# Algebra Questions

**08srra**

17 problems!

3.Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)

Achieve $225,500 at 8.75% compounded continuously for 8 years, 125 days.

4.

If $33,500 is invested at 6.3% for 30 years, find the future value if the interest is compounded the following ways. (Round your answers to the nearest cent.)

(g) continuously

(h) simple (not compounded)

5. Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $80,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 3% compounded annually? (Round your answer to the nearest cent.)

$

7. Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)

$400 balance, 19%, $50 payment

(a) previous balance method

(b) adjusted balance method

(c) average daily balance method

8.

Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).

A car with a sticker price of $42,600 with factory and dealer rebates of $5,100

(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)

(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)

(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)

%

(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.

0% APR 2.5% add-on rate

9. For the car loan described, give the following information.

A newspaper advertisement offers a $4,000 used car for nothing down and 36 easy monthly payments of $158.62.

(a) amount to be paid

$

(b) amount of interest

$

(c) interest rate (Round your answer to two decimal places.)

%

(d) APR (rounded to the nearest tenth percent)

%

10. Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 13% (add-on rate). If the refrigerator at Sears costs $1,578 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? (Round your answer to the nearest cent.)

$

11.

Use a calculator to evaluate an ordinary annuity formula

A = m

1 + r n

nt

− 1

R n

for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.)

$150; 7%; 40 yr

A = $

12.

Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer to the nearest cent.)

$

Amount Needed

A Frequency

n Rate

r Time

t

$50,000 semiannually 12% 20 yr

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13.

Use a calculator to evaluate the amortization formula

m = P

r

n

1 −

1 +

rn

−ntfor the values of the variables P, r, and t (respectively). Assume n = 12. (Round your answer to the nearest cent.)

$150,000; 7%; 20 yr

$

14. Find the monthly payment for the loan. (Round your answer to the nearest cent.)

$400 loan for 12 months at 12%

15.

Find the monthly payment for the loan. (Round your answer to the nearest cent.)

A $120,000 home bought with a 20% down payment and the balance financed for 30 years at 11.5%

$

16.

Find the monthly payment for the loan. (Round your answer to the nearest cent.)

Finance $850,000 for a warehouse with a 7.50% 30-year loan

$ Incorrect: Your answer is incorrect.

17.

Classify the financial problem. Assume a 6% interest rate compounded annually.

Find the value of a $1,000 certificate in 3 years.

amortization present value future value sinking fund ordinary annuity

Answer the question. (Round your answer to the nearest cent.)

$

18.

The amount to be financed on a new car is $9,500. The terms are 11% for 3 years. What is the monthly payment?

(a) State the type.

amortization ordinary annuity present value future value sinking fund

(b) Answer the question. (Round your answer to the nearest cent.)

$

19.

If an apartment complex will need painting in

3

1

2

years and the job will cost $25,000, what amount needs to be deposited into an account now in order to have the necessary funds? The account pays 10% interest compounded semiannually.

(a) State the type of the problem.

amortization present value ordinary annuity future value sinking fund

(b) Answer the question. (Round your answer to the nearest cent.)

$

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