Tutors Answer Your Questions about Finance (FREE)
Question 1173027: Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)
Oct 3: cash advance = $50
Oct 7: payment = $75
Oct 10: purchase = 29.59
Oct 16: credit = $30
Oct 25: purchase = $123.60
average daily balance = $ _____
My example had an annual percentage rate to work with and this one doesn't have one to work with. So not sure what to do without the annual percentage rate.
Click here to see answer by CPhill(1959)   |
Question 1173024: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months.
Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)
I got the number of payments 60 x 12 = 720
and i did 0.15/12 = 0.0125 for the monthly rate
but not sure how to continue from there.
Click here to see answer by CPhill(1959) |
Question 1173008: The Candido PILI Delicacies has 3 stores (A, B, C) which supplies it's 3 provincial customers (D, E, F) with their best selling product. Below is a table showing the capacity of each store, the requirements of each customer, and the cost for shipping to each customer.
Store D E F CAPACITY
A 30 40 10 150
B 20 10 50 100
C 70 20 20 250
Demand 200 160 140
Find the optimal strategy and minimum cost of transporting their best selling product from store to customer.
Click here to see answer by CPhill(1959) |
Question 1172965: A certain household would like to buy a washing machine set payable for 6 months starting at the end of the month. How much is the cost of the washing machine if the monthly payment amounts to $3000 and interest is 9% compounded semi-annually?
Thank you so much in advance.
Click here to see answer by CPhill(1959) |
Question 1172965: A certain household would like to buy a washing machine set payable for 6 months starting at the end of the month. How much is the cost of the washing machine if the monthly payment amounts to $3000 and interest is 9% compounded semi-annually?
Thank you so much in advance.
Click here to see answer by ikleyn(52781)  |
Question 1172845: Ron Sample is the grand prize winner in a college tuition essay contest awarded through a local organization's scholarship fund. The winner receives $3,000 at the beginning of each year for the next 5 years. How much (in $) should be invested at 8% interest compounded annually to award the prize? (Round your answer to the nearest cent.)
I did 3000 x 1-(1+.08)-5/.08 and got $11978.13
the answer seems pretty high..
Click here to see answer by CPhill(1959) |
Question 1172783: A truck manufacturer monitors the width of the door seam as vehicles come off its assembly line. The seam width is the distance between the edge of the door and the truck body, in inches. These data are 62 days of measurements of a passenger door seam, with 10 trucks measured each day. It has been claimed that the process has an average width 0.275 with sigma.png = 0.1.
(a) If the seam widths at this assembly line are normally distributed, then what is the probability of finding a seam wider than 1/2 inch?
(b) If the process is under control, what is the probability of finding the mean of a daily sample of 10 widths more than 3 standard errors away from mu.png= 0.275?
(c) Ten measurements are averaged each day. Is this a large enough sample size to justify using a normal model to set the limits in the X-bar chart? Do you recommend changes in future testing?
Click here to see answer by CPhill(1959) |
Question 1172782: An X-bar control chart monitors the mean of a process by checking that the average stays between control.pngand control2.png. When the process is under control,
(a) What is the probability that five consecutive sample means of n cases stay within these limits?
(b) What is the probability that all of the means for 100 days falls within the control limits?
Click here to see answer by CPhill(1959) |
Question 1172781: What should the control limits be placed in the design of the process sets alpha = 0.01 with the following parameters (assume that the sample size condition has been verified)?
(a) mu.png= 100,sigma.png= 20, and n = 25 cases per batch
(b) mu.png= 2000,sigma.png= 2000, and n = 100 cases per batch
Click here to see answer by CPhill(1959) |
Question 1172706: As part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 5% interest compounded annually. (Round your answers to the nearest cent.)
How much (in $) would the account be worth after 10 years?
Click here to see answer by CPhill(1959) |
Question 1172544: You are the owner of four Taco Bell restaurant locations. You have a business loan with Citizens Bank taken out 60 days ago that is due in 90 days. The amount of the loan is $70,000, and the rate is 9.5% using ordinary interest.
You currently have some excess cash. You have the choice of sending Citizens $25,000 now as a partial payment on your loan or purchasing an additional $25,000 of serving supplies such as food containers, cups, and plastic dinnerware for your inventory at a special discount price that is "10% off" your normal cost of these items.
How much interest (in $) will you save on this loan if you make the partial payment and don't purchase the additional serving supplies? (Round your answer to two decimal places.)
How much (in $) will you save by purchasing the discounted serving supplies and not making the partial payment?
Click here to see answer by CPhill(1959) |
Question 1172543: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary.
Richie Powers is the owner of American Eagle Boats, a manufacturer of custom pleasure boats. Because of the economic recession and slow boat sales recently, American Eagle has begun accepting promissory notes from its dealers to help finance large orders. This morning American Eagle accepted a 90 day, 8.6% promissory note for $800,000 from one of its sales dealers.
You are a manager for a bank, and Richie is one of your clients. Your bank's discount rate is currently 13%. Richie's goal is to discount the note as soon as possible, but not until the proceeds are at least equal to the face value of the note, $800,000.
As his banker, Richie has asked you to "run the numbers" at ten day intervals starting with day 20 and advise him as to when he can discount the note and still receive his $800,000.
Find the bank discount (in $) for days 20, 30, and 40, and indicate for each discount whether it is too high or whether it is low enough for Richie to discount the note and still receive his $800,000.
Calculate the exact day the note should be discounted to meet Richie's goal.
Click here to see answer by CPhill(1959) |
Question 1171887: As debt payment, Php315,000 is due in 4 years and 7 months. If the debtor wishes to repay the debt now, and the lender applies 9% interest compounded semi annually when discounting debts, how much does he have to pay? *
Click here to see answer by CPhill(1959) |
Question 1171419: Hi
Bob and John had $540.00 altogether. Bob gave 1/7 of his money to John. In return John gave 1/4 of his total amount he had to Bob.Then they had both an equal amount of money.
How much did Bob have at first.
My solution is as follows B + J = 540
6/7B = 3/4J
upon solving the equation i get Bob $252 & John $288
however the book says that Bob had $210
Thanks
Click here to see answer by ikleyn(52781) |
Question 1209858: Uncle Moneybags has $500,000 saved for retirement. He has an account earning 6% interest. If Uncle Moneybags wants to be able to make withdrawals for 15 years, how much can he withdrawal each month? Round to the nearest cent.
Click here to see answer by CPhill(1959) |
Question 1171657: Assume that you start with a balance of $4500 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 5% of the balance. During the first month, you charge $250, and during the second month, you charge $600. Complete the following table. (Round your answers to the nearest cent.)
Prev. Balance Min. Payment Purchases Fin. Charge New Balance
Month 1 $ $ $ $ $
Month 2 $ $ $ $ $
Click here to see answer by CPhill(1959) |
Question 1209866: You want to be able to withdraw $45,000 from your account each year for 15 years after you retire.
You expect to retire in 25 years.
If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
Click here to see answer by ikleyn(52781) |
Question 1171253: Construct a grouped frequency distribution table below of the scores of 40 students on their Prelim Exam.
45 49 50 53 26 23 30 30 45 46
48 55 38 57 23 35 45 48 50 24
48 56 39 42 41 29 59 21 54 53
48 49 48 41 43 37 36 43 46 49
Click here to see answer by CPhill(1959) |
Question 1171065: A random sample of 30 cheese bars manufactured by Tasty Diary showed a mean weight of 189g with a standard deviation of 18g. If the average weight of the cheese bar is 200g, is the manufacturer meeting their standard at 0.05 (two-tailed) level?
Click here to see answer by CPhill(1959) |
Question 1170871: Five candidates, Ruben, Bong, Angel, Louie and Melvin were nominated for president in the College
Student Council. After the polls close, ranked ballots were tallied, and the results are summarized
below. Determine the winner and what percent of the votes did the winner receive?
Rankings
Ruben 1 2 5 5 2 3 4
Bong 2 3 2 4 3 2 5
Angel 4 4 1 2 1 1 3
Louie 3 1 3 3 4 5 2
Melvin 5 5 4 1 5 4 1
Number of votes 10 7 12 16 11 4 10
Click here to see answer by CPhill(1959) |
Question 1209933: a firm hires 7 technicians and 3 apprentices for total daily wages of 820. if one apprentice is appointed to a technician, the total daily wages become 880. What are thr daily wages for a technician and an apprentice
Click here to see answer by CPhill(1959) |
Question 1170870: Fifty Mass Communication students were surveyed about their preference on the three short films produced by students to be submitted as an entry in the local film festival. They ranked the three films and the result is shown in the table below. Which film is the most popular choice of this group of students?
Rankings
Kalinaw sa Mindanao 2 1 2 1 3
Ang Probasyon 3 2 1 3 1
Salome 1 3 3 2 2
Number of votes 8 7 7 15 13
Click here to see answer by CPhill(1959) |
Question 1170697: appliance store realizes a mark-up of php 3450 in selling tv sets if it's items are sold at a mark-up of 40% of the selling price
A. What is the regular selling price of the tv set
B. What was the cost of tv set
C. What is the rate of markup based on cost for the tv set
D. If overhead expenses are a 27% of the cause what is the break even price of the tv set.
E.if the tv set is sold at php 7500 how much profit or loss is incurred in by appliance store.
Click here to see answer by CPhill(1959) |
Question 1170444: It takes Dave 12 hours to clean the kitchen at his restaurant after throwing a legit birthday party for his buddy, Buster. When Dave and Buster clean the kitchen together, they can get it done in 5 and a half hours. How long does it take Dave to clean the kitchen by himself (when it isn’t his birthday)?
Click here to see answer by ikleyn(52781) |
Question 1170444: It takes Dave 12 hours to clean the kitchen at his restaurant after throwing a legit birthday party for his buddy, Buster. When Dave and Buster clean the kitchen together, they can get it done in 5 and a half hours. How long does it take Dave to clean the kitchen by himself (when it isn’t his birthday)?
Click here to see answer by josgarithmetic(39617) |
Question 1170499: A class of music students kept records of the number of minutes they practised each week. This is the set of data:
60
120
150
45
70
200
160
140
120
135
155
200
45
80
110
150
140
120
110
165
185
125
145
130
110
Organize these numbers and graph the data
Click here to see answer by CPhill(1959) |
Question 1170499: A class of music students kept records of the number of minutes they practised each week. This is the set of data:
60
120
150
45
70
200
160
140
120
135
155
200
45
80
110
150
140
120
110
165
185
125
145
130
110
Organize these numbers and graph the data
Click here to see answer by ikleyn(52781) |
Question 1168218: Suppose that a loan of $6000 is given at an interest rate of 9% compounded each year.
Assume that no payments are made on the loan.
Find the amount owed at the end of 1 year
Find the amount owed at the end of 2 years
Click here to see answer by ikleyn(52781) |
Question 1209946: 1. The sum of 4 integers is 24 and their product is 945. What are those integers?
2. Find the sum of all natural numbers between 500 and 1000 which are divisible by 13.
3. If the sum of three consecutive numbers of an AP is 15 and the sum of the squares of its 1st and 3rd terms is 58, find the numbers.
Click here to see answer by CPhill(1959) |
Question 1209946: 1. The sum of 4 integers is 24 and their product is 945. What are those integers?
2. Find the sum of all natural numbers between 500 and 1000 which are divisible by 13.
3. If the sum of three consecutive numbers of an AP is 15 and the sum of the squares of its 1st and 3rd terms is 58, find the numbers.
Click here to see answer by greenestamps(13200)  |
Question 1170446: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced.
Assume that you take out a $2000 loan for 30 months at 9% APR. How much of the first month's payment is interest? (Round your answer to the nearest cent.)
Click here to see answer by CPhill(1959) |
Question 1170178: 1.a) Deduce that the total surface area S of a cylinder closed at both ends with height, H and base radius R is given by: S=2πR(R+H) where π is a constant.
b) Find the volume of S given that H =15.0m and R =5.0m (leaving your answer in terms of π)
c) Calculate the amount of water the tank can hold leaving your answer in terms of π.
d) Calculate the height (h) of a cuboid tank of cross-sectional area 25 metre cube which has the same capacity as the cylinder tank in (c) above.
Click here to see answer by CPhill(1959) |
Question 1170004: Consider the equation of second degree in x :
mx²-2(m-1)x+m+1=0 where m is a non zero real parameter
1)Following the values of m, find the existence of the roots of this equation.
2)Find among the roots, when they exist, a relation independent of m.
3)Using this relation, find the possible double root (x1=x2=X)
Calculate the corresponding value of m.
Click here to see answer by CPhill(1959) |
Question 1169701: Someone opens an investment account with an initial deposit of $ 900. They then set up monthly deposits of $ 130 to the account. If the account earns 4.5% interest compounded monthly, how much money will they have in the account in 7 years?
Click here to see answer by ikleyn(52781) |
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