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mathematics
contemporary mathematics
Contemporary Mathematics 1st Edition OpenStax - Solutions
How much must be deposited annually in a mutual fund that is expected to bear \(12.5 \%\) interest compounded annually if the account is to be worth \(\$ 750,000\) after 25 years?
Give three reasons for taking out a loan.
What is an installment loan?
In an installment loan what happens to the amount of the payment that is applied to interest in later payments compared to earlier payments?
An installment loan is paid monthly. The remaining principal is \(\$ 5,498\). If the interest rate is \(12.9 \%\), how much interest is paid that month?
A business loan is taken out for \(\$ 250,000\) for 15 years at \(6.9 \%\) interest. What are the payments for the loan?
Consider the amortization table below. What is the balance after the eleventh payment? Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $45,000.00 13.90% 10 $696.00 Month Payment Principal Interest Total Interest Balance $45,000.00 1 $696.00 $174.75
The total interest paid on a loan is \(\$ 38,519.50\). The origination fee was \(\$ 300\) while the processing fee was \(\$ 250\). An additional fee was charged to the borrowers, amounting to another \(\$ 475\). How much was the cost of financing for this loan?
When is the FAFSA typically due?
If the college has a program that it advertises will take 6 years, how long is the eligibility period?
What is a student's funding gap?
What is a main difference between subsidized federal loans and unsubsidized loans?
What is the limit on the total in federal subsidized and unsubsidized loans that can be borrowed for an undergraduate degree?
If a student takes out a private student loan for \(\$ 9,800\) at \(5.99 \%\) interest but does not begin paying it back for 66 months, how much is then owed on the loan?
How long is the standard repayment plan for student loans?
How much of a student's discretionary income is paid for student loans under the REPAYE payment plan?
What are the three main types of credit cards?
Which type of credit card typically has the highest interest rate?
Name three important pieces of information that are included in a credit card statement.
A credit card has an average daily balance of \(\$ 1,428.50\) during a 31 -day billing cycle. Find the interest if the interest rate is \(15.9 \%\).
The billing cycle goes from June 15 to July 14 , or 30 days. The balance at the start of the billing cycle is \(\$ 3,825.50\). The list of transactions on the card is below. Find the average daily balance. Date Activity Amount 15-Jun Billing Date Balance $3,825.50 20-Jun Food $125.31 20-Jun
Find the balance due on a credit card statement if \(\mathrm{ADB}=\$ 487.65\), the annual interest rate is \(16.8 \%\), the billing cycle was 30 days, and the balance at the end of the billing cycle, before interest is added, was \(\$ 689.47\).
What is destination fee?
What is a title and registration fee?
Calculate the monthly payment if the total to be financed is \(\$ 34,570\), the interest rate is \(3.5 \%\), for 5 years.
What might be different for a used car loan and a new car loan?
What fees are similar between leasing a car and buying a car?
If the cost of a car is \(\$ 30,000\), and the residual value of the car after 3 years is \(\$ 18,000\), what is the monthly depreciation for the car?
If the money factor for a lease is 0.000015625 , what is the annual interest rate?
For people who do not mind driving an older car or maintaining a car, which is preferable, a lease or purchasing?
Does renting or buying have tax advantages?
Which has more restrictions, renting or buying?
Which has housing cost that does not change?
What is the name given to a loan for a home?
What are the monthly payments for a 30 -year mortgage of \(\$ 108,993\) with \(6.14 \%\) interest.
What is the cost of financing for a 30 -year mortgage of \(\$ 108,993\) with \(6.14 \%\) interest if the mortgage is paid off?
Consider the following amortization table. What is the amount of payment 141 that goes to principal? Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $274,800.00 5.90% 30 Monthly Payment $1,629.94 Month Payment 136 $1,629.94 Principal Interest Total Interest Balance
What is the name of the account that the mortgage company holds your taxes and insurance in?
Gross income consists of what?
Taxable income is found after what is done to gross income?
If the gross income is \(\$ 50,000\) and there are three deductions of \(\$ 2,000, \$ 3,000\), and \(\$ 8,000\), what is the adjusted gross income?
When is a tax credit applied?
Do you pay \(6.2 \%\) for SSI tax for all your earnings?
For a taxable income of \(\$ 41,800\), how much income tax is owed?
If \(\$ 5,600\) is owed in taxes but there are \(\$ 4,000\) in tax credits, how much income tax is owed?
Name three main criteria to choose a credit card by.
Which type of credit card is most convenient to use?
Which type of credit card comes with no preset spending limit?
How much interest does a credit card holder pay if they pay off the balance every month?
Which type of credit card comes with the highest annual fees?
What is the minimum payment due?Use the following credit card statement for the following exercise. 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date 09/26/22 28 29 30 .N 2
How long will it take to pay the balance if the minimum only is paid and no new purchases are made?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27
How much interest was charged in this billing cycle?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date
What is the balance on the credit card?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date 09/26/22 28 29 30
What is the credit limit on this card?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date 09/26/22 28 29 30
What is the late payment fee for this card?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date 09/26/22 28
When is the payment due?Use the following credit card statement for the following exercise 28 29 30 31 4 5 September 2022 SMTWTFS 2 3 6 7 8 9 10 New Balance $2,144.89 Minimum Payment Due $50.00 11 12 13 18 19 20 21 25 26 27 122 14 15 16 17 22 23 24 Payment Due Date 09/26/22 28 29 30 .N 2 3 4 5 6 7
The billing cycle for a credit card goes from April 1 to April 30.The balance at the start of the billing cycle is \(\$ 1,598.00\). The list of transactions on the card is below. Find the average daily balance for the billing cycle. Date Activity Amount 1-Apr Billing Date Balance $1,598.00 9-Apr
The billing cycle for a credit card goes from September 1 to September 30.The balance at the start of the billing cycle is \(\$ 384.25\). The list of transactions on the card is below. Find the average daily balance for the billing cycle. Date Activity Amount 1-Sep Billing Date Balance $384.25
The billing cycle for a credit card goes from October 10 to November 9 . The balance at the start of the billing cycle is \(\$ 930.50\). The list of transactions on the card is below. Find the average daily balance for the billing cycle. Date Activity Amount 10-Oct Billing Date Balance $930.50
The billing cycle for a credit card goes from February 15 to March 16 during a non-leap year. The balance at the start of the billing cycle is \(\$ 292.82\). The list of transactions on the card is below. Find the average daily balance for the billing cycle. Date Activity Amount 15-Feb Billing Date
\(A D B=\$ 350.00\), annual interest rate \(14.9 \%\), billing cycle of 30 days.Compute the interest charged for the credit card based on the given average daily balance (ABD), annual interest rate, and number of days in the billing cycle.
\(A D B=\$ 4,312.00\), annual interest rate \(9.99 \%\), billing cycle of 31 days.Compute the interest charged for the credit card based on the given average daily balance (ABD), annual interest rate, and number of days in the billing cycle.
\(A D B=\$ 563.38\), annual interest rate \(17.9 \%\), billing cycle of 30 days.Compute the interest charged for the credit card based on the given average daily balance (ABD), annual interest rate, and number of days in the billing cycle.
\(A D B=\$ 1,043.53\), annual interest rate \(11.9 \%\), billing cycle of 31 days.Compute the interest charged for the credit card based on the given average daily balance (ABD), annual interest rate, and number of days in the billing cycle.
Balance before interest is \(\$ 1630.00\), interest charge is \(\$ 16.48\).Find the balance on the credit card with the given interest charge and balance before interest was charged. The cards were not paid off previously.
Balance before interest is \(\$ 621.00\), interest charge is \(\$ 7.81\).Find the balance on the credit card with the given interest charge and balance before interest was charged. The cards were not paid off previously.
Balance before interest is \(\$ 1,380.00\), interest charge is \(\$ 15.35\)Find the balance on the credit card with the given interest charge and balance before interest was charged. The cards were not paid off previously.
Balance before interest is \(\$ 2,774.00\), interest charge is \(\$ 44.05\).Find the balance on the credit card with the given interest charge and balance before interest was charged. The cards were not paid off previously.
Alsaggr's credit card charges \(11.9 \%\) annual interest. His current billing period is from April 1 to April 30 . The balance on April 1 was \(\$ 1,598.00\). Use Alsaggr's following transactions to determine his balance due at the end of the billing cycle. Date Activity Amount 1-Apr Billing Date
Marisa's credit card charges \(8.9 \%\) annual interest. Her current billing period is from September 1 to September 30 . The balance on September 1 was \(\$ 384.25\). Use Marisa's following transactions to determine her balance due at the end of the billing cycle. Date Activity Amount 1-Sep
Haley's credit card charges \(18.9 \%\) annual interest. Her current billing period is from October 10 to November 9.The balance on October 10 was \(\$ 930.50\). Use Haley's following transactions to determine her balance due at the end of the billing cycle. Date Activity Amount 10-Oct Billing Date
Pavly's credit card charges \(10.9 \%\) annual interest. His current billing period is from February 15 to March 16 in a non-leap year. The balance on February 15 was \(\$ 292.82\). Use Pavly's following transactions to determine his balance due at the end of the billing cycle. Date Activity Amount
What are the two main questions to answer before buying a car?
What is a documentation fee?
What is a dealer preparation fee?
What is a down payment?
How long do leases typically last?
Can you drive a leased car any mileage?
What are three fees associated with leasing a car?
What is the monthly depreciation for a leased car?
How are the money factor and the annual percentage rate related?
Name two advantages to leasing over buying a car.
Name two advantages to buying a car over leasing a car.
What does liability insurance cover?
What does collision insurance cover?
Many expenses associated with a car can be anticipated. Name three maintenance expenses that can be anticipated.
Alexia negotiates a purchase price of \(\$ 17,850\) for her new car. The sales tax in her area is \(6.5 \%\). Her license, plates, and registration come to \(\$ 285.00\). The dealership charges her a \(\$ 600\) destination fee and a \(\$ 150\) processing fee. How much will she finance in total for
Stephanie negotiates a purchase price of \(\$ 25,670\) for her new car. The sales tax in her area is \(8.0 \%\). Her license, plates, and registration come to \(\$ 389.00\). The dealership charges her a \(\$ 700\) destination fee and a \(\$ 345\) processing fee. How much will she finance in total
Matthew negotiates a purchase price of \(\$ 35,100\) for her new car. The sales tax in his area is \(7.25 \%\). His license, plates, and registration come to \(\$ 325.00\). The dealership charges him a \(\$ 900\) destination fee and a \(\$ 125\) processing fee. How much will he finance in total for
Madisyn negotiates a purchase price of \(\$ 45,800\) for her new car. The sales tax in her area is \(7.25 \%\). Her license, plates, and registration come to \(\$ 199.00\). The dealership charges her a \(\$ 1,000\) destination fee and a \(\$ 275\) processing fee. How much will she finance in total
Total to be financed is \(\$ 36,775\), interest rate is \(2.75 \%\), for 6 years.Calculate the car payment based on the total financed and the interest rate.
Total to be financed is \(\$ 29,350\), interest rate is \(3.9 \%\), for 5 years.Calculate the car payment based on the total financed and the interest rate.
Total to be financed is \(\$ 27,180\), interest rate is \(1.99 \%\), for 7 years.Calculate the car payment based on the total financed and the interest rate.
Total to be financed is \(\$ 15,489\), interest rate is \(6.75 \%\), for 4 years.Calculate the car payment based on the total financed and the interest rate.
A \(\$ 2,000.00\) down payment, \(\$ 120\) in acquisition fees, a security deposit of \(\$ 350.00, \$ 200.00\) in disposition fees, and sales tax of \(\$ 2,860\).Find the total cost to obtain the lease.
No down payment, \(\$ 260\) in acquisition fees, a security deposit of \(\$ 450.00, \$ 400.00\) in disposition fees, and sales \(\operatorname{tax}\) of \(\$ 3,155.00\).Find the total cost to obtain the lease.
A \(\$ 4,000\) down payment, \(\$ 360\) in acquisition fees, a security deposit of \(\$ 900.00, \$ 1,000.00\) in disposition fees, and sales tax of \(\$ 4,275\).Find the total cost to obtain the lease.
A \(\$ 7,000.00\) down payment, \(\$ 225\) in acquisition fees, a security deposit of \(\$ 800.00, \$ 675.00\) in disposition fees, and sales tax of \(\$ 3,673\).Find the total cost to obtain the lease.
The purchase price of a car is \(\$ 34,000\). Its residual price is \(\$ 23,500\). What is its monthly depreciation for a 24 -month lease?Find the monthly depreciation of the car.
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