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AnnuitiesAnnuitiesAnnuitiesAnnuities LoansLoansLoansLoans MiscMiscMiscMisc

Math 107 - FinanceMath 107 - Finance

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$90$90

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10 Point Question10 Point Question

How much interest do you owe after 6 How much interest do you owe after 6 years on loan for $300 that charges 5% years on loan for $300 that charges 5% simple interest?simple interest?

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If you loan your brother $60 and charge If you loan your brother $60 and charge him 9% simple interest, how much does him 9% simple interest, how much does he owe you after 40 days?he owe you after 40 days?

20 Point Question20 Point Question

$60.59$60.59

Your friend loans you $30 with the Your friend loans you $30 with the condition that you pay her $40 in 15 condition that you pay her $40 in 15 months. What simple interest rate did months. What simple interest rate did she make on her “investment?”she make on her “investment?”

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26.667%26.667%

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30 Point Question30 Point Question

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1.5625 years1.5625 years

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40 Point Question40 Point Question

You loan your sister $800 and charge You loan your sister $800 and charge 8% simple annual interest. How long 8% simple annual interest. How long will it take for her to owe you $900?will it take for her to owe you $900?

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$483.87$483.87

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How much must you invest today in an How much must you invest today in an account that earns 12% simple interest account that earns 12% simple interest so you have $600 in 2 years?so you have $600 in 2 years?

50 Point Question50 Point Question

CompoundInterest

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$594.38$594.38

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If you put $400 in an account earning If you put $400 in an account earning 8% interest, compounded quarterly, 8% interest, compounded quarterly, how much money will be in the account how much money will be in the account after 5 years?after 5 years?

10 Point Question10 Point Question

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$157.77$157.77

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20 Point Question20 Point Question

How much interest will you earn on $800 How much interest will you earn on $800 invested at 6% interest compounded invested at 6% interest compounded

continuously for 3 years?continuously for 3 years?

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$7,371.03$7,371.03

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30 Point Question30 Point Question

How big of a deposit do you need to How big of a deposit do you need to make in an account that earns 4% make in an account that earns 4% annual interest, compounded monthly if annual interest, compounded monthly if you want to have $9000 in 5 years?you want to have $9000 in 5 years?

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U First Bank’s savings account earns U First Bank’s savings account earns 5.4% interest, compounded monthly. 5.4% interest, compounded monthly. What is the effective rate?What is the effective rate?

40 Point Question40 Point Question

5.536%5.536%

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A collector buys an antique car for A collector buys an antique car for $4,000. If she sells it for $5,000 after 6 $4,000. If she sells it for $5,000 after 6 years, what interest rate did she make years, what interest rate did she make on her investment? Assume interest is on her investment? Assume interest is compounded annually. compounded annually.

50 Point Question50 Point Question

3.789%3.789%

Annuities

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$27,971.23$27,971.23

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Suppose you put $200 a month in an account Suppose you put $200 a month in an account that earns 9% interest compounded monthly. that earns 9% interest compounded monthly. How much will you have saved after 8 years?How much will you have saved after 8 years?

10 Point Question10 Point Question

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Let’s put $50 every month into a Let’s put $50 every month into a savings account that earns 3% savings account that earns 3% interest, compounded monthly. interest, compounded monthly.

How much will we save in 3 years?How much will we save in 3 years?

20 Point Question20 Point Question

$1881.03$1881.03

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$28,092.67$28,092.67

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How much interest do you make in 20 How much interest do you make in 20 years if you deposit $100 every month years if you deposit $100 every month in an account that earns 7% interest, in an account that earns 7% interest, compounded monthly?compounded monthly?

30 Point Question30 Point Question

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$3892.12$3892.12

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A company anticipates needing $90,000 in 5 A company anticipates needing $90,000 in 5 years to upgrade their computers. How much years to upgrade their computers. How much should they deposit every third month in an should they deposit every third month in an

account that earns 6% interest, compounded account that earns 6% interest, compounded quarterly?quarterly?

40 Point Question40 Point Question

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$858.38/2 = $429.19$858.38/2 = $429.19

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Willie Mayquette wants to have $3,000,000 Willie Mayquette wants to have $3,000,000 when he retires in 30 years. How big should when he retires in 30 years. How big should his monthly payments be if he makes monthly his monthly payments be if he makes monthly deposits into a retirement account that earns deposits into a retirement account that earns 12% interest, compounded monthly if his 12% interest, compounded monthly if his employer matches his contribution?employer matches his contribution?

50 Point Question50 Point Question

Loans

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$229.77$229.77

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10 Point Question10 Point Question

If you borrow $12,000 at 5.6% interest If you borrow $12,000 at 5.6% interest for 60 months, how big are your monthly for 60 months, how big are your monthly payments?payments?

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How big are the monthly payments if you How big are the monthly payments if you borrow $8,000 at 7% interest and pay it borrow $8,000 at 7% interest and pay it back over 4 years?back over 4 years?

20 Point Question20 Point Question

$191.57$191.57

How much interest do you end up paying How much interest do you end up paying if you borrow $4,000 at 9% interest and if you borrow $4,000 at 9% interest and pay it back with monthly payments in 3 pay it back with monthly payments in 3 years?years?

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$579.20$579.20

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30 Point Question30 Point Question

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40 Point Question40 Point Question

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A widow received $400,000 from her A widow received $400,000 from her husband’s life insurance policy. If she husband’s life insurance policy. If she invests the money at 6% interest invests the money at 6% interest compounded annually, how much can compounded annually, how much can she take out every year if she wants it she take out every year if she wants it to last 30 years?to last 30 years?

$29,059.56 $29,059.56

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50 Point Question50 Point Question

A husband and wife figure they can A husband and wife figure they can afford house payments of $1100.00 per afford house payments of $1100.00 per month. How big of a loan can they afford month. How big of a loan can they afford if they plan on borrowing the money for if they plan on borrowing the money for 30 years at 6.75% interest?30 years at 6.75% interest?

$169,596.55$169,596.55

Miscellaneous

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George W. Bush George W. Bush

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Who is currently the President of the Who is currently the President of the United States?United States?

10 Point Question10 Point Question

What is the name of the tall white What is the name of the tall white pointy building at the Seattle Center pointy building at the Seattle Center with a round rotating disk at the top?with a round rotating disk at the top?

The Space NeedleThe Space Needle

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20 Point Question20 Point Question

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30 Point Question30 Point Question

What two points does the Seattle What two points does the Seattle Monorail currently connect?Monorail currently connect?

Westlake MallWestlake Mallthe Seattle Centerthe Seattle Center

Science, Math and Science, Math and TechnologyTechnology

What does the abbreviation SMT stand What does the abbreviation SMT stand for? for?

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40 Point Question40 Point Question

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50 Point Question50 Point Question

Jason AlexanderJason Alexander

Who was Brittney Spears first husband? Who was Brittney Spears first husband? They were briefly married in Las Vegas? They were briefly married in Las Vegas?