Questions on Word Problems: Money, Business and Interest answered by real tutors!

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 251924: Ron borrows $17,200.00 at 10% on March 22 and repays the loan on June 5. the bank charges ordinary interest using exact time.

Click here to see answer by drk(1908)

Question 251923: the high yeild national bank uses exact time to calculate the exact interest on customer loans. if you borrow $8,400.00 at 12 3/8% on July 25 and repay it on October 4, how much interest will you pay?
Click here to see answer by nyc_function(2733)

Question 251922: Shea wholesalers received an order costing $18,500.00. The terms of payment were 3/15, N/45. The owner did not have sufficient cash to pay the invoice within the discount period. is it to their advantage to borrow the money for 30 days at 11%? if so how much money would they save? (assume a 360 day year)
Click here to see answer by rfer(12662)

Question 251921: based on exact time, calculate the ordinary interst on a 15 1/4%, $24,000.00 loan dated March 25 and maturing on July 25.

Click here to see answer by rfer(12662)

Question 251920: a $14,500.00, 11% loan is dated May 17 and is due to be repaid on August 17. Assuming ordinary time, what is the ordinary interst on the loan?
Click here to see answer by rfer(12662)

Question 252078: Michael has exactly 100 coins,all nickels and dimes. She counted her money and it came to $8.10. How many of each coin does michael have?
Click here to see answer by MRperkins(300)

Question 197937: .} Recovering an investment. The manager at Cream of the Crop bought a load of watermelons for $200. She priced the melons so that she would make $1.50 profit on each melon. When all but 30 had been sold, the manager had recovered her initial investment. How many did she buy originally?
Click here to see answer by yellow(1)

Question 252208: If you invest $500 in an account that earns 3.6% interest, compute the value of your investment after one year compounding quarterly.
Click here to see answer by checkley77(12569)

Question 252254: an invested company pays 5% interest compounded semiannually. you want to have $16000 in the future, how much should you deposit now to have that amount 5 years from now?
Thank you
Click here to see answer by stanbon(57361)

Question 252338: hi! how do you solve this word problem: At the school dance, 1000 tickets were sold. Adult ticket cost $3.00 and student ticket costs $1.50. A total of $2,475 was collected at the door. How many adult tickets were sold? please include the check. thanks!
Click here to see answer by richwmiller(9143)

Question 252337: The amount of money in an account with continuously compounded interest is given by the formula , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a year how long it takes for an amount of money to double if interest is compounded continuously at 6.2%. Round to the nearest tenth.
Click here to see answer by richwmiller(9143)

Question 252251: sara has just renter her first apartment strating december 1 before beginning college in january. The apartment has a washer and a dryer hookup, so sara wanted to buy the appliances to avoid trips to the laundomat. The saturday newspaper had an advertisement for a local appliance store offering 90 days same as cash financing sara asked how the financing worked and learned that she could pay for the washer and dryer anytime during the first 90 days for the sales purchase price plus sales tax. If she waited longer, she would have to pay the purchase price, plus sales tax, plus 26.8% annual simple interest for the first 90 days plus 2% simple interest per month on unpaid balance after 90 days with minimum payments of $50 per month after 90 days period. Together the washer and dryer cost 699 plus the 8.25% sales tax. sara knew that her tax refund from the irs would be 1000 so she bought the washer and dryer confident that she could pay off the balance within the 90 days.
1. if sara psys off the balance within 90 days how much will she pay?
2. If sara bought the washer and dryer on December 15 using the exact interest, what is her deadline for paying no interest in a non leap year? in a leap year will the finance company be more likely to use or ordinary interest and why?
3. If sara irs refund does not come until april 1 what is her payoff amount assume ordinary interest and a non leap year
4. How much did it cost her to pay off this loan 17 days late? what annual simple interet rate does this amonut to?
Click here to see answer by drk(1908)

Question 252461: Rena has a 23 pesos and 75 centavos worth of coins in her purse. What coins could they be? what is the list of number?
Click here to see answer by richwmiller(9143)

Question 252466: Jim is able to sell a hand carved statue for $670 which was a 35% profit over his cost. How much did the statue originally cost?
Click here to see answer by richwmiller(9143)

Question 252466: Jim is able to sell a hand carved statue for $670 which was a 35% profit over his cost. How much did the statue originally cost?
Click here to see answer by drk(1908)

Question 252496: A breeding pair of rats produced 12 baby rats (6 female
and 6 male) in January. There were 14 rats at that time.
In February, each female-male pair of rats again bred
12 baby rats. The total number of rats was then 98. In
this way, each month, the parents, their children, their
grandchildren, and so forth, breed 12 baby rats each. How
many rats would there be at the end of one year?

Click here to see answer by drk(1908)

Question 252507: What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principle over 5 years?
Click here to see answer by rfer(12662)

Question 250799: A man invests a certain amount of money at 2% interest and $800 more than that amount in another account at 4% interest. At the end of one year, he earned $92 in interest. How much money was invested in each account?
A) $1,500 at 2%; $2,300 at 4%
B) $1,400 at 2%; $2,200 at 4%
C) $1,000 at 2%; $1,800 at 4%

Click here to see answer by palanisamy(496)

Question 252753: ms.berger has two investments. one has 8% annual interest rat, and the other investment has 9.5%. she invests 37,000, part at 8% and the rest at 9.5% annual interest rate. the 9.5% investment provides $452.5 more income than 8% investment. how much is invested at each rate?
Click here to see answer by ankor@dixie-net.com(15656)

Question 250638: The city council has decided to add a 0.3% tax on motel and hotel rooms. If a traveler spends the night in a motel room that costs $55 before taxes, how much will the city receive in taxes from him?

Click here to see answer by checkley77(12569)

Question 250509: Roberto invested some money at 7%,and the invested $2000 more than twice this amount at 11%. His total annual income from the two investments was $3990. How much was invested at 11%?
Click here to see answer by checkley77(12569)

Question 250524: i invest £600 for 4 years at 9% intrest p/a how much is there after 4 years

Click here to see answer by checkley77(12569)

Question 250524: i invest £600 for 4 years at 9% intrest p/a how much is there after 4 years

Click here to see answer by Greenfinch(383)

Question 250497: A club is selling candles to raise money. It costs $100 to rent the spot to sell the candles. If the candles cost the club $1 each and are being sold for $5 each, how many candles must be sold to equal the expenses?
Click here to see answer by checkley77(12569)

Question 250495: A manufacturer of cell phones makes a profit of $25 on a deluxe model and $30 on a standard model.The company wishes to produce at least $80 deluxe models and at least 100 standards model per day. To maintain high quality , the daily production should not exceed 200 phones. How many of each type should be produced daily in order to maximize the profit?
Click here to see answer by drk(1908)

Question 253082: If the mean income of plumbers is $3000 a month, the standard deviation is $300, what per cent of plumbers make more than $3300? (roughly)
Click here to see answer by hokies(65)

Question 253080: If the mean income of plumbers is $3000 a month and the standard deviation is $300, what per cent of plumbers make between $3000 and $3300?
Click here to see answer by hokies(65)

Question 253139: can someone help me on this? this is my question:
Liza makes Php22.00 an hour. how long must she work to earn more than Php500.00?
Click here to see answer by hokies(65)

Question 253451: The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by

A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $4,000 for 8 years at a rate of 7%.
a) Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.
Answer:
Show work in this space. Use ^ to indicate the power or use the Equation Editor in MS Word.

b) Calculate the return (A) if the bank compounds monthly (n = 12). Round your answer to the hundredth's place.
Answer:
Show work in this space

c) If a bank compounds continuously, then the formula used is
where e is a constant and equals approximately 2.7183.
Calculate A with continuous compounding. Round your answer to the hundredth's place.
Answer:
Show work in this space:
Thank you
Click here to see answer by richwmiller(9143)

Question 253485: If you save two pennies on January 1, four pennies on January 2, six pennies on January 3, and continue this pattern for one year (not a leap year), what will be the value of your entire savings, in dollars, at the end of that one year?
Click here to see answer by richwmiller(9143)

Question 253446: 5)Suppose we have 5 mutually exclusive projects, A,B,C,D and E, whose IRR
on incremental investment between projects is given as in the following table. (For example IRR(A-B)=17%. IRR(B-D)=14%). Which project should be selected at
MARR=15%?

A B C D E
A 17% 13% 12% 18%
B 13% 14% 21%
C 11% 16%
D 20%
E
Click here to see answer by richwmiller(9143)

Question 253183: Rate of return analysis:
Consider two projects with the following cash flows:
Year Project A Project B
0 -16,000 -23,000
1 6,500 6,000
2 6,000 8,000
3 4,000 9,600
5 6,000 7,000
a)Compute the IRR for each investment.
b)At MARR=10%, determine the acceptability of each project.
c)If A and B are mutually exclusive projects,which project would you select,on the basis of the rate of return on incremental investment?

Click here to see answer by Theo(3464)

Question 253176: Break-even and annual equivalent analysis:
1) The owner of a workshop is planning to purchase a special machine for
$50,000. The annual operating cost (such as fuel, labor, and power) is expected to be
$8,000 per year. If the machine has a useful life of 12 years, what is the minimum
required annual equivalent revenue needed to break even with an 8% annual interest
rate? Assume that the machine would have an estimated market value of $5,000 at the end of its useful life.
Click here to see answer by Theo(3464)

Question 245799: Suppose you pay $1 to roll a fair die with the understanding that you will get back $3 for rolling a 2 or a 3, nothing otherwise. What are your expected winnings?
Click here to see answer by richwmiller(9143)

Question 254069: How much money invested at 5% compounded continuously for 2 years will yield $1150?
Click here to see answer by palanisamy(496)

Question 253177: 2) A consumer product company is considering introducing a new shaving
system called DELTA-4 in the market. The company plans to manufacture 75 million
units of DELTA-4 a year. The investment at time 0 that is required for building the
manufacturing plant is estimated as $500 million, and the economic life of the project
is assumed to be 10 years. The annual total operating expenses, including
manufacturing costs and overheads, are estimated as $175 million. The salvage value
that can be realized from the project is estimated as $120 million. If the company’s
MARR is 25%, determine the minimum price that the company should charge for a
DELTA-4 shaving system. (Do not consider any income tax effect. Tras bicaginin
birim fiyatini bulacaksiniz!)

Click here to see answer by ozerol12(1)

Question 254423: the school canteen sold 120 candies and bubble gums to the amount of 35 pesos. if a candy costs 35 cents and a bubble gum costs 25 cents,how many of each did the canteen sell?
Click here to see answer by richwmiller(9143)

Question 254415: a charter company will provide a plane for a fare of $200 each for 80 or fewer passengers. For each passenger in excess of 80, the fare decreases $2 per person for everyone. What number of passengers would produce for the greatest revenue for the company?
That is question I need to solve, but what I really need is an equation to use to solve this.
If so, can you show me how to do step by step?
Click here to see answer by drk(1908)

Question 254543: Employees of a discount appliance store receive an additional 20% off of the lowest price on an item. If an employee purchases a dishwasher during a 15% off sale, how much will he pay if the dishwasher originally cost $450?how do they get 306$
Click here to see answer by dabanfield(803)

Question 254523: Employees of a discount appliance store receive an additional 20% off of the lowest price on an item. If an employee purchases a dishwasher during a 15% off sale, how much will he pay if the dishwasher originally cost $450? i know the answer is $306 but how did they get that answer
Click here to see answer by dabanfield(803)

Question 254568: The class decided to rent a truck at a cost of $150 for the week. The market price for recycled newspapers is $15 per ton. Write an equation representing the amount of money the class will make based on the number of tons of newspapers collected
Click here to see answer by richwmiller(9143)

Question 254551: a pair of shoes cost $52.99 and the state sales tax is 8%.use the formula C=p+rp to find the total cost of the shoes,where C is the total cost, P is the price, and R is the sales tax rate.
Click here to see answer by richwmiller(9143)

Question 254775: suppose your club is selling candles to raise money. It costs $100 to rent a spot to sell the candles. If the candles cost your club $1 each and are being sold for $5 each, how many candles must be sold to equal the expenses?
Click here to see answer by stanbon(57361)

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