Question 1

Use estimation to select the best response. Do not calculate. If you purchase an item for $3,995 at an interest rate of 9.2%, and you finance it for 1 year, then the amount of add-on interest is about _______.

Accepted Answer

A)   $450
B)   $1,440
C)   $36
D)   $300
E)   $360F) A) and B)
G) A) and C)

Question 2

What is the future value of $840 invested at 6% simple interest for 95 days? 
Assume ordinary interest; that is, use 360 for the number of days in a year. 
Round your answer to the nearest cent. 
$ __________

Accepted Answer

The answer of What is the future value of $840...

Question 3

Use the table to answer the questions.   }"> cellpadding ="0 " cellspacing ="0 " align = "center" width =48% " border="1"> 	ext { cellpadding }=" 0 	ext { " cellspacing }=" 0 	ext { " align }=	ext { "center" width }=48 \% 	ext { " border="1"> } cellpadding ="0 " cellspacing ="0 " align = "center" width =48% " border="1">

Effect of Down Payment on the Cost of a  $120,000 \$ 120,000 $120,000  Home with Interest at  8% 8 \% 8%

Down Payment  Percent of House Price  Monthly Payment 30 Years  Total Payment 30 Years $00%$880.52$316,987$6,0005%$836.49$301,136$12,00010%$792.47$285,289$24,00020%$704.41$253,588$30,00025%$660.39$237,740$36,00030%$616.36$221,890\begin{array}{cccc}	ext { Down Payment } & 	ext { Percent of House Price } & \begin{array}{c}	ext { Monthly Payment } \30 	ext { Years }\end{array} & \begin{array}{c}	ext { Total Payment } \30 	ext { Years }\end{array} \\$ 0 & 0 \% & \$ 880.52 & \$ 316,987 \\$ 6,000 & 5 \% & \$ 836.49 & \$ 301,136 \\$ 12,000 & 10 \% & \$ 792.47 & \$ 285,289 \\$ 24,000 & 20 \% & \$ 704.41 & \$ 253,588 \\$ 30,000 & 25 \% & \$ 660.39 & \$ 237,740 \\$ 36,000 & 30 \% & \$ 616.36 & \$ 221,890\end{array} Down Payment $0$6,000$12,000$24,000$30,000$36,000​ Percent of House Price 0%5%10%20%25%30%​ Monthly Payment 30 Years ​$880.52$836.49$792.47$704.41$660.39$616.36​ Total Payment 30 Years ​$316,987$301,136$285,289$253,588$237,740$221,890​  If you are obtaining a $120,000 home with a 30-year 8% loan, what would you save in the total payments by increasing your down payment from $6,000 to $36,000?

Accepted Answer

A)   $79,246
B)   $23,773.80
C)   $220.13
D)   $221,890
E)   $616.36 F) C) and D)
G) B) and D)

Question 4

Find the total amount, including tax, for an item with a price of $21.86 and a tax rate of  612%6 \frac { 1 } { 2 } \%621​%  .

Accepted Answer

A)    $28.36\$ 28.36$28.36 
B)    $20.44\$ 20.44$20.44 
C)    $23.28\$ 23.28$23.28 
D)    $1.42\$ 1.42$1.42 
E)    $36.07\$ 36.07$36.07F) All of the above
G) B) and E)

Exam 7: Applications of Percent

Correct Answer
verified

Use estimation to select the best response. Do not calculate. If you purchase an item for $3,995 at an interest rate of 9.2%, and you finance it for 1 year, then the amount of add-on interest is about _______.

Correct Answer
verified

Find the total amount, including tax, for an item with a price of $21.86 and a tax rate of $6 \frac { 1 } { 2 } \%$ .

Correct Answer
verified

What is the future value of $840 invested at 6% simple interest for 95 days? Assume ordinary interest; that is, use 360 for the number of days in a year. Round your answer to the nearest cent. $ __________

Correct Answer
verified

Exam 7: Applications of Percent

Correct AnswerverifiedShow Answer

Use estimation to select the best response. Do not calculate. If you purchase an item for $3,995 at an interest rate of 9.2%, and you finance it for 1 year, then the amount of add-on interest is about _______.

Correct AnswerverifiedShow Answer

Find the total amount, including tax, for an item with a price of $21.86 and a tax rate of 612%6 \frac { 1 } { 2 } \%621​% .

Correct AnswerverifiedShow Answer

What is the future value of $840 invested at 6% simple interest for 95 days? Assume ordinary interest; that is, use 360 for the number of days in a year. Round your answer to the nearest cent. $ __________

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Find the total amount, including tax, for an item with a price of $21.86 and a tax rate of $6 \frac { 1 } { 2 } \%$ .

Correct Answer
verified

Correct Answer
verified