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May 22, 2015

May 22, 2015

Posted by **Tomi** on Thursday, May 24, 2012 at 11:16am.

Dexter Banler's account

Principal: $1,604

Rate: 10% compound

Length of period: month

>$3208.00

$1764.40

$1630.85

3. Ray Sugar's account

Principal: $1,700

Rate: 9.5% compound

Length of period: quarter

Third quarter's interest: _________

$161.50

>$16.15

$42.32

4. Determine the total in Ray's account after three quarters using the information below.

Ray Sugar's account

Principal: $1,700

Rate: 9.5% compound

Length of period: quarter

>$1,861.50

$1824.03

$1716.15

5. Determine the second quarter's interest earned by Sue's account using the information below.

Sue Palka's account

Principal: $2,118

Rate: 8.75% compound

Length of period: quarter

Second quarter's interest: _________

$185.33

$176.56

>$47.34

6. Determine the total in Sue's account after 2 quarters using the information below.

Sue Palka's account

Principal: $2,118

Rate: 8.75% compound

Length of period: quarter

>$2,211.67

$2,165.34

$2,303.33

7. Determine the total loan amount for Sean Combs.

Amount of loan: _________

Number of payments: 9

Each payment: $15.90

Interest: $18.10

$125

$143.10

>$124.20

8. Determine the number of payments for Micah McCarter.

Amount of loan: $5,500

Number of payments: _________

Each payment: $125.13

Interest: $506.24

44

> 48

52

9. Determine the amount of each payment for Kyle Moneymaker.

Amount of loan: $1,500

Number of payments: 24

Each payment: _________

Interest: $66

>$62.50

$66.75

$65.25

10. Kristen Taylor purchased a new coat for $289. She paid $50 down and borrowed the remainder. She had to make 8 payments of $32.27 each. How much interest did she pay on the loan? $59.16

$19.16

>$29.16

11. Borrowed: $250

Loan type: single payment

Interest rate: 12%

Time of loan: 2 months

Amount to repay: _________

>$255

$280

$310

12. Borrowed: $500

Loan type: installment

Interest rate: 8.5%

Number of payments: 12

Monthly installment: _________

$45.21

$41.67

>$43.61

13. Borrowed: $474

Loan type: single payment

Interest rate: 16%

Time of loan: 1 month

Amount to repay: _________

>$549.84

$480.32

$492.34

14. Borrowed: $800

Loan type: single payment

Interest rate: 15%

Time of loan: 3 months

Amount to repay: _________

$920

$860

>$830

15. Borrowed: $950

Loan type: monthly installments

Interest rate: 9.5%

Number of payments: 30

Monthly installments: _________

$39.19

$32.80

>$35.70

16. Borrowed: $400

Loan type: add-on

Interest rate: 9%

Number of payments: 12 monthly installments

Monthly payment: _________

$36.33

$34.56

>$37.65

- Consumer math !!!! please check -
**MathMate**, Thursday, May 24, 2012 at 1:08pmUp to #9, you have #6 and #8 are correct.

I will appreciate if you could show how you worked out the remaining numbers so that any incorrect notions could be corrected accordingly.

There is no use throwing a coin to make a guess if you don't know how to get the right answer.

For example, in the first question, the principal is $1604. At 10% for a whole year (instead of two months), it would be approximately 10% more at about $160 in interest. So it is impossible to expect $3208 over two months!

Try calculated guesses if you have to make them.

- Consumer math !!!! please check -
**Trey**, Saturday, January 12, 2013 at 12:38pmDrew borrowed $1,250. He made 12 payment of $118

- Consumer math !!!! please check -
**Anonymous**, Wednesday, February 27, 2013 at 5:54pmBorrowed $950 and make monthly installment at 9.5% for 30 payments how many monthly installments are there?

- Consumer math !!!! please check -
**brenda**, Sunday, March 15, 2015 at 7:47pmAre the answers right or wrong above?