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Tutors Answer Your Questions about Money Word Problems (FREE)
Question 35447: I tried and tried to figure this one out, with no success.
Becky Schwartz, a saleswoman, is offered two salery plans. Plan 1 is $400 per week salery plus a 2% commision of sales. Plan 2 is a $250 per week salery plus a 16% commision of sales. How much would becky need to make in sales for the salery to be the same on both plans?
Click here to see answer by narayaba(40)   |
Question 35783: Hello, I desperately need help with this problem. This problem is not from a college text but was made up by my math teacher. I'm not handy with a scientific calculator and have not been able to figure out how to get negative exponents to work equation. The problem looks like this:
You have decided to buy a used car. The cars from 4 dealers appear to be similar in price; however, the dealerships are offering different loan packages and you need to sit down & compare the financial advantages and disadvantages of each.
Using compount interest formula:
A=R[1-(1+i/n)raised to -nt power]
_____________________________
[ i/n ]
Where A stands for amount that you have to borrow from dealer, R represents the amount you will have to pay back per time compounded per year, i represents the annual % rate that you pay in interest, n represents the # of times per year that the interest would be compounded, and t represents the number of years that you would be making payment on the car.
Suppose you want to have the loan paid off in 4 years. How much would your car payment be in each case? Assume that the number of car payments that you make per year equals the number of interest periods per year. Details regarding dealers are below:
Amount Borrowed APR% # of Times Compounded Per Year
Dealer 1 $10,000 8.3% 12
Dealer 2 $9,500 8.6% 4
Dealer 3 $9,000 9% 6
Dealer 4 $10,500 8.2% 12
If I can get assistance with working the first dealer, I believe I could complete the calculations for dealers 2, 3, & 4. Thank you
Click here to see answer by stanbon(26249) |
Question 36226: A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. At the end of the second year, the account balance is $15,569.75. What was the annual interest rate?
Click here to see answer by stanbon(26249) |
Question 36407: Hot Wheels Cycle Shop bought 16 helmets at $30 each.
Some were sold for $60 each.
The rest were sold at a clearance sale price of $45 each.
The profit for Hot Wheels was $375.
How many helmets were sold at the sale price?
The word problem says "Cost and Money Problems". If that helps at all.
Click here to see answer by Prithwis(166)  |
Question 36416: The Flicks Video Store bought several VCRs.
Each recorder cost them $220.
They gave away one recorder in a prize drawing, and sold the others for $290 each.
Their profit was $1250.
How many recorders did they sell?
Click here to see answer by ilana(236) |
Question 36891: The combined cost of one advance ticket to a show and one same-day ticket was $55. It is known that 30 tickets were sold in advance and 25 the same day, for total receipts of $1575 . What was the price of each kind of ticket?
Click here to see answer by Paul(988) |
Question 37116: Please solve the following word problem and show all work.
Steven found that the value of his new car ic currently $31,200, but us expected to depreciate 6.9% per year. Based on the rate of depreciation and using the general formula for exponential decay,  , find the value of his car in 5 years.
Click here to see answer by mbarugel(146) |
Question 37333: Whats the difference between 'continuous compounding' & 'regular compounding' of interest.Give some examples.
Expalin me the concepts so that I can apply the formulae.
I have the Formulae for both.
Refered to varioius books and net but not clear. one of the pages say'The distinction is like the difference between getting water from a hand pump and getting water from a faucet. With the hand pump, the water flow is broken. With the faucet, it is continuous. The faucet does not necessarily deliver water any faster than the pump. It just delivers it continuously'. Src-http://www.riskglossary.com/link/compounding.htm
Pls give NUMERICAL examples to clarrify the difference.
Click here to see answer by venugopalramana(3286)  |
Question 37269This question is from textbook Beginning Algebra
: I have not a clue how to solve this. I am horrible at Algebra, PLEASE HELP!!!!
In planning for a new item, a manufacturer assumes that the number of items produced x and the cost in dollars C of producing these items are related by a linear equation. Projections are that 100 items will cost $10,000 to produce and that 300 items will cost $22,000 to produce. Find the equation that relates C and x.This question is from textbook Beginning Algebra
Click here to see answer by fractalier(1804)  |
Question 37372: A rental agent for vacation houses in southern Spain earns a flat amount of base pay per month plus a 7.5% commission on rentals sold during that month. One month he earns $5575 on rental sales of $45,000. What is his base monthly pay?
Click here to see answer by fractalier(1804) |
Question 37310: A rental agent for vacation houses in southern Spain earns a flat amount of base pay per month plus a 7.5% commission on rentals sold during that month. One month he earns $5575 on rental sales of $45,000. What is his base monthly pay?
Click here to see answer by fractalier(1804) |
Question 37389: I am unable to paste the circle graph, but will supply the data.
Total monthly family budget = $2900
Rent = $1200; transportation = $550; food = $400; misc. = $300;
utilities = $250; and charitable contributions = $200.
The above circle graph displays Chris and Mary Smith's monthly $2900 family budget. Use the circle graph to answer the question: What is the ratio of money spent on rent to the total amount of the monthly budget?
Click here to see answer by fractalier(1804) |
Question 37448: Vern has investments totaling $11,000 in two accounts. Once account is a savings account paying 6% interest and the other is a bond paying 9%. If the annual interest from the two investments was $855: a. How much did he have invested at the 6% rate?
A) $4,500 B) $6,500 C) $6,600 D) $9,900
b. How much did he have invested at the 9% rate?
A) $4,500 B) $6,500 C) $6,600 D) $9,900
c. How much interest did the 6% account earn?
A) $270 B) $585 C) $660 D) $990
d. How much interest did the 9% account earn?
A) $270 B) $585 C) $660 D) $990
Click here to see answer by checkley71(8405) |
Question 37480: A bus can be chartered for a fixed price by 30 students, if 10 students are added the cost of the charter remains the same but the cost per student is reduced by $2.00. What is the cost of the charter?
Click here to see answer by stanbon(26249) |
Question 37857: Memphis, Tennesse, is growing ata rate of 0.36% per year. Find how long, to the nearest tenth of a year it will take an initial population of 650,000 to increase to 700,000. Use the population growth formula y = ybase0e^kt. The answer is 20.6 years, I just don't know how to get to it.
Click here to see answer by fractalier(1804) |
Question 37814: Mephis, Tennessee, is growing ata rate of 0.36% per year. Find how long, to the nearest tenth of a year it will take an initial population of 650,000 to increase to 700,000. Use the population growth formula y= y0e^kt
Click here to see answer by fractalier(1804) |
Question 37806: At Gwen's garage sale, all books were one price and all magazines were another price. Harriet bought four books and hree magazines for $1.45 and June bought two books and five magazines for $1.25. What was the price of a book and what was the price of a magazine?
Thank U:)
Click here to see answer by fractalier(1804) |
Question 37853: If $10,000 and $4000 are invested such that $1250 is earned in one year, and if the rate of interest on the larger investment is 2% more than that of the smaller investment, find the rates of interest. The answers are $10,000 at 9.5% and $4000 at 7.5%, I just don't know how to get them.
Click here to see answer by fractalier(1804) |
Question 38110: Use the compound interest equation  to find how long, to the nearest tenth of a year, it will take a $5000 investment to double if it is invested at 7% interest compounded quarterly. The answer is 10.0 years, I just can't figure out how to get it.
Click here to see answer by fractalier(1804) |
Question 38110: Use the compound interest equation to find how long, to the nearest tenth of a year, it will take a $5000 investment to double if it is invested at 7% interest compounded quarterly. The answer is 10.0 years, I just can't figure out how to get it.
Click here to see answer by josmiceli(3003) |
Question 38464: Could you please explain how the rule of 72 works. I understand that it is an easy way to figure out how many years it would take to double your money, but I get very confused about why it works. How do I use a logrithm to solve it? I just don't understand logs at all. I know that they are exponents, right? I'm lost
Click here to see answer by stanbon(26249) |
Question 38464: Could you please explain how the rule of 72 works. I understand that it is an easy way to figure out how many years it would take to double your money, but I get very confused about why it works. How do I use a logrithm to solve it? I just don't understand logs at all. I know that they are exponents, right? I'm lost
Click here to see answer by Nate(3495) |
Question 38631: Find the final amount of the investment. $10,000 invested at 6% compounded quarterly for 5 1/2 years. (end of problem)
I've put this in my TI-83 calculator 20 times... and it still comes out 58,374.99. What am I doing wrong?
I know the formula is A=P(1+r/t)^rt
Can you help?
Click here to see answer by rapaljer(3610) |
Question 38631: Find the final amount of the investment. $10,000 invested at 6% compounded quarterly for 5 1/2 years. (end of problem)
I've put this in my TI-83 calculator 20 times... and it still comes out 58,374.99. What am I doing wrong?
I know the formula is A=P(1+r/t)^rt
Can you help?
Click here to see answer by Earlsdon(4898) |
Question 39127: I can not figure out what formula to use. I have the answer in the back of the book but cannot figure out a formula to get me there. The question is: David split his $25,000 inheritance betwen Fiderlity Short Term Bond Fund with an annual yield of 5% and T Rowe price with an annual yield of 4%. If his total income for one year on the two investments was $1140, then how much did he invest in each fund? Please help - I have not done algebra in 40 years and these word problems are killing me. thank you.
Click here to see answer by fractalier(1804) |
Question 39238: Saul's father is thinking about buying his son a six-month move pass for $40.00. With the pass, movies cost $1.00. If a movie is normally $3.50 each, how many times would Saul need to attend in order for the pass to be beneficial?
My teacher assigned this problem, and I need to solve it in three (3) different ways. For my first way, I made a chart.
Movies at $1.00 at $3.50
1 $1.00 $3.50
2 $2.00 $7.00
3 $3.00 $10.50
4 $4.00 $14.00
...And so on and so forth. It becomes beneficial at 12 movies, where a regular priced movie would have a running total of $42.00.
My second method was to graph it. I don't need help with that piece.
I cannot think of a third method to solve this problem. Any help would be greatly appriciated.
Click here to see answer by longjonsilver(2297)  |
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Older solutions: 1..45, 46..90, 91..135, 136..180, 181..225, 226..270, 271..315, 316..360, 361..405, 406..450, 451..495, 496..540, 541..585, 586..630, 631..675, 676..720, 721..765, 766..810, 811..855, 856..900, 901..945, 946..990, 991..1035, 1036..1080, 1081..1125, 1126..1170, 1171..1215, 1216..1260, 1261..1305, 1306..1350, 1351..1395, 1396..1440, 1441..1485, 1486..1530, 1531..1575, 1576..1620, 1621..1665, 1666..1710, 1711..1755, 1756..1800, 1801..1845, 1846..1890, 1891..1935, 1936..1980, 1981..2025, 2026..2070, 2071..2115, 2116..2160, 2161..2205, 2206..2250, 2251..2295, 2296..2340, 2341..2385, 2386..2430, 2431..2475, 2476..2520, 2521..2565, 2566..2610
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