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MATH 101 Chapter 9 (Part 2)

Practice questions for Math 101 or Math 121
Course

Math Corequisite (Math 101)

5 Documents
Students shared 5 documents in this course
Academic year: 2022/2023
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Madison Scott
West Virginia University
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MATH 101 Chapter 9 Worksheet (Part 2)

  1. Hale College predicts that in 18 years it will take $200,000 to attend the college for four years. Emma has a substantial amount of cash and wishes to invest a lump sum of money for her child’s college fund. How much should Emma put aside in an account with an APR of 9% compounded monthly in order to have $200,000 in the account in 18 years? Round your answer to the nearest cent, if necessary.

Formulas:

A) $40,296.

B) $22,222.

C) $39,819.

D) $42,398.

  1. Rosalie and Jayden are purchasing a home. They wish to save money for 12 years and purchase a house that has a value of $190,000 with cash. If they deposit money into an account paying 6% interest, compounded monthly, how much do they need to deposit each month in order to make the purchase? Round your answer to the nearest cent, if necessary.

Formulas:

A) $998.

B) $311.

C) $1319.

D) $904.

  1. Harrison has two options for buying a car. Option A is 1% APR financing over 36 months and Option B is 5% APR over 36 months with $2200 cash back, which he would use as part of the down payment. The price of the car is $31,069 and Harrison has saved $3100 for the down payment. Find the total amount Harrison will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary.

Formulas:

A) Option A: $31,545; Option B: $30,945.

B) Option A: $28,445; Option B: $27,845.

C) Option A: $31,545; Option B: $27,845.

D) Option A: $28,445; Option B: $30,945.

  1. Kim bought a new car for $28,000. She paid a 10% down payment and financed the remaining balance for 36 months with an APR of 4%. Assuming she made monthly payments, determine the total cost of Kim's car. Round your answer to the nearest cent, if necessary.

Formulas:

A) $27,184.

B) $29,786.

C) $29,984.

D) $26,986.

  1. A new school building was recently built in the area. The entire cost of the project was $16,000,000. The city has put the project on a 20 -year loan with an APR of 2%. There are 23,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.

Formulas:

A) $1,055,241.

B) $2017.

C) $45.

D) $87,936.

  1. Consider a credit card with a balance of $7500 and an APR of 16%. If you want to make monthly payments in order to pay off the balance in 2 years, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.

Formulas:

A) $7880.

B) $7915.

C) $8856.

D) $7812.

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MATH 101 Chapter 9 (Part 2)

Course: Math Corequisite (Math 101)

5 Documents
Students shared 5 documents in this course

University: West Virginia University

Was this document helpful?
MATH 101 Chapter 9 Worksheet (Part 2)
1. Hale College predicts that in 18 years it will take $200,000 to attend the college for four
years. Emma has a substantial amount of cash and wishes to invest a lump sum of
money for her child’s college fund. How much should Emma put aside in an account
with an APR of 9% compounded monthly in order to have $200,000 in the account in
18 years? Round your answer to the nearest cent, if necessary.
Formulas:
A) $40,296.86
B) $22,222.22
C) $39,819.72
D) $42,398.75

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