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mathematics
contemporary mathematics
Contemporary Mathematics 1st Edition OpenStax - Solutions
The purchase price of a car is \(\$ 23,500\). Its residual price is \(\$ 11,750\). What is its monthly depreciation for a 36-month lease?Find the monthly depreciation of the car.
\(\mathrm{MF}=0.00004125\)Find the APR based on the MF.
\(\mathrm{MF}=0.000046458 \overline{3}\)Find the APR based on the MF.
\(8.75 \%\)Find the MF based on the APR.
\(6.25 \%\)Find the MF based on the APR.
Price is \(\$ 41,700\), residual price is \(\$ 27,105,24\)-month lease, money factor is 0.000025 .Find the lease payment based on the given information.
Price is \(\$ 22,165\), residual price is \(\$ 12,855.70,24\)-month lease, money factor is 0.0000275 .Find the lease payment based on the given information.
Price is \(\$ 30,650\), residual price is \(\$ 16,857.50,36\)-month lease, APR is \(8.25 \%\).Find the lease payment based on the given information.
Price is \(\$ 24,800\), residual price is \(\$ 14,384,36\)-month lease, APR is \(5.85 \%\).Find the lease payment based on the given information.
Sara needs to budget for her car maintenance. She expects to buy new tires each 3 years, which will cost her \(\$ 540\) to replace them all. Oil changes near her cost \(\$ 39.99\), and she believes she will get one every 4 months. Her inspection costs \(\$ 20\) per year. Wipers for her car cost
Mwibeleca needs to budget for his car maintenance. He expects to buy new tires each 3 years, which will cost her \(\$ 560\) to replace them all. Oil changes near his cost \(\$ 69.99\), and he believes he will get one every 4 months. His inspection costs \(\$ 25\) per year. Brake pads will cost \(\$
John will either lease or buy a car. The total cost to purchase the car is \(\$ 35,830\), and he would finance the car for 5 years at \(2.99 \%\). If he leases, he would pay \(\$ 3,287.50\) for the lease, and then his payments would be based on a price of \(\$ 32,750\), a residual price of \(\$
Zachary will either lease or buy a car. The total cost to purchase the car is \(\$ 22,945\), and he would finance the car for 6 years at \(1.99 \%\). If he leases, he would pay \(\$ 2,387.75\) for the lease, and then his payments would be based on a price of \(\$ 21,350\), a residual price of \(\$
What form must be filled out before applying for a student loan?
What two issues limit the amount of a federal subsidized or unsubsidized student loan a student can take out?
What is the limit to the number of years a student can take out a student loan?
What types of student loans have deferred payments and do not accrue interest?
Which type of student loan is made directly to parents?
Which types of student loans require a credit check?
What is the limit on the total amount borrowed in federal subsidized and unsubsidized student loans for an independent undergraduate student?
What is the limit on subsidized student loans in the third year of an undergraduate program if the student is a dependent student?
What is the maximum allowed to be borrowed on a PLUS loan?
What is the maximum allowed to be borrowed on a private student loan?
What is the current interest rate on federal subsidized loans?
What feature does a graduated payment plan have?
If a student is struggling with paying back their student loans, what can the student do?
When a student consolidates federal subsidized and unsubsidized loans, does the interest rate change? Does the term of the loan change?
If a person with federal subsidized and unsubsidized loans enters a pay as you earn program (PAYE), how long will the person pay on their student loans?
How long is it between the time a person is delinquent on a student loan and being in default on the student loan?
What is discretionary income?
What are the two remedies if a borrower default on their student loans?
Toni's total cost to attend college including all fees, books, and room and board is \(\$ 18,450\). If Toni receives \(\$ 5,500\) in an instant scholarship from the college and has \(\$ 2,175\) in scholarships, what is Toni's funding gap?
Arthur's total cost to attend college including all fees, books, and room and board is \(\$ 31,500\). If Arthur receives \(\$ 13,500\) in an instant scholarship from the college and has \(\$ 3,475\) in private scholarships, what is Arthur's funding gap?
Amelia is an independent student in her fourth year of an urban studies undergraduate degree. What is the maximum she can borrow in federal subsidized and unsubsidized student loans that year?
Yaroslav is a dependent student in his second year of an undergraduate psychology program. What is the maximum that he can borrow in federal subsidized and unsubsidized student loans that year?
Toni's total cost to attend her third year of undergraduate school, including all fees, books, and room and board, is \(\$ 18,450\). Toni receives \(\$ 5,500\) in an instant scholarship from the college and has \(\$ 2,175\) in scholarships. She is a dependent student. After receiving the maximum
Arthur's total cost to attend his second year of his undergraduate program in data science, including all fees, books, and room and board, is \(\$ 31,500\). Arthur receives \(\$ 13,500\) in an instant scholarship from the college and has \(\$ 3,475\) in private scholarships. He is a dependent
Nantumbwe takes out a private student loan for \(\$ 7,950\) in her second year of her undergraduate health administration program. She begins paying her loan after 39 months. If her interest rate was \(8.75 \%\), how much is her balance when she begins to pay off her loan?
Cameron takes out a private student loan for \(\$ 11,385\) in their third year of their undergraduate communications program. They begin paying their loan after 27 months. If Cameron's interest rate was \(9.125 \%\), how much is their balance when they begin to pay off the loan?
Farzana refinances her loans for a reduced interest rate before she begins to pay them off. The total of her refinanced loan is \(\$ 39,447.50\). The new interest rate is \(6.99 \%\). How much are Farzana's payments if she has a 10 -year term on this loan?
Carly refinances her loans for a reduced interest rate before she begins to pay them off. The total of her refinanced loan is \(\$ 61,332.00\). The new interest rate is \(7.45 \%\). How much are Carly's payments if she has a 10 -year term on this loan?
Andrew consolidates his federal student loans to make paying them easier. They total \(\$ 27,582.00\). The consolidated loan is at \(4.99 \%\) interest. How much are Andrew's payments if his new term is 15 years?
Manuel consolidates his federal student loans to make paying them easier. They total \(\$ 19,470.00\). The consolidated loan is at \(4.99 \%\) interest. How much are Manuel's payments if his term is 10 years?
Steven has four members in his Georgia household and makes \(\$ 53,400\) annually. The federal poverty guideline for him is \(\$ 27,750\). What is Steven's discretionary income?
Akash has three members in his New Jersey household and makes \(\$ 38,120\) annually. The federal poverty guideline for him is \(\$ 23,030\). What is Akash's discretionary income?
Kateryna has two members in her Iowa household and earns \(\$ 42,500\) annually. The federal poverty guideline for her is \(\$ 18,310\). She qualifies for a REPAYE repayment plan. What is the maximum monthly payment Kateryna would pay?
Keirstin lives by herself in her New Mexico home and earns \(\$ 28,530\) annually. The federal poverty guideline for her is \(\$ 13,590\). She qualifies for a REPAYE repayment plan. What is the maximum monthly payment Keirstin would pay?
How do fixed interest rates and variable interest rates differ?
What is loan amortization?
What are the two components of a loan payment?
Name three details that are presented on an amortization schedule.
Remaining principal \(=\$ 21,872.99\), interest rate \(=13.9 \%\)Calculate the interest due for the monthly installment payment given the remaining principal and interest rate.
Remaining principal \(=\$ 2,845.43\), interest rate \(=4.99 \%\)Calculate the interest due for the monthly installment payment given the remaining principal and interest rate.
Remaining principal \(=\$ 78,913.76\), interest rate \(=2.9 \%\)Calculate the interest due for the monthly installment payment given the remaining principal and interest rate.
Remaining principal \(=\$ 6,445.22\), interest rate \(=5.65 \%\)Calculate the interest due for the monthly installment payment given the remaining principal and interest rate.
Principal \(=\$ 8,600\), annual interest rate \(=6.75 \%\), term is 5 years Calculate the monthly payment for the loan.
Principal \(=\$ 19,400\), annual interest rate \(=2.25 \%\), term is 6 years Calculate the monthly payment for the loan.
Principal \(=\$ 11,870\), annual interest rate \(=3.59 \%\), term is 3 years Calculate the monthly payment for the loan.
Principal \(=\$ 41,900\), annual interest rate \(=8.99 \%\), term is 15 years Calculate the monthly payment for the loan.
Principal \(=\$ 26,150\), annual interest rate \(=11.1 \%\), term is 7 years Calculate the monthly payment for the loan.
Principal \(=\$ 46,350\), annual interest rate \(=2.9 \%\), term is 6 years Calculate the monthly payment for the loan.
Principal \(=\$ 175,800\), annual interest rate \(=4.73 \%\), term is 25 years Calculate the monthly payment for the loan.
Principal \(=\$ 225,000\), annual interest rate \(=5.06 \%\), term is 30 years Calculate the monthly payment for the loan.
What was the loan amount, or starting principal?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1
What was the interest rate?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1 $361.07 $284.87
What is the term of the loan?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1 $361.07 $284.87
What are the monthly payments?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1 $361.07 $284.87
What is the remaining principal after payment 17 ?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00
How much of payment 27 was for interest?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1 $361.07
How much of payment 19 was for principal?Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance $19,250.00 1 $361.07
How much total interest was paid after payment \(22 ?\)Use the amortization table below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $19,250.00 4.75% 5 $361.07 Month Payment Principal Interest Total Interest Balance
What was the loan amount, or starting principal?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal Interest
What was the interest rate?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal Interest Total Interest
What is the term of the loan?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal Interest Total Interest
What are the monthly payments?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal Interest Total Interest
What is the remaining principal after payment 140 ?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal
How much of the principal has been paid off after payment 151?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment
How much of payment 138 was for principal?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal Interest Total
How much total interest was paid after payment 135 ?Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $145,750.00 5.41% 20 $995.20 Month Payment Principal
Total interest paid is \(\$ 94,598.36\), origination fee was \(\$ 450\), processing fee was \(\$ 300\), commission fee was \(\$ 1,457.50\).Find the cost to finance for the loan.
Total interest paid was \(\$ 3,209.34\), origination fee was \(\$ 100\), processing fee was \(\$ 200\).Find the cost to finance for the loan.
Total interest paid was \(\$ 8,295.50\), fees were \(\$ 875\).Find the cost to finance for the loan.
Total interest paid was \(\$ 56,114.90\), origination fee was \(\$ 1,230\), and filing fee was \(\$ 250\).Find the cost to finance for the loan.
Kylie takes out a \(\$ 16,780\) loan from her credit union for a new car. The loan's term is 4 years with an interest rate of \(6.77 \%\). What are Kylie's monthly payments?
Crissy and Jonesy take out a \(\$ 13,200\) loan for repairs to their roof. The loan is for 10 years at \(7.15 \%\) interest. What are their payments for this loan?
How much total interest was paid for the 20 -year loan? The 30 -year loan? Calculate the difference.Below are two amortization tables. They are for loans with the same principal and interest rate, but different terms, the first a 20 -year term and the second a 30 -year term. The tables show the
What was the payment for the 20 -year loan? The 30 -year loan? Calculate the difference.Below are two amortization tables. They are for loans with the same principal and interest rate, but different terms, the first a 20 -year term and the second a 30 -year term. The tables show the last payments
Compare the two loans. Why would the 30 -year be preferable over the 20 -year loan? Why would the 20 -year loan be preferable to the 30 -year loan?
A loan for \(\$ 20,000\) is taken out for 5 years. Find the payment is the interest rate is:a. \(2.9 \%\)b. \(3.9 \%\)c. \(4.9 \%\)d. \(5.9 \%\)e. Did the payments increase by the same amount for each \(1 \%\) jump in interest rate? Describe the pattern.Compare payments per month and interest rates.
A loan for \(\$ 50,000\) is taken out for 7 years. Find the payment is the interest rate is:a. \(3.5 \%\)b. \(4.5 \%\)c. \(5.5 \%\)d. \(6.5 \%\)e. Did the payments increase by the same amount for each \(1 \%\) jump in interest rate?Compare payments per month and interest rates.
Which account has the greatest flexibility, savings, certificate of deposit, or money market?
Why are interest rates on savings accounts, CDs, and money market accounts low?
Which of savings accounts, certificates of deposit, and money market accounts, allow for transactions?
How does number of years impact the return on investment?
The amount of \(\$ 3,000\) deposited in a CD bearing \(2.6 \%\) compounded semi-annually for 3 years.Find the future value of the account based on the information given.
The amount of \(\$ 1,500\) deposited in a money market account bearing \(3.11 \%\) interest compounded monthly for 10 years.Find the future value of the account based on the information given.
The amount of \(\$ 8,450\) deposited in a savings account bearing \(1.75 \%\) interest compounded monthly for 2 years.Find the future value of the account based on the information given.
The amount of \(\$ 10,500\) deposited in a savings account bearing \(1.35 \%\) interest compounded quarterly for 20 years.Find the future value of the account based on the information given.
The amount of \(\$ 24,800\) deposited in a money market account bearing \(2.53 \%\) interest compounded semiannually for 13 years.Find the future value of the account based on the information given.
The amount of \(\$ 16,400\) deposited in a CD bearing \(2.55 \%\) interest compounded quarterly for 18 years.Find the future value of the account based on the information given.
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