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mathematics
contemporary mathematics
Contemporary Mathematics 1st Edition OpenStax - Solutions
Javi began working at a phone outlet. In a recent shipment, he noticed that the cost of the phone to the store was \(\$ 480.00\). The phone sells for \(\$ 840.00\) in the store. What is the percent markup on the phone?
Bob decided to order a t-shirt for his gaming friend online for \(\$ 29.50\). He knows the markup on such t-shirts is \(18 \%\). What was the \(t\)-shirt's cost before the markup?
The sales tax in Kankakee, Illinois, is \(8.25 \%\). Find the sales tax and total price of items based on the purchase price listed.1. Purchase price \(=\$ 428.99\)2. Purchase price \(=\$ 34.88\)
Find the sales tax rate for the indicated purchase price and total price. Round using the guideline for sales tax percentages.1. Purchase price \(=\$ 329.50\); total price \(=\$ 354.21\)2. Purchase Price \(=\$ 13.77\); total price \(=\$ 14.39\)
Find the purchase price for the indicated sales tax rate and total price.1. Sales tax rate \(=5.75 \%\); total price \(=\$ 36.56\)2. Sales tax rate \(=4.25 \%\); total price \(=\$ 97.17\)
The sales tax rate in Denver Colorado is \(8.81 \%\). Keven buys a TV in Denver, and the purchase price (before taxes) is \(\$ 499.00\). How much will Keven pay in sales tax and what will be the total amount he spends when he buys the TV?
jillian visits Austin, Texas, and purchases a new set of weights for her home. She spends, including sales tax, \$467.64. The sales tax rate in Austin Texas is \(8.25 \%\). How much of the total price is sales tax?
Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years. Then, calculate the loan payoff amount.1. Principal \(P=\$ 4,000\), annual interest rate \(r=5.5 \%\), and number of years \(t=4\)2. Principal \(P=\$ 14,800\), annual interest
Riley runs an auto repair shop, and needs to purchase a new brake lathe, which costs \(\$ 11,995\). She takes out a two-year, simple interest loan at an annual interest rate of \(14.9 \%\). How much interest will she pay and how much total will she repay on the loan?
Abeje needs a loan to purchase equipment for the gym she is going to open. She visits the bank and secures a 4-month loan of \(\$ 20,000\). Her annual percentage rate is \(6.75 \%\). How much interest will Abeje pay and what is her loan payoff amount?
David plans to move his family from Raleigh, North Carolina to Tempe, Arizona. His company will reimburse (pay after the move) David for the move. David does research and determines that movers will cost \(\$ 5,600\) to move his family's belongings to Tempe. He takes out a simple interest, 45 -day
In the following, determine how much interest was earned on the investment and the future value of the investment, if the investment yields simple interest.1. Principal is \(\$ 1,000\), annual interest rate is \(2.01 \%\), and time is 5 years 2. Principal is \(\$ 5,000\), annual interest rate is
Jonas deposits \(\$ 2,500\) in a CD bearing \(3.25 \%\) simple interest for a term of 3 years. When he redeems his CD at the end of the 3 years, how much will he receive?
1. A simple interest loan for \(\$ 6,500\) is taken out at \(12.6 \%\) annual percentage rate. A partial payment is made 45 days into the loan period. How much of the partial payment will be for interest?2. A simple interest loan for \(\$ 13,700\) is taken out at \(6.55 \%\) annual interest rate. A
1. A simple interest loan for \(\$ 45,500\) is taken out at \(11.8 \%\) annual percentage rate. A partial payment of \(\$ 20,000\) is made 50 days into the loan period. After this payment, what will the remaining balance of the loan be?2. A simple interest loan for \(\$ 150,000\) is taken out at
Laura takes out an \(\$ 18,400\) loan for 120 days at \(17.9 \%\) simple interest. She makes a partial payment of \(\$ 7,500\) after 45 days. What is her payoff amount at the end of the loan?
Desiree buys a new car, by taking a loan out from her credit union. The balance of her loan is \(\$ 27,845.00\). The annual interest rate that Desiree will pay is \(7.3 \%\). She plans to pay this off over 4 years. How much will Desiree's monthly payment be?
Compute the present value of the investment described. Interpret the result.1. \(F V=\$ 10,000, t=15\) years, annual simple interest rate of \(5.5 \%\)2. \(F V=\$ 150,000, t=20\) years, annual simple interest rate of \(6.25 \%\)3. \(F V=\$ 250,000, t=486\) months, annual simple interest rate of
Beatriz will invest some money in a CD that yields \(3.99 \%\) simple interest when invested for 30 years. How much must Beatriz invest so that after those 30 years, her CD is worth \(\$ 300,000\) ?
Abena invests \(\$ 1,000\) in a \(C D\) (certificate of deposit) earning \(4 \%\) compounded annually. How much will Abena's CD be worth after 3 years?
Abena invested \(\$ 1,000\) in a CD that earned \(4 \%\) compounded annually, and the CD was worth \(\$ 1,124.86\) after 3 years. Had Abena invested in a CD with simple interest, how much would the CD have been worth after 3 years? How much more did Abena earn using compound interest?
In the following, compute the future value of the investment with the given conditions.1. Principal is \(\$ 5,000\), annual interest rate is \(3.8 \%\), compounded monthly, for 5 years.2. Principal is \(\$ 18,500\), annual interest rate is \(6.25 \%\), compounded quarterly, for 17 years.
Cody invests \(\$ 7,500\) in an account that earns \(4.5 \%\) interest compounded quarterly ( 4 times per year). Determine the value of Cody's investment after 10 years.
Kathy invests \(\$ 10,000\) in an account that yields \(5.6 \%\) compounded daily. How much money will be in her account after 20 years?
Find the present value of the accounts under the following conditions.1. \(A=\$ 250,000\), invested at 6.75 interest, compounded monthly, for 30 years.2. \(A=\$ 500,000\), invested at \(7.1 \%\) interest, compounded quarterly, for 40 years.
Pilar plans early for retirement, believing she will need \(\$ 1,500,000\) to live comfortably after the age of 67 . How much will she need to deposit at age 23 in an account bearing \(6.35 \%\) annual interest compounded monthly?
Suppose you have an investment paying a rate of \(6 \%\) compounded quarterly. Determine and interpret that effective annual yield of the investment.
Calculate and interpret the effective annual yield on a deposit earning interest at a rate of \(5 \%\) compounded daily.
Minh has a choice of banks in which he will open a savings account. He will deposit \(\$ 3,200\) and he wants to get the best interest he can. The banks advertise as follows:Which bank offers the best interest? Bank Interest Rate ABC Bank 2.08% compounded monthly 123 Bank 2.09% compounded annually
Heather has graduated college and currently works as a nurse for a rural medical group. Her net monthly income from that job is \(\$ 3,765.40\). She also works part-time on the weekends, earning another \(\$ 672.00\) per month. Her monthly expenses are rent at \(\$ 1,050\), car payments at \(\$
Carol is working in a dental lab, creating dentures and bridges. Monthly her take home pay is \(\$ 2,816\) (based on \(\$ 22\) per hour minus payroll taxes). She also receives \(\$ 320\) per month in child support for her one daughter. Her monthly expenses are rent at \(\$ 700\), car payments at
In the example above, Carol had excess income of \(\$ 708.00\). She looks up the cost of before-school care for her daughter. She finds that, monthly, the cost would be \(\$ 252.00\) per month. Is this an affordable program for Carol? Add this expense to her budget table.Data from Example 50Carol
In the example above, after Carol added before school care for her daughter to the budget, her budget was as shown below. Evaluate Carol's budget using the 50-30-20 budget philosophy.Data from Example 51In the example above, Carol had excess income of \(\$ 708.00\). She looks up the cost of
Carmen is about to graduate and has been offered a job at a bank as a data scientist. She estimates her monthly take home pay to be \(\$ 5,662 \cdot 50\). Apply the 50-30-20 philosophy to that monthly income. How should Carmen use this information?
Steve is thinking of moving out of his family's home. He currently works at a full-time job making \(\$ 18\) per hour, which will give him, approximately, a net annual income of \(\$ 29,180\) (working 40 hours per week for 52 weeks per year). He has student debt that he pays off at \(\$ 218.00\)
Violet deposits \(\$ 4,520.00\) in a savings account bearing \(1.45 \%\) interest compounded annually. If she does not add to or withdraw any of that money, how much will be in the account after 3 years?
Silvio deposits \(\$ 10,000\) in a CD that yields \(2.17 \%\) compounded semiannually for 5 years. How much is the CD worth after 5 years?
Marietta opens a money market account, and deposits \(\$ 2,500.00\) in the account. It bears \(1.76 \%\) interest compounded monthly. If she makes no other transactions on the account, how much will be in the account after 4 years?
1. Determine the return on investment for the 5-year CD from Example 6.56. Round the percentage to two decimal places.2. Determine the return on investment for the money market account from Example 6.57. Round the percentage to two decimal places.
Jill has an account that bears \(3.75 \%\) interest compounded monthly. She decides to deposit \(\$ 250.00\) each month, at the end of the compounding period, into this account. What is the future value of this account, after 8 years?
When Yusef was born, Rita and George began to save for Yusef's college years by investing \(\$ 2,500\) each year in a savings account bearing \(3.4 \%\) interest compounded annually. How much will they have saved after 18 years?
Yaroslava wants to save in order to buy a car, in 3 years, without taking out a loan. She determines that she'll need \(\$ 35,500\) for the purchase. If she deposits money into an ordinary annuity that yields \(4.25 \%\) interest compounded monthly, how much will she need to deposit each month?
Muriel purchases a \(\$ 3,000\) bond with a maturity of 4 years at a fixed coupon rate of \(5.5 \%\) paid annually. How much is Muriel paid each year, and how much does she receive on the maturity date?
Haniah buys stock in the ABC company, investing a total of \(\$ 13,000\). She expects the stock to grow, through stock price increase and reinvestment of dividends, by \(12.3 \%\) per year and compounded annually. If she leaves that money invested, how much will the stocks be worth in 20 years?
1. Find the percent yield for a stock with a price of \(\$ 30.69\) and an annual dividend of \(\$ 1.48\).2. Find the percent yield for a stock with a price of \(\$ 62.25\) and an annual dividend of \(\$ 1.76\).
Consider the stock table (Figure 6.16), and answer the questions based on the table.1. What is the current price for McDonald's Corp on this date?2. What is the \(52-w k\) high? \(52-w k\) low?3. When is the dividend expected?4. What is its yield?5. What is the earnings per share? McDonald's Corp.
Darma owns 150 shares of stock in the GDW company. This quarter, GDW is paying \(\$ 0.87\) per share in dividends. How much will Darma earn in dividends this quarter?
Vincent buys 100 stocks in the REM company for \(\$ 21.87\) per share. One year later, he sells those 100 shares for \(\$ 29.15\) per share.1. How much money did Vincent make?2. What was his return on investment for that one year?
Kaitlyn has analyzed her \(\$ 12,862.50\) quarterly budget using the \(50-30-20\) budget philosophy, and sees she should be saving or paying down debt with \(\$ 2,572.50\) per quarter. She decides to invest \(\$ 1,300\) quarterly a mutual fund that reports an average return of \(11.62 \%\) over the
Kaitlyn wants to retire with \(\$ 1,500,000\) in her mutual fund account. She will invest for 35 years. The mutual fund reports an average return of \(11.62 \%\) over the 18 -year-long life of the mutual fund. Assuming that this interest rate continues, and is compounded quarterly, how much will
Recall Example 6.62, in which Muriel purchased a \(\$ 3,000\) bond with a maturity of 4 years at a fixed coupon rate of \(5.5 \%\) paid annually. What was Muriel's return on investment?Data from Example 6.62Muriel purchases a \(\$ 3,000\) bond with a maturity of 4 years at a fixed coupon rate of
Recall Example 6.70, in which Muriel purchased a \(\$ 3,000\) bond with a maturity of 4 years at a fixed coupon rate of \(5.5 \%\) paid annually. What was Muriel's annual return on investment? Interpret this as compound interest.Data from Example 70Recall Example 6.62, in which Muriel purchased a
Haniah buys stock in the ABC company, investing a total of \(\$ 13,000\). After 20 years, the stock is worth \(\$ 132,293.49\), including reinvestment of dividends.1. What is Haniah's return on investment?2. What is Haniah's annual return?
Richard is saving for new siding for his home. He and his partner believe they will need \(\$ 37,500\) in 10 years to pay for the siding. How much should they invest yearly in a mutual fund they believe will have an annual interest rate of \(12 \%\), compounded annually, in order to reach their
Which type of IRA, Roth or traditional, has an income limit for its use?
Alice signs up for her employer-based 401(k). The employer matches any 401 (k) contribution up to \(6 \%\) of the employee salary. Alice's annual salary is \(\$ 51,600\).1. What is the most money that Alice can deposit that will be fully matched by the company?2. How much total will be deposited
Dejean begins depositing \(\$ 300\) per month from his paycheck each month in his employer-based 401(k) account. The employer matches this deposit as it falls below their matching threshold. Dejean expects the return to average \(10 \%\) per year, compounded annually.1. How much will Dejean's
Find the interest to be paid for the period on loans with the following remaining principal and given annual interest rate. Each period is a month.1. Remaining principal is \(\$ 13,450\), interest rate is \(6.75 \%\)2. Remaining principal is \(\$ 8,460\), interest rate is \(5.99 \%\)
In the following, calculate the payment necessary to pay off the loan with the given details. The payments are monthly.1. A car loan taken out for \(\$ 28,500\) at an annual interest rate of \(3.99 \%\) for 5 years.2. A home loan taken out for \(\$ 136,700\) and an annual interest rate of \(5.75
Using the partial amortization table (Figure 6.23), answer the following questions.1. What is the loan amount (principal), the interest rate, and the term of the loan?2. How much is the monthly payment?3. How much remaining balance is there after the payment in month 15 ?4. How much was the
Irena signed for a loan of \(\$ 15,000\) at \(6.33 \%\) for 5 years. When she took out the loan, Irena paid a \(\$ 750\) origination fee. Over the course of the loan, she pays \(\$ 2,537.96\) in interest. What was her cost to finance the loan?
Ishraq receives her award and tuition letter from the college she wants to attend. Her tuition, fees, books, and room and board all come to \(\$ 24,845\) for the year. Her non-loan awards include an instant scholarship from the school for \(\$ 7,500\), a scholarship she earned for enrolling in a
Efraim is a dependent undergraduate student enrolled in a biology program. He's about to attend for the fifth year. In year 1 he took out \(\$ 5,000\) in federal subsidized and unsubsidized loans, in year 2 he took out \(\$ 6,400\) in federal subsidized and unsubsidized loans, in years 3 and 4, he
Olivia receives her award and tuition letter from the college she wants to attend. Her tuition, fees, books, and room and board all come to \(\$ 44,845\) for her second year. Her non-loan awards include an instant scholarship from the school for \(\$ 13,500\), a scholarship she earned for enrolling
Denise takes out unsubsidized student loan, in August, in her first year of college for \(\$ 2,000\). She manages an interest rate of \(8 \%\). She graduates after her fifth year of college, in May. She does not pay the interest on the loan during her time in college. What is the balance of her
Find the payment for the following student loans using the standard repayment plan:1. Loan is \(\$ 3,500\), interest is \(4.99 \%\)2. Loan is for \(\$ 6,200\), interest is \(6.75 \%\)
Erson has a balance of \(\$ 8,132.55\) when he starts paying off the \(8.6 \%\) unsubsidized student loan he took out in his third year. How much are his payments if the term for his loan is the standard 10 years?
Ernest has four federal student loans that he wants to consolidate. He combines them into one loan. What is the maximum Ernest can reduce the interest rate by?
Brianna consolidates her student loans, some federal and some private, into a single refinanced student loan with a principal of \(\$ 27,800\). The interest rate that Brianna received was \(8.375 \%\). If Brianna's new term is 15 years, how much are her payments per month?
1. The poverty guideline for a single person living in Arkansas, is \(\$ 12,000\). If Harriet is a single person in Arkansas with a (adjusted) gross income of \(\$ 23,500\), what is her discretionary income?2. For California, the poverty guideline for a person with four people in the household is
Warren qualifies for a REPAYE payment plan. His gross income is \(\$ 32,700\). He is single and live in Montana, so the federal poverty guideline for Warren is \(\$ 12,000\).1. What is Warren's discretionary income?2. Under the REPAYE plan, he pays \(10 \%\) of his discretionary income, but
1. Which type of credit card is paid off every month so has no interest to be paid, but comes with high fees?2. Which type of credit cards are the most widely accepted?3. Which type of credit cards are the most limited?
On the credit card statement Figure 6.24, identify 1. The balance due 2. The minimum required payment 3. The length of time it takes to pay off the balance by paying the minimum payments and without charging more to the card 4. The interest rate for purchases $ YourBank Your Credit Card Account
The billing cycle goes from May 1 to May 31. The balance at the start of the billing cycle is \(\$ 450.21\). The list of transactions on the card is below.Find the average daily balance for the credit card during the month of May. Date Activity Amount 1-May Billing Date Balance $450.21 10-May
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.1. \(A D B=\$ 2,765.00\), annual interest rate \(13.99 \%\), billing cycle of 30 days 2. \(A D B=\$ 789.30\), annual interest rate \(17.99
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.1. Balance before interest is \(\$ 708.50\), interest charge is \(\$ 8.15\)2. Balance before interest is \(\$ 1,395.10\), interest charge is \(\$ 21.32\)
Kaylen's credit card charges \(16.9 \%\) annual interest. His current billing period is from November 1 to November 30. The balance on November 1 was \(\$ 1,845.23\). Use Kaylen's following transactions to determine his balance due at the end of the billing cycle. Date Activity Amount 1-Nov Billing
The FYA credit card company has the following minimum payment policy. For balances over \(\$ 1,000\), the minimum payment is \(2.5 \%\) of the balance due plus fees, but not interest. For balances between \(\$ 500.00\) and \(\$ 999.99\), the minimum payment is \(\$ 50.00\). For balances \(\$
Nichole negotiates with her car dealership so that the price is \(\$ 21,800\). She needs to pay the \(6.75 \%\) sales tax on the car. Other fees are \(\$ 31.00\) for title and registration, \(\$ 1,000\) in destination fees, and a documentation fee of \(\$ 175\). What is the total cost of Nichole's
Sophia negotiates a \(\$ 19,800\) price for her new car. The sales tax is \(9.5 \%\) in her area, and the dealership charges her \(\$ 300\) in documentation fees. Her title, plates, and registration come to \(\$ 321.50\). The dealership adds to this a destination fee of \(\$ 1,100\). If she places
In the following, calculate the monthly payment using the given total to be financed, the interest rate, and the term of the car loan.1. Total to be financed is \(\$ 31,885\), interest rate is \(2.9 \%\), for 5 years.2. Total to be financed is \(\$ 22,778\), interest rate is \(4.5 \%\), for 6 years.
Calculate the monthly payment for the used car if the total to be financed is \(\$ 16,990\), the interest rate is \(7.5 \%\), and the loan term is 3 years.
Donna wants to lease a Subaru Outback in Eden, New York. Find the total cost of obtaining her lease if there is no down payment, \(\$ 175.00\) in acquisition fees, a security deposit of \(\$ 300.00, \$ 350.00\) in disposition fees, \(\$ 102.50\) in title and registration fees, and sales tax of \(\$
1. The purchase price of a car is \(\$ 25,000\). Its residual price is \(\$ 14,500\). What is its monthly depreciation for a 36 -month lease?2. The purchase price of a car is \(\$ 30,000\). Its residual price is \(\$ 18,600\). What is its monthly depreciation for a 24 -month lease?
1. Find the annual percentage rate if the money factor is 0.00001875 .2. Find the money factor if the APR is \(6.25 \%\).
Calculate the lease payments for car with the following price, residual price, length of lease, and money factor or APR.1. Price is \(\$ 28,344\), residual price is \(\$ 18,140.16,24\)-month lease, money factor is 0.000025 .2. Price is \(\$ 22,500\), residual price is \(\$ 13,050,36\)-month lease,
In the following, determine if a lease or purchase of a car is better.1. Joyce is concerned with large repairs and does not want to deal with them.2. Maurice prefers to drive newer cars.
1. Which component of insurance pays if you are in an accident with a motorist without insurance?2. Which component of insurance pays for the remaining principal owed on your car in the case of a total loss?
If your car payment is \(\$ 287.50\) per month and your car insurance is \(\$ 930\) every 6 months, what is the cost of the car per month when accounting for the insurance?
Estella needs to budget for her car maintenance. She expects to buy new tires each 4 years, which will cost her \(\$ 480\) to replace them all. Oil changes near her cost \(\$ 49.99\), and she believes she will get one every 4 months. Her inspection costs \(\$ 15\) per year. Wipers for her car cost
Evan buys a house. His 30 -year mortgage comes to \(\$ 132,650\) with \(4.8 \%\) interest. Find Evan's monthly payments.
Cassandra buys a house. Her 30 -year mortgage comes to \(\$ 99,596\) with \(5.35 \%\) interest. If Cassandra pays off the mortgage over those 30 years, how much will she have paid in total?
Cassandra buys a house. Her 30 -year mortgage comes to \(\$ 99,596\) with \(5.35 \%\) interest. What was Cassandra's cost of financing?
Figure 6.27 shows a portion of an amortization table for a 30 -year, \(\$ 165,900\) mortgage. Use that table to answer the following questions. Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $165,900.00 5.61% 30 $953.44 Month Payment Principal
Jenna decides to purchase a home, with mortgage of \(\$ 108,450\) at \(6 \%\) interest for 30 years. The assessed value of her home is \(\$ 75,600\). Her property taxes come to \(5.7 \%\) of her assessed value. Jenna also has to pay her home insurance every 6 months, which is \(\$ 744\) per six
Roger is preparing to do his taxes. He worked two jobs, with reported income of \(\$ 27,500\) and \(\$ 13,200\). His two CDs yielded \(\$ 327\) together. He also won a split club raffle for \(\$ 2,000\). What was Roger's gross earnings?
Chandra's gross income is \(\$ 58,400\). She deposited \(\$ 3,000\) into her tax-deferred retirement account for the year. Her mortgage interest paid was \(\$ 1,250\) for the year, and her property taxes came to \(\$ 4,200\). What is her AGI?
Yelizaveta's AGI is \(\$ 75,490\). However, she gave a \(\$ 2,000\) gift to her mother. What is her taxable income?
Kaitlyn has calculated the tax she owes to be \(\$ 5,200\). However, she receives an earned income tax credit of \(\$ 1,715\). How much does Kaitlyn owe after applying the earned income tax credit?
Chanajah calculated their tax owed, which came to \(\$ 4,300\). They have an earned income tax credit of \(\$ 2,190\), a child tax credit of \(\$ 2,000\), and a child and dependent care tax credit of \(\$ 4,000\). How much tax does Chanajah owe, or how much will they get in a refund?
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