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

Michelle took out a $370,000 30-year adjustable rate mortgage with a 3.8% initial 6-month rate. The amortization table for the initial rate period is shown. After the first 6 months, the rate went up to 4.8%. Calculate the next line of the amortization table.
Calculate the missing amounts in the amortization table which shows extra payments toward the principal made each month.
Adam is taking out a $197,000 mortgage. His bank offers him an APR of 7.45%. He wants to compare monthly payments on a 20- and a 30-year loan. Find, to the nearest ten dollars, the difference in the monthly payments for these two loans?
Brianna just signed a lease on a rental apartment. The current rent is $1,330 per month, and she estimates a 6% increase each year. Use her estimate to predict the sum of the next five years' worth of monthly rental expenses. Round to the nearest thousand dollars?
The Bricely Family borrowed $176,000 from Glen Bank several years ago when they bought their co-op for $246,000. The price dropped d dollars since they bought it. After making years of payments and pay- ing some of the principal, they now owe the bank b dollars, which is more than the price for
Explain how the quote can be interpreted.
Jack contributed $400 per month into his retirement account in pre- tax dollars during the last tax year. His taxable income for the year was $62,350. He files taxes as a single taxpayera. What would his taxable income have been had he contributed to the account in after-tax dollars?b. Use the tax
Mark is an accountant who has been contributing to his retirement account for the last 15 years with pre-tax dollars. The account com- pounds interest semi-annually at a rate of 5%. He contributes X dollars after each 6-month period, and this has not changed over the life of the account.a. How much
Jhanvi is a 40-year-old executive for a department store. She files taxes as head of household. She needed to withdraw $45,000 from her tax-deferred retirement account to put a down payment on a new condominium. Jhanvi's taxable income for that year was $110,550, excluding the $45,000 early
Nelson makes $120,000 per year. His employer offers a 401k plan in which they will match 40% of his contributions up to a maximum of 7% of his annual salary. His employer allows contributions up to a maximum of 15% of Nelson's salary per year. If Nelson contributes $200 out of each biweekly
Mike makes Y dollars per year. His company offers a matching retirement plan in which they agree to match M percent of his contributions up to P percent of his salary. Write an algebraic expression for the maximum value of the employer's matching contribution.
Ricky is 35 years old. He plans to retire when he is 63. He has opened a retirement account that pays 3.2% interest compounded monthly. If he makes monthly deposits of $400, how much will he have in the account by the time he retires?
Jay just graduated from college and he has decided to open a retirement account that pays 1.75% interest compounded monthly. If he has direct deposits of $100 per month taken out of his paycheck, how much will he have in the account after 42 years?
At the age of 30, Jasmine started a retirement account with $50,000 which compounded interest semi-annually with an APR of 4%. She made no further deposits. After 25 years, she decided to withdraw 50% of what had accumulated in the account so that she could con- tribute towards her grandchild's
A taxpayer who pays 22% in taxes each year has these two accounts. Account 1: $10,000 is placed in a tax-deferred account that pays 5% interest compounded annually for 25 years.Account 2: $10,000 is placed in a taxable account that pays 5% interest compounded annually for 25 years.a. How much is in
Laura has been contributing to a retirement account that pays 4% interest with pre-tax dollars. This account compounds interest monthly. She has put $500 per month into the account. At the end of 10 years, she needed to pay some medical bills and had to with- draw 15% of the money that was in the
Fiona opened a retirement account that has an annual yield of 6%. She is planning on retiring in 20 years. How much must she deposit into that account each year so that she can have a total of $600,000 by the time she retires?
John is 60 years old. He plans to retire in two years. He now has $400,000 in a savings account that yields 2.9% interest compounded continuously. He has calculated that his final working year's salary will be $88,000. He has been told by his financial advisor that he should have 60-70% of his
Bob can afford to deposit $400 a month into a retirement account that compounds interest monthly with an APR of 3.9%. His plan is to have $200,000 saved so that he can then retire. Approximately how long will it take him to reach this goal?
Interpret the quote in the context of what you know about American history and/or challenges facing senior citizens.
Dominique is single. She is filling out the Social Security worksheet so she can determine the amount of her Social Security benefits that she will pay federal income tax on. Fill in the following lines which were taken from Dominique's tax information.€¢ Line 1-she received $28,922 in Social
Roberta's Social Security full retirement benefit is $2,101. She started collecting Social Security at age 64, and her benefit is reduced since she started collecting before age 67. Find her approximate Social Security benefit.
Linda and Rob are married filing a joint Form 1040. Rob is collecting Social Security, but Linda is not. They are filling out the Social Security worksheet (shown in Exercise 11) so they can determine the amount of Rob's Social Security benefits that they will pay federal income tax on. Fill in the
You can receive Social Security payments for being disabled even if you have not retired or reached age 62. You need a certain number of Social Security credits to qualify for this.• If you become disabled before age 24, you generally need six credits in the three years before you became
In 2008, the maximum taxable income for Social Security was $102,000 and the tax rate was 6.2%.a. What is the maximum Social Security tax anyone could have paid in the year 2008?b. Randy had two jobs in 2008. One employer paid him $67,010 and the other paid him $51,200. Each employer took out 6.2%
In a certain year, the maximum taxable income for Social Security was x dollars and the tax rate was 6.2%. a. What is the maximum Social Security tax anyone could have paid in that year? b. Paul had two jobs that year. One employer paid him y dollars and the other paid him p dollars. His total
Stacy was a stay-at-home mom for most of her adult life. At age 46, she started working outside the home. Each year she earns the maxi- mum number of Social Security credits. Until what age must she work to qualify to receive Social Security benefits when she retires?
Rachael turned 62 in 2007.a. Compute her Social Security full retirement benefit if her average monthly salary over her 35 highest-paying years was $3,100.b. If she starts collecting her benefit at age 66, what will her benefit be? Round to the nearest dollar.
Michelle turned 62 in 2007. She earned an average of x dollars per month (adjusted for inflation) over her highest-paying 35 years, where x > 4,100. Express her Social Security full retirement benefit algebraically.
Explain how that quote can be interpreted in light of what you have experienced in this lesson.
Grant's employer offers a pension plan that calculates the annual pension as the product of the final average salary, the number of years of service, and a 2% multiplier. His employer uses a graded 5-year vesting formula as shown. Grant's starting salary with his company 4 years ago was $80,000.
Peterson Products calculates its pension benefits as follows:Years of service × 1.98% multiplier × Average of last two annual salariesWhat is Mary's monthly pension benefit if she worked for Peterson for 28 years and her last two annual salaries were $78,000 and $80,000?
Jamal is retiring after working 45 years for the same company. The company pays a monthly retirement benefits of $35 for each year of service less than 20 years. The benefit increases by 1 / 10% for each year of service beyond 20 years. (a) What is Jamal's multiplier? (b) What is his monthly income
Sunshine Living calculates its pension benefits as follows: Years of service × 2.25% multiplier × Average of last five annual salaries. What is Killian's annual pension benefit if he worked for Sunshine Living for 16 years and his last annual salaries were $38,600, $39,990, $41,000, $41,500, and
Sara works for the City of Northbeck. The city calculates an employee's pension according to the following formula. • Determine the average of the highest 3 years of annual earnings. • Determine the monthly average using the above amount. • Subtract $600 from that amount. • Multiply the
Carmen is a teacher in the district who began working there in 1995 and will retire in 2010 after 15 years of service. In the 2007-08 school year, she made $60,000. She received a 2% cost of living pay increase to her salary for each of the last two years before she retired. Determine her monthly
Ralph is a district employee. His final three years of annual salaries were D, E, and F dollars. If he worked for A years (where A > 15), write an algebraic expression that represents his annual pension benefit.
Janet is retiring after working for a major department store for 20 years. The company offered her a flat retirement benefit of $50 per year for each year of service. a. What was her monthly income in the first year after retirement? b. What was her annual income for the first year of
Martina's employer offers an annual pension benefit calculated by multiplying 2.35% of the career average salary times the number of years employed. Here are Martina's annual salaries over the last 24 years of employment. 28,800 29,300 30,250 31,000 35,500 42,000 45,000 50,000 28,800 29,900 30,350
The Morning Sun offers employees 1.65% of the average of their last three years of annual compensation for each year of service. Ramon began working for the Morning Sun in 1988. He retired in 2010. In 2008, he made $76,000 per year. Thereafter, he received a 3% salary increase each year until he
Office Industries uses a final average formula to calculate employees' pension benefits. The calculations use the salary average of the final four years of employment. The retiree will receive an annual benefit that is equivalent to 1.4% of the final average for each year of employment. Charlotte
Interpret the quote in the context of what you have learned throughout your financial algebra course.
Johan took out a 10-year term policy with a face value of x dollars. Over the lifetime of the policy, he pays monthly payments of m dollars. He dies after making payments for 3 1 1 / 4 years. a. How many payments did he make? b. Express the total he paid for the policy algebraically. c. How much
The Durham Insurance Company sells a five-year term insurance policy with face value of $100,000 to a 47-year-old man for a monthly premium of $63. The mortality table is given below.d. What is the insurance company's profit on this policy?e. If 8,000 men aged 47 bought one of these policies,
Life insurance companies take risks much like arcade game owners take risks. Mollie has a booth on a popular beach boardwalk. She charges $2 per game. Winners receive a $5 prize. The probability of winning the game is 0.1. a. What is the probability of losing the game? b. What profit does Mollie
Premiums for the Sun-Belt Insurance Company are given in the table. Find the annual premiums for $250,000 of the following Sun- Belt life insurance policies.a. A 10-year life insurance policy purchased by a 30-year-old male.b. A 20-year term policy for a 40-year-old female.(c) A 10-year term life
New City Insurance Company offers a term life insurance policy with a renewable annual premium. The first year premium is $140. Premiums increase 6% each year. a. What will the premium be in the second year? b. What will the premium be in the third year? c. What will the premium be in the fifth
Jonathan has a universal life insurance policy with a face value of $500,000. The current cash value of the policy is $11,260. Jonathan wants to stop paying premiums for a few months while he changes jobs. The premium is $134 per month.a. What will the cash value of the policy be, without adding
Use the mortality table below to answer parts a-f.a. The life expectancy column gives the number of years a person of that age is expected to live. What is the life expectancy for a 67-year-old female, rounded to the nearest year?b. To what age is a 56-year-old male expected to live, rounded to the
Use the definition of the greatest integer function to evaluate each of the following.a. [55.9]b. [55.001]c. [0.65]d. [−34.11]e. [16 3 / 14]f. [−8.21]g. [19]h. [−0.45]i. [- 8 1 / 2]j. [ 2 / 3]
Zeke has a universal life insurance policy with a face value of $200,000. The current cash value of the policy is x dollars. The premium is m dollars per month. He is going to use the cash value to pay for premiums for as long as it can. In those months, the cash value will earn y dollars in
In 2009, the maximum taxable income for Social Security was $106,800. The FICA tax rate was 6.2%.a. What is the maximum anyone could have paid into FICA tax in the year 2009?b. Billhadtwojobsin2009.Oneemployerpaidhim $77,090 and the other paid him $31,280. Each employer took out 6.2% for Social
Use the mortality table to answer parts a and b.a. If the company insures 10,000 63-year-old males, how many are expected to die before their 64th birthday? Round to the nearest integer.b. Based on the table, what is the probability that a 63-year-old male will live to his 64th birthday?
The Lieberman Insurance Company sells a 5-year term insurance policy with face value of $250,000 to a 39-year-old man for an annual premium of $973. The mortality table is given below.a. Assume the policyholder pays the premium annually. What is the insurance company profit on this policy for each
Deanna is 62 years old. She plans to retire in 3 years. She has $300,000 in a savings account that yields 2.25% interest com- pounded daily. She has calculated that her final working year's salary will be $94,000. She has been told by her financial advisor that she should have 65% of her final year
Mitch opened a retirement account that has an annual yield of 4.2%. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires? Round to the nearest $10,000 dollars.
Hillary's employer offers an annual pension benefit, for employees that have worked for the company for more than 10 years. The benefit is calculated by multiplying 5.08% of the career average salary by the number of years that exceeds 10 that the employee has worked for the company. Hillary's
Hannah contributed $300 per month into her retirement account in pre-tax dollars during the last tax year. Her taxable income for the year was $72,000. She files taxes as a single taxpayer.a. What would her taxable income have been had she contributed to the account in after-tax dollars?b. Use the
Regina is a 45-year-old supervisor for a communications company. She files taxes as married filing separately. She withdrew $50,000 from her tax-deferred retirement account to pay off her loans. Regina's taxable income for that year was $100,040, excluding the $50,000 early withdrawal from her
Petra's employer offers an annual pension benefit calculated by multiplying 2.46% of the career average salary times the number of years employed. Here are Petra's annual salaries over the last 16 years of employment:54,000 54, 000 55,100 55,800 55, 800 56,200 56,400 57,000 60,000 61,000 61, 000
NuEditions Book Company uses a final average salary formula to calculate an employee's pension benefits. The amount used in the calculations is the salary average of the final 3 years of employment. The retiree will receive an annual benefit that is equivalent to 1.75% of the final average for each
In 1990, the amount of earnings required to earn one Social Security credit was $520. In the tax year 1990, Maggie earned $187 biweekly. How many Social Security credits did she earn in 1990?
Anna turned 62 in 2007, and she is computing Social Security benefits. Using the formula from Example 3 in Lesson 9-2, compute her Social Security full retirement benefit if her average monthly salary over her 35 highest-paying years was $3,766.
Nick's annual salary is $90,000. His employer matches his 401k contributions at $0.75 for each dollar up to 8% of his annual salary. Nick contributes $350 from each biweekly paycheck to his 401k account. What is the combined total of his annual contribution and his employer's contribution?
Juanita's Social Security full monthly retirement benefit is $2,128. She started collecting Social Security at age 65. Her benefit is reduced since she started collecting before age 67. Using the reduction per- cents from Example 4 in Lesson 9-2, find her approximate monthly Social Security benefit
Charleen is single. She is filling out the Social Security worksheet shown on page 451 so she can determine the amount of her Social Security benefits that she will pay federal income tax on. The following lines were taken from her tax information. • Line 1 She received $38,121 in Social Security
Reliable Insurance Company offers a term life insurance policy with a renewable annual premium. The first year premium is $795. Premiums increase by 4.1% each year. What will premiums be in the nth year?
Jessica's parents are always telling her to turn off the lights when she leaves a room. A light bulb requires 75 watts to run when it is turned on. The fixture in Jessica's room requires four of these bulbs.a. Jessica's parents estimate that she leaves the lights on unnecessarily for 2.5 hours per
Ron Sargeant's electric bill from the Longwood Power Authority is shown. If his meter reading for December 17 is 52,344, find the total charges for the December bill. Include all rates and charges as shown on the November bill.
Last year, the Forrester family spent $1,882.56 for electricity. They are opting to use balanced billing for next year.a. What will their monthly payment be under balanced billing?b. Last year, they had their highest bill in the summer, for $405.67.Their lowest bill was in the winter. Explain why
The Zlotnick family pays $223 per month for electricity under balanced billing. At the end of the year, they had used more electricity than the balanced billing covered, and they owed the utility company x dollars. Express their total electricity expenses for the year algebraically.
The Waldner family paid their electric bill using balanced billing all last year. The monthly payment was mx dollars. At the end of the year, the electric company told them they had a credit of cx dollars due to overpayment. This meant they paid for more electricity than they used. Express the
A certain appliance uses w watts to run. If you run it for m minutes, and the cost per kilowatt-hour is c, the cost of running the appliance for m minutes is given by the formulaFind the cost of running an appliance that requires 500 watts for 25 minutes at a cost of $0.125 per kWh. Round to the
A large appliance such as a water heater is only running when it has clicked on and is actually heating water. The time your water heater is on varies according to how much you do laundry, take showers, or run the dishwasher. The national average is 3 hours per day.a. If a water heater uses 4,200
Air conditioners are rated by BTUs. You learned about BTUs in Lesson 8-2, Example 6. One watt-hour is equivalent to 3.413 BTUs per hour.a. How many BTUs per hour are equivalent to a kilowatt-hour?b. If an air conditioner is rated at 16,000 BTUs, how many watts does it require per hour? Round to the
What is the meter reading, in ccf, indicated by each of the gas meters shown?a.b. c. d.
Bill Heckle's last electric bill is shown below.a. What was the previous reading? b. What is the present reading? c. How many kilowatt-hours of electricity did Bill use during the service period shown? d. What did Wattco charge per kilowatt-hour of electricity? e. The bill covers 31 days of
Home heating oil is sold by the gallon. Last winter, the Romano family used 370 gallons of oil at a price of $3.91 per gallon. If the price increases 9% next year, what will their approximate heating expense be? Round to the nearest ten dollars.
The PA system at North High School requires 400 watts when it is switched on. How much would it cost to run for 3 hours, at a cost of $0.10 per kilowatt-hour?
The Zwerling family installed central air conditioning in their house this summer. They are comparing the electric bills of this summer and last summer. The data is shown.a. What was the total electric bill this summer?b. What was the total electric bill last summer?c. Did the bill increase more or
A certain appliance requires 225 watts when it is switched on. How much would it cost to run for m minutes, at a cost of d dollars per kilowatt-hour? Express your answer algebraically.
Interpret the quote in the context of what you know about the standard of living throughout the world.
The Fi-Zone cable TV/Internet/phone provider charges $100 per month for all three services for a new customer's first year. Tobi normally pays p dollars for her monthly home phone service, i dollars for Internet service, and c dollars for cable television. If Fi-Zone estimates a 10% increase in the
Throughout this lesson you have used the greatest integer function y = [x]. Use your graphing calculator to view the graph of this function and find the y-coordinate for each of the following x-values. a. 2.3 b. 2.99 c. 3 d. 3.01 e. 3.99
A pay phone at a shopping mall charges $0.68 for the first four minutes and $0.21 for each extra minute (or part of a minute).a. Find the cost of a 10-minute call on this phone.b. Find the cost of a 13.44-minute call on this phone.
A phone company set the following rate schedule for an m-minute call from any of its pay phones.a. What is the cost of a call that is under six minutes?b. What is the cost of a 14-minute call?c. What is the cost of a 9 1 / 2 minute call?
The Tell-All Phone Company charges $0.58 for the first two minutes and $0.21 for each extra minute (or part of a minute). Express their rate schedule as a piecewise function. Let m represent the number of minutes and let c(m) represent the cost of the call.
Phone companies itemize charges on monthly bills. There are several fees, call surcharges, and taxes. There could be charges for maintenance of the phone wiring within the home. These charges inflate the bill because they are not included in the advertised basic service rate. Be sure to inquire
A cable TV/Internet/phone provider charges Janet $90 per month for all three services. In addition, Janet's monthly bill for cell phone calls and text messages averages $77 per month.a. What does Janet pay annually for these services?b. What is her average cost per day for these services? Round to
Text-Time charges $25 for a texting plan with 300 text messages included. If the customer goes over the 300 messages, the cost is $0.10 per message. They have an unlimited plan for $48 per month.a. If x represents the number of text messages, and c(x) represents the cost of the messages, express
Explain how that quote can be interpreted in light of what you have learned in this lesson.
Construct a bar graph for the September budget category "Personal Items" using the following amounts: Haircut: $20, Clothing purchases: $60, Books: $20, Newspapers/Magazines: $65, online subscriptions: $30, Gifts: $80, Donations $40, other: $50.
Aida created the following double bar graph. It illustrates the actual amount spent this year for household expenses per month and the budgeted amounts for the following year. The following year's amounts reflect a 5% increase over the cost of living adjustment (COLA).Household ExpensesFor June,
Mark works at two jobs. His primary job is a commission-paid job. Therefore, his monthly income from this job varies. His secondary job has a fixed monthly income. His quarterly dividend checks and interest income have varied but not by a large amount. He used actual amounts from the previous year
Rich budgets $2,500 in expenses for the month of January. He constructed the two graphs below.Using prior year's data and the budget he has created, he has budgeted the transportation category for the year as follows.Each of the monthly percentages is an increase or decrease from the January
Under his household expense budget category, Mark has allocated $60 per month for pet food. He can purchase wet food in a can for $1.50 per can or dry food in a bag for $3 per bag.a. Determine a budget line equation for this situation.b. Graph the budget line that will depict the different
A consumer budgets $480 per month for transportation. She has determined that the cost of a round-trip train ride is $4 and the cost of each round-trip car ride (factoring in gas, oil, etc.) is $3.a. Write a budget line equation for this situation.b. Construct the budget line graph that models this
Create a year-long budget check-off matrix to chart the following transportation related expenses: Fuel: monthly; Insurance: quarterly; Servicing: every three months; Car wash: bimonthly; Parking: semi- annually; Public transportation: monthly.
Create a year-long budget matrix to chart these expenses: Savings: $600 bimonthly (starting in January); Retirement account: $2,000 quarterly; Checking account: $1,000 semi-monthly; Credit card: $500 monthly; Life insurance: $400 semi-annually; Real estate taxes: $1,300 every four months beginning

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