Exam 7: Consumer Mathematics

Express 29% as a fraction.

Find the simple interest on a loan of $16,600 for 3 years at a rate of 17.5% per year.

The (also known as the annual yield)is the simple interest rate which would yield the same future value over 1 year as the given compound interest rate.

Find the amount of interest earned.

The amount that an investor receives from the sale of a stock is called the and are equal to the amount of the sale minus the broker's commission.

Kelly purchased a toaster for $105. She made a down payment of 15% and financed the rest for 6 Months with payments of $21.50. Find (a)the down payment and (b)the total installment price of The toaster.

Find the missing value.

The average teachers' and superintendents' salaries for a school district was $54,884. Three years Later, the new average was $68,000. Find the percent increase to the nearest tenth of a percent.

A $1,600 loan is to be paid off in 12 monthly payments of $139.81. The borrower decides to pay off the loan after 3 payments. Find the amount of interest saved using the rule of 78s.

The Trissel family agreed on a price of $229,300 for a home. Their company credit union offers a 6.3% 20-year loan with 15% down, resulting in a monthly payment of $1,430.30. Find the monthly payment for the Trissels if they choose a 15-year loan instead of 20. How much money would they save overall?