WebAssign
Week 7: Practice HW 7: 11.2–11.5 (4 Day Extension) MATH 115, section B10, Fall 2018
Instructor: Ethan Smith
Current Score : Due : Monday, October 15 2018 11:57 PM EDTLast Saved : n/a Saving...
1. 0.42/0.42 points | Previous AnswersAufExc4 11.5.031.
The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of 6.6%.
(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?
$ 394.84
(b) How much less is the amount of interest paid over the life of the 20-year loan than over the
life of the 30-year loan?
$ 173,473.57
2. 0.42/0.42 points | Previous AnswersAufExc4 11.3.023.
Use a calculator for this exercise.
Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an annual
interest rate of 7.4% for 4 years. Find the monthly payment. Assume the sales tax is 6% of the purchase
price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)
$ 1283.33
3. 0.42/0.42 points | Previous AnswersAufExc4 11.2.046.
You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 7 years
at 10% interest, compounded quarterly. (Round your answers to two decimal places.)
(a) What is the maturity value of the loan?
$ 15971.96 15,971.96
(b) How much interest are you paying on the loan?
$ 7971.96 7,971.96
, 4. 0.42/0.42 points | Previous AnswersAufExc4 11.5.007.
The purchase price of a condominium is $122,500. A down payment of 25% is made. The bank charges
1
$725 in fees plus 3 points. Find the total of the down payment and the closing costs. (Round your
2
answer to the nearest cent.)
$ 34565.63
5. 0.42/0.42 points | Previous AnswersAufExc4 11.4.003.MI.
Calculate the dividends paid to a shareholder who has 750 shares of a stock that is paying an annual
dividend of $0.69 per share. (Round your answer to two decimal places.)
$ 517.5
6. 0.42/0.42 points | Previous AnswersAufExc4 11.2.039.
An amount of $1700 is deposited for 5 years in an account that earns 7% interest. (Round your answers
to two decimal places.)
(a) Calculate the simple interest earned.
$ 595
(b) Calculate the interest earned if interest is compounded daily.
$ 712.33
(c) How much more interest is earned on the account when the interest is compounded daily?
$ 117.33
Week 7: Practice HW 7: 11.2–11.5 (4 Day Extension) MATH 115, section B10, Fall 2018
Instructor: Ethan Smith
Current Score : Due : Monday, October 15 2018 11:57 PM EDTLast Saved : n/a Saving...
1. 0.42/0.42 points | Previous AnswersAufExc4 11.5.031.
The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of 6.6%.
(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?
$ 394.84
(b) How much less is the amount of interest paid over the life of the 20-year loan than over the
life of the 30-year loan?
$ 173,473.57
2. 0.42/0.42 points | Previous AnswersAufExc4 11.3.023.
Use a calculator for this exercise.
Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an annual
interest rate of 7.4% for 4 years. Find the monthly payment. Assume the sales tax is 6% of the purchase
price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)
$ 1283.33
3. 0.42/0.42 points | Previous AnswersAufExc4 11.2.046.
You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 7 years
at 10% interest, compounded quarterly. (Round your answers to two decimal places.)
(a) What is the maturity value of the loan?
$ 15971.96 15,971.96
(b) How much interest are you paying on the loan?
$ 7971.96 7,971.96
, 4. 0.42/0.42 points | Previous AnswersAufExc4 11.5.007.
The purchase price of a condominium is $122,500. A down payment of 25% is made. The bank charges
1
$725 in fees plus 3 points. Find the total of the down payment and the closing costs. (Round your
2
answer to the nearest cent.)
$ 34565.63
5. 0.42/0.42 points | Previous AnswersAufExc4 11.4.003.MI.
Calculate the dividends paid to a shareholder who has 750 shares of a stock that is paying an annual
dividend of $0.69 per share. (Round your answer to two decimal places.)
$ 517.5
6. 0.42/0.42 points | Previous AnswersAufExc4 11.2.039.
An amount of $1700 is deposited for 5 years in an account that earns 7% interest. (Round your answers
to two decimal places.)
(a) Calculate the simple interest earned.
$ 595
(b) Calculate the interest earned if interest is compounded daily.
$ 712.33
(c) How much more interest is earned on the account when the interest is compounded daily?
$ 117.33
