Questions and Answers of Financial Algebra Advanced Algebra

Richie was driving on an asphalt road that had a 40 mi/h speed limit. A bicyclist veered into his lane, causing him to slam on his brakes. His tires left three skid marks of 69 ft, 70 ft, and 74 ft.
When sold as a new car in the 1950s, the price of a specific classic car was $13,074. It depreciated in value over the next few years. Then, in 1977, something interesting began to happen, as seen in
Brenda will be driving through Europe. She plans to pay an average price of h euros per liter for gasoline.a. What is this amount equivalent to in U.S. dollars?b. What is this rate equivalent to in
A car vehicle price history for a certain make and model contains the following list of yearly price values:The original price of the car was $21,000. It exponentially depreciated to $18,900 after 1
A car was traveling at 52 mi/h before it enters into a skid. It was determined that the drag factor of the road surface is 1.05, and the braking efficiency is 80%. How long might the average skid
While Willie traveled in India, he paid an average of 65.73 Indian rupees (INR) for a liter of gas.a. What expression represents the price of this gas in U.S. dollars if the exchange rate was x?b.
Examine this geometric sequence of depreciating car values:If the original price of the car was $20,000, what is the depreciation rate? What will the car be worth after 6 years? $20,000 $18,400
A reconstructionist took measurements from yaw marks left at the scene of an accident. Using a 46-ft chord, the middle ordinate measured approximately 6 ft. The drag factor for the road surface was
A car vehicle price history for a certain make and model contains the following list of yearly price values: $30,000 $28,500 $27,075
Five years ago, a certain make and model of a car now considered to be a classic had a selling price of $26,000. Examine this geometric sequence representing the yearly appreciation in the price of
Cargo is tied with rope on the roof of a 4.5-foot-tall car. The car is traveling down a road at 42 mph and hits a concrete barrier. The rope snaps, allowing the cargo to propel forward. Use the
A car is traveling at 68 km/h. Cargo is strapped to the roof at a height of 1.6 m. The car hits a concrete barrier, and the cargo is horizontally ejected off the roof. Use these two equations to
Ina is depositing money into a savings account that pays 1.4% interest compounded quarterly. She wants to determine how long it will take for $2,000 to grow to $2,400.Use the steps below to find the
How might the quote apply to what you have learned in this section?Loans and debts make worries and frets.
Interpret the quote in the context of what you learned about credit and charge cards in this section.Life was a lot simpler when what we honored was father and mother rather than all major
Interpret the quote in the context of what you learned about consumer credit in this section.He that goes a borrowing goes a sorrowing.
Faith is taking an $8,100, 2½-year loan with an APR of 3.22%. What is the monthly payment for this loan? Round to the nearest cent.
Interpret the quote in the context of what you learned about loans in this section and on your experiences or expectations.Lend money to an enemy, and thou will gain him, to a friend, and thou will
Interpret the quote in the context of what you learned about buying and selling cars in this lesson.In auto sales, appearance is everything, or almost everything. It is certainly the most important
How many purchases were made during the billing cycle? ACCOUNT INFORMATION Account Number TRANSACTIONS 9 MAY 12 MAY 15 MAY 18 MAY 21 MAY SUMMARY 3291684271 Fanelli Furs 594683219 Brooklyn
Read the quote at the beginning of this section. Interpret the quote in terms of what you have learned about student loans.Debt certainly isn’t always a bad thing. A mortgage can help you afford a
Janine’s credit card was stolen, and the thief charged a $44 meal before she reported it stolen. How much of this is Janine responsible for paying?
Ralph just received his June FlashCard bill. He did not pay his May bill in full, so his June bill shows a previous balance and a finance charge. The average daily balance is $470, and the monthly
Monique buys a $4,700 air conditioning system using an installment plan that requires 15% down. How much is the down payment?
Shania bought a $1,455 drum set on an 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
Arrange the following lending institutions in descending order according to their APRs for a $10,000, 2-year loan.East Meadow Savings 4 1/2%Clinton Park Credit Union 4%Tivoli Trust 4 3/8%First Bank
The North Shore News charges $19.50 for a two-line automotive ad. Each additional line costs $7. How much does a six-line ad cost?
What is the sum of all purchases made during the billing cycle? ACCOUNT INFORMATION Account Number TRANSACTIONS 9 MAY 12 MAY 15 MAY 18 MAY 21 MAY SUMMARY 3291684271 Fanelli Furs 594683219 Brooklyn
How much interest will Rich accrue during the 4.5-year nonpayment period?Rich is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the
Dan’s credit card was lost on a vacation. He immediately reported it missing. The person who found it days later used it, and charged x dollars’ worth of merchandise on the card, where x >
Lauren did not pay her January FlashCard bill in full, so her February bill has a finance charge added on. The average daily balance is $510.44, and the monthly periodic rate is 1.3%. What should
Craig wants to purchase a boat that costs $1,420. He signs an installment agreement requiring a 20% down payment. He currently has $250 saved. Does he have enough for the down payment?
Pauline’s credit card was lost on a business trip. She immediately reported it missing to her creditor. The person who found it hours later used it and charged w dollars’ worth of merchandise on
How many more monthly payments are made for a 5-year loan than for a 2-year loan?
The Antique Auto News charges $10 for a 10-word classified ad. Each additional word costs $0.40. For an extra $40, a seller can include a photo in the ad. How much would a 20-word ad with a photo
If Rich decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period.a. What will the new principal be when he begins making loan payments?b. How much
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 5.75%. How much will they pay in interest?
When is the payment for this statement due? ACCOUNT INFORMATION Account Number TRANSACTIONS 9 MAY 12 MAY 15 MAY 18 MAY 21 MAY SUMMARY 3291684271 Fanelli Furs 594683219 Brooklyn Pets 7677095385 Maple
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
Jennifer did not pay her FlashCard bill in full in September. Her October bill showed a finance charge, and she wants to see whether or not it is correct. The average daily balance is $970.50, and
Sal took out a 20-day payday loan from the Just Loans store. He borrowed $350 and is being charged $75 interest. What is the APR for this loan?
How many monthly payments must be made for a 2½-year loan?
A local newspaper charges g dollars for a four-line classified ad. Each additional line costs d dollars. Write an expression for the cost of a seven-line ad.
What is the minimum amount that can be paid? ACCOUNT INFORMATION Account Number TRANSACTIONS 9 MAY 12 MAY 15 MAY 18 MAY 21 MAY SUMMARY 3291684271 Fanelli Furs 594683219 Brooklyn Pets 7677095385 Maple
Suppose Rich only paid the interest during his 4 years in school and the 6-month grace period. What will he now pay in interest over the term of his loan?Rich is attending a 4-year college. As a
Daniyar paid his April FlashCard bill in full. His May bill shows an average daily balance of $270.31 and a monthly periodic rate of 1.65%. What is the finance charge on Daniyar’s May statement?
Carly took a $7,000, 3-year loan with an APR of 3.15%.a. What is the monthly payment? Round to the nearest cent.b. What is the total amount of the monthly payments?c. What is the finance charge?
Bart needs to borrow $7,000 from a local bank. He uses the table of monthly payments on page 159 to compare the monthly payments for a 3% loan for three different periods of time.a. What is the
The Auto Times charges g dollars for a classified ad with m or less lines. Each additional line is d dollars. If x . m, express the cost of an x-line ad algebraically.
Rich made his last monthly interest-only payment on November 1. His next payment is due on December 1. What will be the amount of that interest-only payment?
The following spreadsheet can be used to compute monthly payments given the APR, principal, and term of the loan. a. Write the spreadsheet formula to compute cell D2.b. Write the spreadsheet formula
What is the monthly periodic rate on a loan with an APR of 19.5%?
A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $430,000 to buy a home. They are taking out a 30-year mortgage ata rate of 3.55%.a. Compute the monthly payment
Ace Auto Repair needs a new mechanic, so they place a help-wanted ad. The Position Posted job website charges $15 to post, plus $2.50 for each of the first five lines and $8 for each additional line.
The following inequalities give information on your credit scores. Let x represent your credit score.• If x > 700, your credit score is excellent.• If 680 < x < 700, your credit score is
Harold borrowed $8,000 for 5 years at an APR of 2.75%.a. What is Harold’s monthly payment? Round to the nearest cent.b. What is the total amount that Harold paid in monthly payments for the loan?c.
A bank offers a $25,000 loan at an interest rate of 7.7% that can be paid back over 2–10 years.a. Write the monthly payment formula for this loan situation. Let t represent the number of years from
Zeke bought a $2,300 bobsled on an installment plan. He made a $450 down payment, and he has to make monthly payments of $93.50 for the next 2 years. How much total interest will he pay?
Sarah is taking out a $24,400, 4-year new-car loan with an APR of 2.88%. What is the finance charge for this loan? Round to the nearest hundred dollars.
Darnelle has a $10,000, 3-year loan with an APR of 5%. She uses the table on page 159 to compute information on the loan.a. What is her monthly payment?b. What is the total of all her monthly
Samantha purchased a used car for $4,200. Her state charges 4% tax for the car, $47 for registration, $50 for a new title certificate, and $35 for a state safety and emissions inspection. How much
Suppose that Rich had decided to apply for a private loan rather than a federal loan. He is considering a 10-year loan with an interest rate of 5.9%.a. Determine his monthly payment.b. What is the
After Wade paid his May credit card bill, he still had a balance of z dollars. He made no additional payments or purchases before he received his next bill. The monthly periodic rate on this account
Gary is buying a $1,250 computer on an installment plan. He makes a down payment of $150. He has to make monthly payments of $48.25 for 21 2 years. What is the total finance charge?
The policy of the Black Oyster Pawnshop is to lend up to 30% of the value of a borrower’s collateral. Pete wants to use a $2,000 guitar and a $900 camera as collateral for a loan. What is the
Melissa wants to check the accuracy of the finance charge on her promissory note. She has a $6,000, 4-year loan at an APR of 3.11%. Round to the nearest cent.a. What is her monthly payment?b. What is
Ralph placed a classified ad to sell his used SUV for $18,500. After 2 weeks, he didn’t sell the SUV, and the newspaper suggested lowering the price 5%. What would the new price be if Ralph reduced
Martina’s grandparents paid for the first 3 years of her college costs. As a senior, she was approved for a federal unsubsidized loan in the amount of $9,300 at a 4.29% interest rate for 10
Jared’s average daily balance for last month was $560. The finance charge was $8.12.a. What was the monthly percentage rate?b. What was the APR?
Ed Lubbock’s FlashCard statement 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
Rollie has a credit card with a credit limit of $4,000. He made the following purchases: $425.36, $358.33, $377.11, and $90.20. What is Rollie’s available credit?
Mazzeo’s Appliance Store requires a down payment of 1/3 on all installment purchases. Norton’s Depot requires a 30% down payment on installment purchases. Which store’s down payment rate is
Rodrigo is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $5,300 at 4.29%. He knows he has the option of beginning
The Bayside Bugle charges by the word to run automotive ads. The newspaper charges $18 for the first 20 words and $0.35 for each additional word. How much would a 27-word ad cost?
Ted is a freshman attending a 4-year college. He has been approved for an $8,000 subsidized federal loan at 4.29% for 10 years. How much will the U.S. Department of Education subsidize in interest
Use your answer and the loan information from Exercise 8 to determine what effect a $50 decrease in Louis’s monthly payment would have on the length of his loan.Data from Exercise 8Ted is a
How much interest will Britta accrue during the 2.5-year nonpayment period?Britta has been accepted into a 2-year medical assistant program at a career school. She has been awarded a $6,000
Irina’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
Rebecca has a credit limit of $6,500 on her credit card. She had a previous balance of $398.54 and made a $250 payment. The total of her purchases is $1,257.89. What is Rebecca’s available credit?
Ari purchased a microwave oven on an installment plan for m dollars. He made a 20% down payment and agreed to pay x dollars per month for two years. Express the finance charge (interest)
Maribel was approved for a 7-year private student loan at 6.8% to cover her college costs of $10,900.a. Determine her monthly payment. Round to the nearest cent.b. What is the total amount she will
Jordan is taking out a 2-week payday loan for $600. He will be charged $95 interest for the 2-week loan. What is the APR for this loan?
A local publication 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
If Britta decides to make no payments during the 2.5 years, the interest will be capitalized at the end of that period. What will the new principal be when she begins making loan payments?Britta has
Examine the credit card situations in Exercises 10 and 11. In each case, the credit card holder had no previous balance. The new balance was a result of purchases made that billing cycle. Identify
The APR on Leslie’s credit card is currently 21.6%. What is the monthly periodic rate?
Adam bought a $1,670 custom video game/sound system on a special no-interest plan. He made a $100 down payment and agreed to pay the entire purchase off in 1½ years. The minimum monthly payment is
Ben has been accepted into a 2-year culinary arts program at the Greenfield Career Institute. He has been approved for a $5,000 unsubsidized 10-year federal loan at 4.29%. He knows he has the option
Juliana is taking out an $8,700, 3-year loan with an APR of 2.31%. What will be the monthly payment for this loan? Round to the nearest cent.
The Kings Park Register gives senior citizens a 10% discount on automotive ads. Mr. Quadrino, a senior citizen, is selling his car and wants to take out a four-line ad. The paper charges $6.50 per
Suppose Britta only paid the interest during her 2 years in school and the 6-month grace period. What will she pay in interest over the term of her loan?Britta has been accepted into a 2-year medical
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
Juan purchased a tool set for t dollars on the installment plan. He made a 15% down payment and agreed to pay m dollars per month for the next y years.Express the finance charge algebraically.
Lavonda took out a $7,500 loan with an APR of 3.875% and agreed to pay it back monthly over 6 years. How many monthly payments did she make?
The Good Ole Times magazine charges for ads by the “column inch.” A column inch is as wide as one column, and it is 1 inch high. The cost is $67 per column inch. How much would the magazine
Leslie placed this ad in 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!
Britta made her last monthly interest-only payment on May 5. Her next payment is due on June 5. What will be the amount of that interest-only payment?Britta has been accepted into a 2-year medical
The terms of Medina’s credit card state that the APR is 17.4%, and if a payment is not received by the due date, the APR will increase by w percent. The credit card company received Medina’s
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
If Tanya purchased a $1,700 set of golf clubs on a 9-month layaway plan and had to pay a monthly payment of $201, what is the sum of the monthly payments? What was the fee charged for the layaway

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