Exam 22: Borrowing Models

Yvette takes out a conventional loan to purchase a car. The interest rate is 6.2% compounded monthly and Yvette has five years to repay the $9600 she borrowed. What are Yvette's monthly payments?

(Short Answer)

4.9/5

(88)

Question 41

You can afford monthly payments of $450, and you find a car dealer offering a 2.6% annual rate compounded monthly on a 4-year loan. Rounded to the nearest $100, what is the most expensive car you can afford?

(Multiple Choice)

4.9/5

(95)

Question 42

Which of these savings rates is most favorable?

(Multiple Choice)

4.9/5

(80)

Question 43

Which is a more favorable savings rate: 3.5% compounded monthly or 3.55% compounded quarterly?

(Short Answer)

4.8/5

(66)

Question 44

Which is more costly: paying 12% simple interest for two years or paying 11% annual compounding interest for two years?

(Short Answer)

4.9/5

(76)

Question 45

A credit card bill shows a balance due of $980 with a monthly interest rate of 1.91%. What is the APR?

(Multiple Choice)

4.8/5

(94)

Question 46

What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the principal of $3000?

(Multiple Choice)

4.8/5

(84)

Question 47

Which of these loan rates is most favorable?

(Multiple Choice)

4.8/5

(68)

Question 48

A credit card statement shows a daily interest rate of 0.0367%. What is the EAR?

(Short Answer)

4.9/5

(79)

Question 49

Which of these savings rates is most favorable?

(Multiple Choice)

4.9/5

(83)

Question 50

If you are offered a discounted loan at an interest rate of 5% per year for three years, how much do you need to borrow to cover the principal of $3000? Round to nearest cents.

(Short Answer)

4.9/5

(80)

Question 51

If college tuition increases by 3% per year, how does your fourth-year tuition compare with your first-year tuition?

(Multiple Choice)

4.7/5

(66)

Question 52

Which of these savings rates is most favorable?

(Multiple Choice)

4.8/5

(80)

Question 53

A credit card bill shows a daily interest rate of 0.062%. What is the EAR?

(Multiple Choice)

4.8/5

(80)

Question 54

A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR?

(Multiple Choice)

4.7/5

(72)

Question 55

You invest $150 each month into an annuity earning 5.4% each month. How much do you have at the end of 18 years?

(Multiple Choice)

4.8/5

(78)

Question 56

A credit card bill shows a daily interest rate of 0.062%. What is the APR?

(Multiple Choice)

4.9/5

(69)

Question 57

Your rich Uncle Ralph is willing to loan you $10,000 for eight months and asks that you repay your loan with simple interest at the rate of 12% per year. How much will you repay after eight months?

(Multiple Choice)

4.7/5

(79)

Question 58

A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the APR?

(Multiple Choice)

4.8/5

(90)

Question 59

You invest $100 each quarter into an annuity earning 8% compounded quarterly. How much do you have at the end of 30 years?

(Short Answer)

4.8/5

(78)

Question 60

Showing 41 - 60 of 113

Exam 22: Borrowing Models

Yvette takes out a conventional loan to purchase a car. The interest rate is 6.2% compounded monthly and Yvette has five years to repay the $9600 she borrowed. What are Yvette's monthly payments?

You can afford monthly payments of $450, and you find a car dealer offering a 2.6% annual rate compounded monthly on a 4-year loan. Rounded to the nearest $100, what is the most expensive car you can afford?

Which of these savings rates is most favorable?

Which is a more favorable savings rate: 3.5% compounded monthly or 3.55% compounded quarterly?

Which is more costly: paying 12% simple interest for two years or paying 11% annual compounding interest for two years?

A credit card bill shows a balance due of $980 with a monthly interest rate of 1.91%. What is the APR?

What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the principal of $3000?

Which of these loan rates is most favorable?

A credit card statement shows a daily interest rate of 0.0367%. What is the EAR?

Which of these savings rates is most favorable?

If you are offered a discounted loan at an interest rate of 5% per year for three years, how much do you need to borrow to cover the principal of $3000? Round to nearest cents.

If college tuition increases by 3% per year, how does your fourth-year tuition compare with your first-year tuition?

Which of these savings rates is most favorable?

A credit card bill shows a daily interest rate of 0.062%. What is the EAR?

A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR?

You invest $150 each month into an annuity earning 5.4% each month. How much do you have at the end of 18 years?

A credit card bill shows a daily interest rate of 0.062%. What is the APR?

Your rich Uncle Ralph is willing to loan you $10,000 for eight months and asks that you repay your loan with simple interest at the rate of 12% per year. How much will you repay after eight months?

A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the APR?

You invest $100 each quarter into an annuity earning 8% compounded quarterly. How much do you have at the end of 30 years?

Urban Services

Business Efficiency

Planning and Scheduling

Linear Programming

Exploring Data: Distributions

Exploring Data: Relationships

Data for Decisions

Probability: the Mathematics of Chance

Social Choice: the Impossible Dream

The Manipulability of Voting Systems

Weighted Voting Systems

Electing the President

Fair Division

Apportionment

Game Theory: the Mathematics of Competition

Identification Numbers

Information Science

Growth and Form

Symmetry and Patterns

Tilings

Savings Models

The Economics of Resources

Filters