Tutors Answer Your Questions about Finance (FREE)
Question 1190577: You can afford a $1300 per month mortgage payment. You've found a 30-year loan at 7% interest.
a) How big of a loan can you afford? (Round down to the cent.)
B) I got $468,000 of what I will pay the loan company
c) How much of that money is interest?
I've been doing this problem but I'm just stuck on the first question and the last one.
Click here to see answer by Theo(13342)   |
Question 1190579: You want to buy a $265,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be if the interest rate is 6%? (Round up to the cent.)
c) What will your monthly payments be if the interest rate is 7%? (Round up to the cent.)
Click here to see answer by math_tutor2020(3817) |
Question 1190658: You can afford a $1000 per month mortgage payment. You've found a 30 year loan at 8% interest.
a) How big of a loan can you afford? (Round down to the cent.)
b) How much total money will you pay the loan company?
c) How much of that money is interest?
Click here to see answer by Theo(13342) |
Question 1190691: April took out a $10000 loan to buy a car. The loan has an interest rate of 2.1% for 4 years with monthly payments. What will April's monthly payments be? (Round up to the cents place.)
With one year left on the loan, what is April's remaining balance? (Round up to the cents place.)
Click here to see answer by math_tutor2020(3817) |
Question 1190719: A student is taking a multiple-choice exam in which each question has four choices. Assuming that she has no knowledge of the correct answers to any of the questions, she has decided on a strategy in which she will place four balls (marked A,B,C,D ) into a box. She randomly selects one ball for each question and replaces the ball in the box. The marking on the ball will determine her answer to the question. There are six multiple-choice questions on the exam.
What is the probability that she will get at least five questions correct?
Click here to see answer by ikleyn(52781)  |
Question 1190738: An elementary school is offering two optional language classes, one in French and the other in
Spanish. These classes are open to any of the 120 upper-grade students in the school. Suppose
there are 32 students in the French class, 36 in the Spanish class, and a total of 8 who are in
both classes. If an upper-grade student is randomly chosen, what is the probability that this
student is enrolled in at least one of these classes
Click here to see answer by ikleyn(52781) |
Question 1190741: . In a survey of 420 members of a retirement center, it was found that 144 are smokers and 276
are not. If a member is selected in such a way that each of the members are equally likely to be
the one selected, what is the probability that person is a smoker?
Click here to see answer by ikleyn(52781) |
Question 1190768: Randy can invest up to $40,000. As his financial advisor, you recommend that he place at least $10,000 in Account A yielding 2% and at most $20,000 in Account B yielding 5%. (i) Using x to denote the amount of money invested in Account A and y to denote the amount of money invested in Account B, write a system of linear inequalities that describes the possible amounts of each investments. Assume x and y are in thousands of dollars. [4]
(ii) Graph the system of inequalities [6]
(iii) Given that the objective function can be written as I=0.02x + 0.05y (where I represents income), determine how much money should be placed in each investment so that his income is
maximized.
Click here to see answer by Theo(13342) |
Question 1190824: You start with a rectangular sheet of cardboard that is 12 in. long and 8 in. wide. you plan to make the box by cutting identical squares from the corners and folding the sides to create a box with one side open. as shown below you want your box to have a maximum allowable volume of 80 in 2
Click here to see answer by Solver92311(821)  |
Question 1190859: The cables of the horizontal suspension bridge are supported by two towers 120 ft. apart and 40 ft. high. If the cable is 10 ft. above the floor of the bridge at the center, find the equation of the parabola using midpoint of the bridge as the origin. (Note: A suspension bridge cable hangs in a parabolic arc if the weight is distributed uniformly along the horizontal.)
Click here to see answer by ikleyn(52781) |
Question 1190897: Sam jogged to Larry's house at 8 miles per hour and borrowed Larry's scooter, riding back at 20 miles per hour. If the round trip took 7 hours, how far is it to Larry's house? Write a distance equation
Click here to see answer by Theo(13342) |
Question 1190929: A fire fighter stood on the middle rung of a ladder, went up 3 rungs, was forced downs rungs, and then went up7 rungs to extinguish the fire. Then the firefighter climb the remaining rungs to the top of the ladder. How many rungs are there on the ladder?
Click here to see answer by greenestamps(13200)  |
Question 1190943: Mr. Mehta deposited Rs. 10,000 in HSBC bank at his sixth marriage anniversary and
borrowed Rs. 20,000 from a money lender but he could not pay any amount in a period
of 1460 days. Accordingly, the money lender demands now Rs. 26,500 from him.
a. What is the difference between the ‘Exact Method’ and ‘Ordinary Method’?
b. At what rate percent per annum compound interest did the latter lend his
money? (Use the exact method).
c. Find the number of years and the fraction of a year in which the deposit money
will treble itself at compound interest 8 percent per annum.
d. In what time will a sum of Rs. 1,234 amount to Rs. 5,678 at 8% per annum
compound interest, payable quarterly?
Click here to see answer by Theo(13342) |
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