Questions and Answers of Financial Algebra Advanced Algebra

Blair had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 18.6%.2 days @
Solomon is taking out a $15,320, 2-year loan with an APR of 3.29%. What will be the finance charge for this loan to the nearest dollar?
Suppose that Britta decided to take out a private loan for $12,000 for which loan payments start as soon as the loan amount is deposited in her account and continue for 10 years. The interest rate is
Examine this portion of the credit card summary.a. Express the sum of the cycle’s daily balances algebraically.b. Express the monthly periodic rate as an equivalent decimal without the % symbol.
Chris purchases living room furniture for $4,345 from Halloran Gallery. She has a 1-year, no-interest, no-money-down, deferred payment plan. She does have to make a $15 monthly payment for the first
Kim’s credit card was not paid in full last month so she will pay a finance charge this month. She had an average daily balance of d dollars during this billing period, which had 31 days. The APR
Reggie needs a quick x-dollar loan until his next payday in 2 weeks to take advantage of a sale on ski equipment. The bank would take too long on the paperwork, so he goes to a pawnshop. The pawnshop
Online Car Auctioneer charges a commission for classified ads. If the car sells, the seller is charged 4% of the advertised price, not of the price for which the car actually sells. If the car
There are many online student loan calculators that can assist you. Examine the input boxes for one such calculator (Cost of Interest Capitalization Calculator www.finaid.org). After clicking
Audrey purchases a riding lawnmower using a 2-year, no-interest deferred payment plan at Lawn Depot for x dollars. There was a down payment of d dollars and a monthly payment of m dollars. Express
Michelle’s credit card billing cycle is 30 days. She had a daily balance of b dollars for d days. Then she charged one item for $56, and she made no more purchases for the rest of the month. There
Olivia is considering membership to the Regional Teachers’ Credit Union so that she can save money on a loan. The credit union will lend her $8,000 for 3 years at 2.25% APR. The same loan at her
Examine the summary section of the monthly credit card statement below. Use the first five entries to determine whether the new balance is correct. If it is incorrect, write the correct amount.
Kristin’s credit rating was lowered, and the credit card company raised her APR from 14% to 15.2%. If her average daily balance this month is x dollars, express algebraically the increase in this
Some stores offer a rent-to-own plan. The customer makes a down payment, receives the merchandise at time of purchase, and makes monthly payments.The sum of the monthly payments is lower than the
The finance charge on Lena’s credit card bill last month was $13.50. Her APR is 18%. What was her average daily balance?
Rob wants to purchase a $5,000 drum set. The music store offers him a 2-year installment agreement requiring $800 down and monthly payments of $202.50. Rob has a poor credit rating.a. What is his
Check the new balance entry on the monthly statement below by using the first five entries. If the new balance is incorrect, write the correct amount. SUMMARY Previous Balance $424.41 Payments /
It is important to check your credit card bill each month. In the next section, you will carefully examine a credit card statement and learn how to look for errors. Most people would notice a major,
Bernie bought a refrigerator at a special sale. The refrigerator regularly sold for $986. No down payment was required. Bernie has to pay $69 per month for 1½ years. What is the average amount
Lee wanted to compute the monthly payment on a 2-year, $8,400 loan at an APR of 3.07%. She entered the keystrokes at the right on her calculator. The display gives an answer of 48, which Lee knows is
A local coupon mailer charges $11 for each of the first three lines of an ad and $5 for each additional line.a. What is the price of a two-line ad?b. What is the price of a five-line ad?c. If x is
A credit card statement is modeled by the following spreadsheet. Entries are made in columns A–F. Write the formula to calculate the available credit in cell G2. 1 2 A Previous Balance
Lillian purchased a violin from Smash Music Stores. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the
The previous balance after the last billing cycle is represented by A, recent purchases by B, payments by C, finance charge by D, late charge by E. Express the relationship among the variables that
Examine the summary section of the monthly credit card statement. Use the first five entries to determine the new balance. SUMMARY Previous Balance $421.36 Payments /
Samantha’s grandfather is debt-free—he bought his car and his house without taking out a loan. He saved and paid cash. He wanted to take out a loan to buy Samantha a car for college graduation.
The following arithmetic sequence models an installment purchase. Give the down payment, monthly payment, and length of the plan. 400, 510, 620, 730, 840, 950, 1,060.
Kayla wants to take out a $7,500 loan with a 3.3% APR. She can afford to pay $128 per month for loan payments.a. What should be the length of her loan? Round to the nearest tenth of a year.b. What
Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at a 4.25% interest rate. What should the length of the loan be? Round your answer to the nearest year.
How might the words in the quote apply to what you have learned about compound interest this section?To make a million, start with $900,000.
Solve for t in each of the following compound interest equations. Leave your answer in terms of a logarithm.a. 5490 = 4800(1.009)3tb. 3900 = 3000(1.006)6tc. 1460 = 1000(1.0015)12td. 5951.70 =
Rewrite each of the compound interest equations in question 2 as an exponential equation in the standard form a 5bc.Data From Problem Question 2In each of the following compound interest equations
Find the interest earned on a $25,000 deposit for 2 years at 4.7% interest, compounded continuously. Round to the nearest cent.
How long does it take $450 to double at a simple interest rate of 100%?
Tom wants to have $50,000 saved sometime in the future. How much must he deposit every month into an account that pays 1.45% interest, compounded monthly? Use a graphing calculator to graph the
Read the quote at the beginning of this section. Interpret the quote in terms of what you have learned about investing in interest bearing accounts.Someone is sitting in the shade right now because
How might the words in the quote apply to what you learned about interest and savings in this section?In the old days a man who saved money was a miser; nowadays he’s a wonder.
How might the words in the quote apply to what has been outlined in this section?It is never too early to encourage long-term savings.
How might the quote apply to what has been outlined in this section?Before you can really start setting financial goals, you need to determine where you stand financially.
How might the quote by Baldwin apply to what you have learned in this section?Time is a dressmaker specializing in alterations.
How might the quote apply to what has been outlined in this section?There have been three great inventions since the beginning of time: fire, the wheel, and central banking.
Suppose that $1,000 is deposited into an account that yields 0.85% interest, compounded annually. How much money will be in that account at the end of 4 years?
How might those words apply to what has been outlined in this section? What “play on words” do you notice in Greenspan’s quote?Anything that we can do to raise personal savings is very much in
Go to www.cengage.com/financial_alg2e and download a blank check register.Add all of the following information to the check register.a. The balance on December 10 is $3,900.50.b. On December 11 check
How might the words in the quote apply to what you learned about limits in this section?The infinite! No other question has ever moved so profoundly the spirit of man.
Rona filled out this information on her monthly statement. Find Rona’s revised statement balance. Does her account reconcile? Checking Account Summary Ending Balance Deposits Checks
How might the quote apply to this section?My problem lies in reconciling my gross habits with my net income.
The sixth-grade class at West Side School starts a charity collection on Monday, with $78 donated by the Parents Organization. They plan to add $2 to the fund each day. How much will they have after
Use the Power Property of logarithms to determine the value of each expression below. In some cases, there will be a numerical answer. In others the answer will be an algebraic expression.a.
Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded annually. How much interest does Jerome earn in 1 year?
Jimmy invests $4,000 in an account that pays 2% annual interest, compounded semi-annually. What is his balance, to the nearest cent, at the end of 10 years?
In each of the following compound interest equations with t representing the account term, determine the number of times the account is compounded per year and the interest rate percent.a. 2254 5
Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original account balance was $278.91. Assuming the checks clear, how
Use the change-of-base formula to write the given logarithm as a quotient of common logs.a. log5 200b. logx yc. logw 8d. log9 ze. ln y
Sally deposits $4,000 in a certificate of deposit that pays 2.12% simple interest. What is her balance after 1 year?
On Olga’s 16th birthday, her uncle invested $2,000 in an account that was locked into a 1.75% interest rate, compounded monthly. How much will Olga have in the account when she turns 18? Round to
Ken filled out this information on the back of his bank statement. Find Ken’s revised statement balance. Does his account reconcile? Checking Account Summary Ending Balance Deposits Checks
Find the simple interest on a $2,219.00 principal, deposited for 6 years at a rate of 1.91%. Round to the nearest cent.
Ed computes the ending balance for a CD he is considering. The principal is $20,000, and the interest rate is 2.39%, compounded continuously for 4 years. He uses the formula B 5pert and substitutes
Arianna deposits $500 in an account that pays 1.3% interest, compounded semi-annually. How much is in the account at the end of 2 years?
Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars and cashed a check that he wrote to himself for k dollars. Write an algebraic expression that represents the
A finite arithmetic sequence has 12 terms. The last term is 100 and the common difference is 3. What is the first term?
Use the One-to-One Property and the Power Property to find the value of t to the nearest tenth in each of the following.a. 15 = 3tb. 5t 5390,625c. 82t = 512d. (1.2)t -3 =
Pierre deposits $9,000 in a certificate of deposit that pays 1.4% interest, compounded semi-annually. How much interest does the account earn in the first 6 months? What is the balance after 6 months?
Samantha deposits $1,500 into the Park Street Bank. The account pays 1.12% annual interest, compounded daily. To the nearest cent, how much is in the account at the end of three non–leap years?
Use the compound interest formula in each of the following to express t in terms of a logarithm by rewriting the exponential equation in logarithmic form. Simplify where possible, but do not
Find the interest earned on $50,000 deposited for 6 years at 11 % 8 interest, compounded continuously. Round to the nearest cent.
When Derrick turned age 15, his grandparents put $10,000 into an account that yielded 1.4% interest, compounded quarterly. When Derrick turns 18, his grandparents will give him the money to use
Bob wants $50,000 at the end of 7 years in order to buy a car. If his bank pays 1.2% interest, compounded annually, how much must he deposit each year in order to reach his goal?
John cashed a check for $630. The teller gave him three $50 bills, eighteen $20 bills, and t $10 bills. Determine the value of t.
Kevin has x dollars in an account that pays 2.2% interest, compounded quarterly. Express his balance after one quarter in an algebraic formula.
Joanne deposits $4,300 into a 1-year CD at a rate of 2.3%, compounded daily.a. What is her ending balance after the year, to the nearest cent?b. How much interest does she earn, to the nearest
Nine months ago Alexa deposited $7,000 in a 3-year CD. She has received $224.16 in interest. She withdraws $1,000. This is before the CD matures, so she pays a $250 penalty. What is her balance after
Whitney deposits $9,000 for 2 years. She compares two different banks. State Bank will pay her 2.1% interest, compounded monthly. Kings Savings will pay her 2.01% interest, compounded continuously.
In each of the equations below, t represents the term of a savings account. Find the value of t to the nearest tenth of a year.a.b.c.d.e. t= log1.03 (1.975) 12
Barbara wants to restore her ’66 Mustang in 4 years. She puts $200 into an account every month that pays 1.05% interest, compounded monthly. How much will be in the account after 4 years?
Omar wants to open an account for his grandchildren that he hopes will have $80,000 in it after 20 years. How much must he deposit now into an account that yields 1.75% interest, compounded monthly,
Gary and Ann have a joint checking account. Their balance at the beginning of October was $9,145.87. During the month they made deposits totalling $2,783.71, wrote checks totalling $4,871.90, paid a
Linda’s savings account balance has fallen below the $1,000 minimum balance required to receive interest. It is currently $871.43. The monthly fee charged by the bank for falling below the minimum
Regina deposits $3,500 in a savings account that pays 1.05% interest, compounded semi-annually. In a–g, round to the nearest cent.a. How much interest does the account earn in the first 6 months?b.
Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is his ending balance, to the nearest cent, at the end of 3 years?
Ralph deposited $910 in an account that pays 1.75% simple interest for 3 years. Round to the nearest cent.a. How much interest did the account earn?b. What is the ending balance?c. How much interest
Interest rates fluctuate with the economy. In the 1980s, the highest CD interest rate was over 16%. By 2017, the highest CD interest rates were approximately 2%.a. If $1,000 is invested at 16%
Use Tina Weaver’s monthly statement and check register to reconcile her account.a. What is the ending balance on the statement?b. What is the total of the outstanding deposits?c. What is the total
Robbie opens an account at a local bank by depositing $100. The account pays 2.4% interest, compounded weekly. He deposits $100 every week for 3 years.a. How much is in the account after 3 years?b.
Mary wants to go on a $10,000 vacation in 6 months. She has a bank account that pays 2.25% interest, compounded monthly. How much must she deposit each month to afford the vacation?
In each of the following compound interest equations, the variable n represents the number of times per year that the interest is compounded. Use common logarithms to write an expression for n.
Use the steps below to find the value of t to the nearest year.a. Substitute the values in the compound interest formula.b. Simplify the value inside of the parentheses.c. Divide both sides by the
Liam deposits $3,500 in a savings account that pays 0.8% interest, compounded quarterly. In a–i, round to the nearest cent.a. Find the first quarter’s interest.b. Find the first quarter’s
Rob deposits $1,000 in a savings account at New York State Bank that pays 1.4% interest, compounded monthly.a. How much is in his account at the end of 1 year, to the nearest cent?b. What is the APY
Find the interest earned on a $30,000 deposit for 6 months at 11 2% interest, compounded continuously.
Suppose $600 is deposited into an account every quarter. The account earns 1.5% interest, compounded quarterly.a. What is the future value of the account after 5 years?b. Write the future value
Janine is 21 years old. She opens an account that pays 1.25% interest, compounded monthly. She sets a goal of saving $10,000 by the time she is 24 years old. How much must she deposit each month?
Jasmine wants to start saving to purchase an apartment. Her goal is to save $225,000. If she deposits $180,000 into an account that pays 3.12% interest compounded monthly, approximately how long will
Queens Meadow Bank charges a monthly maintenance fee of $13 and a check-writing fee of $0.07 per check or EFT. Last year, Mark made 289 payments from his account at Queens Meadow. What was the total
Donna has a checking account that charges $0.15 for each check written and a monthly service charge of $9.75. Write a formula that Donna can use each month to find the fees she will be charged.
Beth and Mark would like to put some savings in the bank. They most likely will not need this money for 4 years, so Beth wants to put it in a 4-year CD. Mark wants to put the money in a savings
Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does he have to keep the money in this account in order to have a
Janine opens a savings account with a deposit of $720. The account pays 1.4% interest, compounded daily. What is the first day’s interest? Round to the nearest cent.

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