robert K. Gerver - Solutions

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 account to the nearest hundredth of a percent?
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 the interest if it is computed using simple interest.b. Find the interest if it is compounded
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 substitutes directly on his calculator. Look at the keystrokes he entered.20,000e^ (.0539)(4)He presses
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 continuously. a. How much interest does State Bank pay? b. How much interest does Kings Savings pay? c. Which
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% interest, compounded continuously, for five years, what is the ending balance? b. If $1,000 is invested
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 payments on time, and she does not want to have to withdraw money early from the CD and face a
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 quarterly. Option 2 will pay 3.5% interest, compounded continuously. a. How much interest does Option 1
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, and the number of times per year the interest is compounded in cell A6. Cell A8 will contain the
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 known as the Rule of 72. a. Suppose that you invest $2,000 at a 1% annual interest rate. Use your
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 years?b. Write the future value function if x represents the number of weeks.c. Use a graphing
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 function if x represents the number of quarters. c. Use a graphing calculator to graph 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 monthly.a. Determine the amount in Sydney's account after 10 years. b. Determine the amount in Benny's
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 function.
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 $3,900.50.b. On December 11 check #1223 is written for $84 to North Shore High School Drama Club.c. On December
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. What is the annual percentage yield? Round to the nearest hundredth of a percent.
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 value of a periodic deposit investment III. Present value of a periodic deposit investmenta. You
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 present value function.
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 her account balance never reaches $1,500?
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 earn the first year? d. How much interest did the account earn the third year?
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 insured by the FDIC? Explain.
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 after six months? c. How much interest does the account earn in the second six months? d. What is
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 withdrawal. Use this information to find the missing amounts.
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 cell F2.c. Write a spreadsheet formula to compute the total of monthly payments in cell G2.d. Write
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 it is not paid, there will be high finance charges. Often, there is no interest-stores use
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 tax as a down payment. Her monthly payments were $58 per month for one year.a. What is the discount?
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 total amount of the monthly payments? c. How much did Jean pay for the snow thrower on 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. Express her down payment algebraically. b. How many monthly payments must Linda make? c. Express the
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 pawn- shop will only lend him 25% of the value of his collateral. Express algebraically the amount of
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 savings bank has an APR of 10.5%. How much would Olivia save in finance charges if she joined the
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 interest on this installment agreement? b. Instead of using the store's installment plan, Rob can
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 total of all of the monthly payments for the 30 years. c. What is the finance charge? d. Which
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 formula to compute cell E2. c-h. Use your spreadsheet to fill in the missing entries.
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 the monthly payments? c. What is the finance charge?
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 the nearest hundred dollars.
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 the data points (year, loan balance).f. Write a linear regression equation that approximates the
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 paid over the life of the loan? e. Construct a scatterplot using the data points (year, loan
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?
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 from 2 to 10 inclusive. b. Write the total interest formula for this loan situation. Let t represent
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 a $14,000 loan with a 6.8% APR. He can afford to pay no more than $400 per month for loan payments.
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 the average daily balance on his bill as $510.50. Ron computed it himself and found that it is
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 would have been $1,240 without the thief's purchase. What was the sum of her daily balances for the
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 month's finance charge due to the higher APR.
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 @ $515.64 Two days @ $580.32 a. His APR is 15.4%. How much is the finance charge on his September bill? b.
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 was given a card with an APR of 12%. What was his monthly percentage rate? b. Oscar was given a card
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 days @ $778.12 Eight days @ $1,876.00 Four days @ $2,112.50 Ten days @ $1,544.31a. What is the average
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 is $712.04. She is only going to use the credit card this month to make a $5,000 down payment on a
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 reaches her credit limit. b. Consider that part of the $125 Zea pays each month will be for finance
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 the blank calendar at www.cengage.com/school/math/financialalgebra.a. What is Mark's average daily
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. If the $30 charge to Petrela Sailboats had been posted on 12/9, would the finance charge be higher
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 W dollars was made.a. What is the algebraic expression for the daily balance on March 23? Write it
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?
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 he find that it was correct or incorrect? Explain.
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 Harold will pay in finance charges?
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 regression equation that approximates the year/loan balance relationship. Round to the nearest
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. What would an increase of $20 to the monthly payment have do to the length of her loan?
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 daily balances? d. What is the average daily balance?e. What is the monthly periodic rate? f. What is
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 total amount of the monthly payments? c. How much will Shania pay for the drum set on 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 @ $331.98 Eleven days @ $1,203.04 Four days @ $996.71 Thirteen days @ $1,002.76a. What is the average
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%. a. Express algebraically the APR as an equivalent decimal. b. Express algebraically the monthly
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. Mint! Moving, sacrifice $52,900. 555-4231 a. If the newspaper charges $48 for the first three lines
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 of a seven-line ad. d. Graph this function on your graphing calculator. e. Find the coordinates of
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, what are the coordinates of the cusp?
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 ad? c. If x is the number of lines in the ad, express the cost c(x) of the ad as a piecewise function.
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 lines in the ad, write a piecewise function for the cost of the ad, c(x).
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 each additional character. a. If x represents the number of characters in the ad, express the cost
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, $700, $250, $240, $200a. Find the mean of the radio prices.b. Find the median of the radio prices.c.
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 quartiles.b. Find the interquartile range. c. Find the boundary for the lower outliers. Are there any
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, 11, 11, 16, 16, 9
Which of the data sets from Exercise 2 are skewed?

Showing 1600 - 1700 of 11883

First
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Last

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved