Write a report that answers the following questions and meet the list of requirements that follows. Each
Question:
Write a report that answers the following questions and meet the list of requirements that follows. Each of the problems you will be solving requires using your calculator to solve a financial equation. In order to calculate answers correctly, it is important that you follow several important rules:
follow the order of operations to solve complicated problems. Attempt to solve equations without writing down intermediate values. If you must write down values, keep as many digits or decimal places as you can. Better yet, use the memory locations in your calculator to store intermediate values. Never round intermediate calculations. Only round the final answer. Several excellent videos that describe how to solve algebraic expressions using the order of operations rules are available at mathispower4u.yolasite.com. After reaching the mathispower4u site, click on the algebra 1 video library link and find the order of operations section in the first column. The first twelve short videos will give you an excellent overview. The next twelve may also be helpful. The questions in this task involve calculations related to simple interest, compound interest, annuities, or mortgages. Answer the following questions:
Simple interest: Laura needed to borrow $3,000 to pay off a gambling debt. Her local bank offered her a simple interest $3,000 loan with a 6-month term and told her she would pay $247 in interest.
Calculate the annual interest rate Laura is being offered. If the bank loan is structured as an installment loan, calculate the total installment price and the monthly payment for the loan. Annuity payment: Richard is saving money for a down payment on an expensive guitar. He needs $1,500 in 9 months to make his down payment and is saving money in an annuity yielding an annual interest rate of 6% compounded monthly. If the annuity requires that Richard make monthly investments, what annuity payment must Richard make to save enough for his guitar down payment?
Mortgage financing: Juanita purchased an $189,000 home with a 15-year term, 4.5% annual rate mortgage. At closing she paid an $84,000 down payment.
Calculate Samantha’s monthly mortgage payment.
Expert Answer:
Introduction Interest is the money paid on a regular basis at a particular rate for the use of money lent or for delaying the repayment of a debt There are two types of interests offered namely simple ... View the full answer
