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 7-3 examples 2,4,5,6,7 and 7-5 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 7-6 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 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?
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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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 30-year 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?
