Only do the one question that corresponds to your assigned number. You have an A question and a B question.
Be sure that you show all of your work to reach your answer. Each step must be on a separate line. Your method to reach your answer must be clear and include explanations.
If a formula is relevant to answering your question
 first set out the general formula
 second show the formula with your numbers substituted
 then calculate
Be sure to only round at the last step for your final answer.
The A problem is about simple interest. The related text information is section 73 examples 2,4,5,6,7 and 75 example 2.
NOTE: finance charge and simple interest mean the same.
The B problem is about mortgages. The related text information is chapter 7 section 76 examples 4, 5, 6. MATH105
1AMATH105 You buy items costing $650 and finance the cost with a fixed installment loan for 18 months at 7% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
1B MATH105 You plan to purchase a house for $400,000 and you will make a 20% down payment. You will finance the balance at 3.13% for 30 years.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
2A You plan to purchase items for $500 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $ 20 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
2B You plan to purchase a house for $400,000 and you will make a 20% down payment. You will finance the balance with a 30 year fixed mortgage at 3.34 %.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
3A MATH105 You buy items costing $750 and finance the cost with a simple interest fixed installment loan at 6 % simple interest per year. The finance charge is $90.
 How many years will you be paying?
 What is your monthly payment
3B MATH105 You plan to purchase a house for $500,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.12%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
4AMATH105 You buy items costing $ 1900 and finance the cost with a simple interest fixed installment loan for 24 months at 8% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
4BMATH105 You plan to purchase a house for $375,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.16% .
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
5A.MATH105 You plan to purchase items for $1500 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $60 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
5 BMATH105 You plan to purchase a house for $350,00 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.65%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
6A MATH105 You buy items costing $1200 and finance the cost with a simple interest fixed installment loan at 6 % simple interest per year. The finance charge is $216.
 How many years will you be paying?
 What is be your monthly payment?
6B MATH105 You plan to purchase a house for $450,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.75%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid
7A MATH105 You buy items costing $900 and finance the cost with a fixed installment loan for 12 months at 8% simple interest per year.
 What is the finance charge?
 What is the monthly payment?
7B MATH105 You plan to purchase a house for $550,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.85%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
8A MATH105 You plan to purchase items for $600 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $60 per month for 12 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
8B MATH105 You plan to purchase a house for $600,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.95%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
9A MATH105 You buy items costing $1200 and finance the cost with a simple interest fixed installment loan at 7% simple interest per year. The finance charge is $300.

 How many years will you be paying?
 What is your monthly payment?
9B MATH105 You plan to purchase a house for $575,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.62%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
10A MATH105 You buy items costing $ 2300 and finance the cost with a simple interest fixed installment loan for 24 months at 5% simple interest per year.

 What is the finance charge?
 What is your monthly payment
10B MATH105 You plan to purchase a house for $525,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.72%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
11A MATH105 You plan to purchase items for $2100 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $70 per month for 36 months.

 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
11B MATH105 You plan to purchase a house for $ 475,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.82%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
12A MATH105 You buy items costing $2500 and finance the cost with a simple interest fixed installment loan at 4% simple interest per year. You are told that the finance charge is $200.

 How many years will you be paying?
 What is your monthly payment?
12B MATH105 You plan to purchase a house for $425,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.92%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
13A MATH105 You buy items costing $1300 and finance the cost with a simple interest fixed installment loan for 12 months at 6 % simple interest per year.
 What is the finance charge?
 What is your monthly payment be
13B MATH105 You plan to purchase a house for $375,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.67%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
14A MATH105 You plan to purchase items for $1500 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $80 per month for 24 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
14B MATH105 You plan to purchase a house for $325,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.77%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
15A MATH105 You buy items costing $900 and finance the cost with a simple interest fixed installment loan at 5% simple interest per year. The finance charge is $112.50.
 How many years will you be paying?
 What is your monthly payment?
15B MATH105 You plan to purchase a house for $410,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.87%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
16A MATH105 You buy items costing $800 and finance the cost with a simple interest fixed installment loan. You finance the cost for 30 months at 7% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
16B MATH105 You plan to purchase a house for $430,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.75%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
17A MATH105 You plan to purchase items for $3400 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $115 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
17B MATH105 You plan to purchase a house for $300,000 and you will make a 20% down, payment. You will finance the balance with a 30year fixed mortgage at 3.12%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
18A MATH105 You buy items costing $ 3200 and finance the cost with a simple interest fixed installment loan at 4 % simple interest per year. The finance charge is $320.
 How many years will you be paying?
 What is your monthly payment
18B MATH105 You plan to purchase a house for $ 400,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.34 %.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
19A MATH105 You buy items costing $3000 and finance the cost with a simple interest fixed installment loan for 24 months at 6% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
19B MATH105 You plan to purchase a house for $600,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.12%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
20A MATH105 You plan to purchase items for $ 2900 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $100 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
20B MATH105 You plan to purchase a house for $350,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.16%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
21A MATH105 You buy items costing $2700 and finance the cost with a simple interest fixed installment loan at 4% simple interest per year. The finance charge is $324.
 How many years will you be paying?
 What is your monthly payment?
21B MATH105 You plan to purchase a house for $450,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.65%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
22A MATH105 You buy items costing $800 and finance the cost with a simple interest fixed installment loan for 18 months at 5% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
22B MATH105 You plan to purchase a house for $550,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.75%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
23A MATH105 You plan to purchase items for $600 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $20 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
23B MATH105 You plan to purchase a house for $450,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.85%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
24A MATH105 You buy items costing $5000 and will finance the cost with a simple interest fixed installment loan at 5% simple interest per year. The finance charge is $500.
 How many years will you be paying?
 What is your monthly payment?
24B MATH105 You plan to purchase a house for $500,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.95%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
25A MATH105 You buy items costing $1000 and finance the cost with a simple interest fixed installment loan for 30 months at 4% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
25B MATH105 You plan to purchase a house for $475,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.62%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
26A MATH105 You plan to purchase items for $900 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $40 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth
26B MATH105 You plan to purchase a house for $425,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.72%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
27A MATH105 You buy items costing $3000 and finance the cost with a simple interest fixed installment loan at 5% simple interest per year. The finance charge is $600.
 How many years will you be paying?
 What is your monthly payment?
27B MATH105 You plan to purchase a house for $ 375,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.82%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
28A MATH105 You buy items costing $2000 and finance the cost with a simple interest fixed installment loan for 48 months at 5% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
28B MATH105 You plan to purchase a house for $425,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.92%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
29A MATH105 You plan to purchase items for $600 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $20 per month for 36 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth)
29B MATH105 You plan to purchase a house for $475,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.67%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
30A MATH105 You buy items costing $400 and finance the cost with a simple interest fixed installment loan at 6% simple interest per year. The finance charge is $48.
 How many years will you be paying?
 What is your monthly payment?
30B MATH105 You plan to purchase a house for $425,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.77%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
31AMATH105 You buy items costing $600 and finance the cost with a simple interest fixed installment loan for 18 months at 6% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
31B MATH105 You plan to purchase a house for $310,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.87%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
32A MATH105 You plan to purchase items for $4000 and will finance the cost with a simple interest fixed installment loan. The seller tells you that you will have to pay $100 per month for 48 months.
 What is the finance charge?
 What is the simple interest rate? (Round to the nearest hundredth
32B MATH105 You plan to purchase a house for $330,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.97%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
33A MATH105 You buy items costing $800 and finance the cost with a simple interest fixed installment loan at 5% simple interest per year. The finance charge is $80.
 How many years will you be paying?
 What is your monthly payment?
33BMATH105 You plan to purchase a house for 430,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 3.97%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?
34AMATH105 You buy items costing $900 and finance the cost with a simple interest fixed installment loan for 24 months at 5% simple interest per year.
 What is the finance charge?
 What is your monthly payment?
34BMATH105 You plan to purchase a house for 230,000 and you will make a 20% down payment. You will finance the balance with a 30year fixed mortgage at 2.67%.
 What will the monthly payment be?
 Assuming you take the full term of the mortgage, how much total interest will you have paid?