Tutors Answer Your Questions about Finance (FREE)
Question 1173011: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.)
April
previous months balance: $646.17
finance charge: $14.54
purchases and cash advances: $38.45
payments and credits: $85
new balance end of month: $614.16
May
previous months balance: ____
finance charge: ___
purchases and cash advances: $285.33
payments and credits: $125
new balance end of month: ____
My book doesn't tell me how to find the previous balance. So I'm just stuck trying to find a way to get that. I know how to get finance charge and new balance, just need help finding previous months balance.
Click here to see answer by ikleyn(52781)   |
Question 1173029: Chloé, Émilie and Jordan are playing marbles. Emily has 7 marbles more than double Chloe's marbles, and Jordan has 15 marbles less than triple Chloe's marbles. Knowing that Emilie and Jordan have the same number of marbles, how many do each have?
Click here to see answer by ikleyn(52781) |
Question 1173074: Your aunt purchased a home for $375,000. After a 20% down payment, the balance was financed with a 30-year, 3.1% fixed-rate mortgage.
Prepare an amortization schedule for the first three month of your aunt's loan.
I was just able to get the down payment: 375,000 x .20 = 75,000
Click here to see answer by ewatrrr(24785)  |
Question 1173074: Your aunt purchased a home for $375,000. After a 20% down payment, the balance was financed with a 30-year, 3.1% fixed-rate mortgage.
Prepare an amortization schedule for the first three month of your aunt's loan.
I was just able to get the down payment: 375,000 x .20 = 75,000
Click here to see answer by Theo(13342)  |
Question 1173118: A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 percent per year compounded annually. Assume the first deposit is made at the end of this current year and additional deposita at the end of each following year. (a) To what sum will the investment grow at the time of the 10th deposit?
(b) How much interest will be earned?
Click here to see answer by ikleyn(52781) |
Question 1173097: 1 A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 percent per year compounded annually. Assume the first deposit is made at the end of this current year and additional deposits at the end of each following year.
(a) To what sum will the investment grow at the time of the 10th deposit?
(b) How much interest will be earned?
Click here to see answer by ikleyn(52781) |
Question 1173104: Michael Sanchez purchased a condominium for $73,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent.
What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?
I was able to get the monthly payment of 392.01 and a down payment of 14,600. Not sure what the next step is.
Click here to see answer by Theo(13342) |
Question 1173151: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $133,083. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
I did $422,500 x .80 = 338,000
then 338,000 - 133,083 = 337,866.92
answer was wrong. is there a step I missed on this one?
Click here to see answer by Boreal(15235)  |
Question 1173153: 3.A person wants to buy a life insurance policy which would yield a large enough sum of money to provide for 20 annual payments of $50,000 to surviving members of the family. The payments would begin 1 year from the time of death. It is assumed that interest could be earned on the sum received from the policy at a rate of 8 percent per year compounded annually.
(a) What amount of insurance should be taken out so as to ensure the desired annuity?
(b) How much interest will be earned on the policy benefits over the 20-year period?
Click here to see answer by ikleyn(52781) |
Question 1173158: A person wants to deposit $10,000 per year for 6 years. If interest is earned at the rate of 10 percent per year, compute the amount to which the deposits will grow by the end of the 6 years if:
(a) Deposits of $10,000 are made at the end of each year with interest compounded annually.
(b) Deposits of $5,000 are made at the end of each 6-month period with interest compounded semiannually.
(c) Deposits of $2,500 are made at the end of every quarter with interest compounded
Click here to see answer by Theo(13342) |
Question 1173172: A local university is planning to invest $500,000 every 3 months in an investment which earns interest at the rate of 12 percent per year compounded quarterly. The first investment will be at the end of this current quarter.
(a) To what sum will the investment grow at the end of 5 years?
(b) How much interest will be earned during this period?
Click here to see answer by Theo(13342) |
Question 1173171: A mother wishes to set up a savings account for her son's education. She plans on investing $750 when her son is 6 months old and every 6 months thereafter. The account earns interest of 8 percent per year, compounded semiannually.
(a) To what amount will the account grow by the time of her son's 18th birthday?
(b) How much interest will be earned during this period?
Click here to see answer by ikleyn(52781) |
Question 1173176: A person wants to buy life insurance policy which would yield a large enough sum of money to provide for 20 annual payments of $50000 to surviving members of the family.The payment should begin 1 year from the time of death.It is assumed that interest could earned on the sum received from the policy at the rate of 8% compounded annually.
a) What amount of insurance should be taken out so as to insure the desired annuity?
b) How much interest will be earned on the policy benefits over the 20 year period?
Click here to see answer by ikleyn(52781) |
Question 1173342: please help me
Given the following table for a cost firm’s output and total:
Output Total cost
1 $40
2 $70
3 $96
4 $120
5 $140
6 $150
Does the above firm experiences economies of scale, constant returns to scale or diseconomies of scale? Justify your answer.
thanks
Click here to see answer by ikleyn(52781) |
Question 1173341: please help me
During the previous 5 years, tuition fees at AOU have increased by 15%. At the same time, there is an increase in the number of students enrolled. Does this situation show that the law of Demand is false? Explain your answer.
thanks
Click here to see answer by ikleyn(52781) |
Question 1173365: The total commission, in dollars, Jessie earned on selling cars at a dealership in two weeks is given by the expression 800 + 400x. She earns the same amount of commission per car each week. Which situation could be described by this expression?
A. Jessie earned a total commission of $800 in the first week and x dollars in the second week.
B. Jessie sold 2 cars in the first week and x number of cars in the second week, earning a commission of $400 on each car.
C. Jessie sold 1 car in the first week, earning $800, and x number of cars in the second week, earning a total commission of $1200.
D. Jessie earned a commission of $800 on each car in the first week and $400 on each car in the second week, selling x number of cars each week.
Click here to see answer by Boreal(15235) |
Question 1173365: The total commission, in dollars, Jessie earned on selling cars at a dealership in two weeks is given by the expression 800 + 400x. She earns the same amount of commission per car each week. Which situation could be described by this expression?
A. Jessie earned a total commission of $800 in the first week and x dollars in the second week.
B. Jessie sold 2 cars in the first week and x number of cars in the second week, earning a commission of $400 on each car.
C. Jessie sold 1 car in the first week, earning $800, and x number of cars in the second week, earning a total commission of $1200.
D. Jessie earned a commission of $800 on each car in the first week and $400 on each car in the second week, selling x number of cars each week.
Click here to see answer by ikleyn(52781) |
Question 1173348: ) The demand function for an office supply company's line of plastic rulers is p=0.85-0.000459, where p is the price in dollars) per unit when q units are demanded (per day) by consumers. Find the level of production that will maximize the manufacturer's total revenue, and determine this revenue.
Click here to see answer by ikleyn(52781) |
Question 1173371: a. For their newborn child, parents deposit $10,000 in a college account that pays 8% interest, compounded annually. How much will be in the account on the child’s 17th birthday?
b. If the parents in the previous question invested $10,000 in an account paying 8%, compounded quarterly, how much more money would they have after 17 years?
Click here to see answer by Boreal(15235) |
Question 1173378: A person wants to buy a life insurance policy which would yield a large enough sum of money to provide for 20 annual payments of $50,000 to surviving members of the family. The payments would begin 1 year from the time of death. It is assumed that interest could be earned on the sum received from the policy at a rate of 8 percent per year compounded annually.
(a) What amount of insurance should be taken out so as to ensure the desired annuity?
(b) How much interest will be earned on the policy benefits over the 20-year period?
Click here to see answer by ikleyn(52781) |
Question 1173380: A mother wishes to set up a savings account for her son's education. She plans on investing $750 when her son is 6 months old and every 6 months thereafter. The account earns interest of 8 percent per year, compounded semiannually.
(a) To what amount will the account grow by the time of her son's 18th birthday?
(b) How much interest will be earned during this period?
Click here to see answer by ikleyn(52781) |
Question 1173407: If you are in the 26% tax bracket for ordinary income and have a 15% capital gains rate, how much tax will you save (in $) by waiting for an investment to become long-term before selling it if your taxable profit from this investment is $45,000?
capital gains rates
up to $38,700 = 0%
$38,700-$426,700 = 15%
over $426,700 = 20%
not sure how to begin with this problem because there is no example in my book.
Click here to see answer by Theo(13342) |
Question 1173501: Antoine looks after children. Every week, he sets aside $ 30 to buy a computer that is priced at $ 325 before taxes. Knowing that the store offers a 20% reduction on the regular price and that the taxes are 15%,
after how many weeks will Antoine be able to buy his computer?
Click here to see answer by greenestamps(13200)  |
Question 1173501: Antoine looks after children. Every week, he sets aside $ 30 to buy a computer that is priced at $ 325 before taxes. Knowing that the store offers a 20% reduction on the regular price and that the taxes are 15%,
after how many weeks will Antoine be able to buy his computer?
Click here to see answer by ikleyn(52781) |
|
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, 2611..2655, 2656..2700, 2701..2745, 2746..2790, 2791..2835, 2836..2880, 2881..2925, 2926..2970, 2971..3015, 3016..3060, 3061..3105, 3106..3150, 3151..3195, 3196..3240, 3241..3285, 3286..3330, 3331..3375, 3376..3420, 3421..3465, 3466..3510, 3511..3555, 3556..3600, 3601..3645, 3646..3690, 3691..3735, 3736..3780, 3781..3825, 3826..3870, 3871..3915, 3916..3960, 3961..4005, 4006..4050, 4051..4095, 4096..4140, 4141..4185, 4186..4230, 4231..4275, 4276..4320, 4321..4365, 4366..4410, 4411..4455, 4456..4500, 4501..4545, 4546..4590, 4591..4635, 4636..4680, 4681..4725, 4726..4770, 4771..4815, 4816..4860, 4861..4905, 4906..4950, 4951..4995, 4996..5040, 5041..5085, 5086..5130, 5131..5175, 5176..5220, 5221..5265, 5266..5310, 5311..5355, 5356..5400, 5401..5445, 5446..5490, 5491..5535, 5536..5580, 5581..5625, 5626..5670, 5671..5715, 5716..5760, 5761..5805, 5806..5850, 5851..5895, 5896..5940, 5941..5985, 5986..6030, 6031..6075, 6076..6120, 6121..6165, 6166..6210, 6211..6255, 6256..6300, 6301..6345, 6346..6390, 6391..6435, 6436..6480, 6481..6525, 6526..6570, 6571..6615, 6616..6660, 6661..6705, 6706..6750, 6751..6795, 6796..6840, 6841..6885, 6886..6930, 6931..6975, 6976..7020, 7021..7065, 7066..7110, 7111..7155, 7156..7200, 7201..7245, 7246..7290, 7291..7335, 7336..7380, 7381..7425, 7426..7470, 7471..7515, 7516..7560, 7561..7605, 7606..7650, 7651..7695, 7696..7740, 7741..7785, 7786..7830, 7831..7875, 7876..7920, 7921..7965, 7966..8010, 8011..8055, 8056..8100, 8101..8145, 8146..8190, 8191..8235, 8236..8280, 8281..8325, 8326..8370, 8371..8415, 8416..8460, 8461..8505, 8506..8550, 8551..8595, 8596..8640, 8641..8685, 8686..8730, 8731..8775, 8776..8820, 8821..8865, 8866..8910, 8911..8955, 8956..9000, 9001..9045, 9046..9090, 9091..9135, 9136..9180, 9181..9225, 9226..9270, 9271..9315, 9316..9360, 9361..9405, 9406..9450, 9451..9495, 9496..9540, 9541..9585, 9586..9630, 9631..9675, 9676..9720, 9721..9765, 9766..9810, 9811..9855, 9856..9900, 9901..9945, 9946..9990, 9991..10035, 10036..10080, 10081..10125, 10126..10170, 10171..10215, 10216..10260, 10261..10305, 10306..10350, 10351..10395, 10396..10440, 10441..10485, 10486..10530, 10531..10575, 10576..10620, 10621..10665, 10666..10710, 10711..10755, 10756..10800, 10801..10845, 10846..10890, 10891..10935, 10936..10980, 10981..11025, 11026..11070, 11071..11115, 11116..11160, 11161..11205, 11206..11250, 11251..11295, 11296..11340, 11341..11385, 11386..11430, 11431..11475, 11476..11520, 11521..11565, 11566..11610, 11611..11655, 11656..11700, 11701..11745, 11746..11790, 11791..11835, 11836..11880, 11881..11925, 11926..11970, 11971..12015, 12016..12060, 12061..12105, 12106..12150, 12151..12195, 12196..12240, 12241..12285, 12286..12330, 12331..12375, 12376..12420, 12421..12465, 12466..12510, 12511..12555, 12556..12600, 12601..12645, 12646..12690, 12691..12735, 12736..12780, 12781..12825, 12826..12870, 12871..12915, 12916..12960, 12961..13005, 13006..13050, 13051..13095, 13096..13140, 13141..13185, 13186..13230, 13231..13275, 13276..13320, 13321..13365, 13366..13410, 13411..13455, 13456..13500, 13501..13545, 13546..13590, 13591..13635, 13636..13680, 13681..13725, 13726..13770, 13771..13815, 13816..13860, 13861..13905, 13906..13950, 13951..13995, 13996..14040, 14041..14085, 14086..14130, 14131..14175, 14176..14220, 14221..14265, 14266..14310, 14311..14355, 14356..14400, 14401..14445, 14446..14490, 14491..14535, 14536..14580, 14581..14625, 14626..14670, 14671..14715, 14716..14760, 14761..14805, 14806..14850, 14851..14895, 14896..14940, 14941..14985, 14986..15030, 15031..15075, 15076..15120, 15121..15165, 15166..15210, 15211..15255, 15256..15300, 15301..15345, 15346..15390, 15391..15435, 15436..15480, 15481..15525, 15526..15570, 15571..15615, 15616..15660, 15661..15705, 15706..15750, 15751..15795, 15796..15840, 15841..15885, 15886..15930, 15931..15975, 15976..16020, 16021..16065, 16066..16110, 16111..16155, 16156..16200, 16201..16245, 16246..16290, 16291..16335, 16336..16380, 16381..16425, 16426..16470, 16471..16515, 16516..16560
|
