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

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 1200532: You want to buy a $13,000 car. The company is offering a 4% interest rate for 36 months (3 years). What will your monthly payments be?
Click here to see answer by Theo(13342)

Question 1200567: A collection of nickels, dimes, and quarters is retrieved from a vending machine. There are three times as many nickels as dimes, and there are ten more quarters than dimes. If the total value of the coins is $40.00 then find the number of each type of coin.

Click here to see answer by josgarithmetic(39613)

Question 1200543: Mr. Jones is selling his boat for $6,870. He has received two offers: one buyer agrees to pay the asking price today and the other will pay $7,200 in a year’s time.
a) Which offer is better for Mr. Jones if he invests the $6,870 for one year at 4 %?
b) By how much?
Just need a brief breakdown on this question. I don't understand how they got that answer
Click here to see answer by ankor@dixie-net.com(22740)

Question 1200569: This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $94,743 (or maybe $102,637) left to pay on your loan. Your house is now valued at $170,000. [Remember -- These questions on THIS page are to help you prepare for the actual questions that you will get -- but the VALUES might not be the same when YOU do it.]

For your current situation:
How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.)
$________ [Submit your answer in MyOpenMath later]

Question 6
How much money have you paid to the loan company so far (over the last 10 years)?
$________ [Submit your answer in MyOpenMath later]

Question 7
How much interest have you paid so far (over the last 10 years)?
$________ [Submit your answer in MyOpenMath later]

Question 8
How much equity do you have in your home (equity is value minus remaining debt)
$________ [Submit your answer in MyOpenMath later]

Question 9
Refinancing
Since interest rates have dropped, you consider refinancing your mortgage at a lower 6% rate.
If you took out a new 30 year mortgage at 6% for your remaining loan balance, what would your new monthly payments be?
$________ [Submit your answer in MyOpenMath later]

Question 10
How much interest will you pay over the life of the new loan?
$________ [Submit your answer in MyOpenMath later]

Question 11
Analyzing the refinance
Notice that if you refinance, you are going to be making payments on your home for another 30 years. In addition to the 10 years you've already been paying, that's 40 years total.
How much will you save each month because of the lower monthly payment?
$________ [Submit your answer in MyOpenMath later]

Question 12
How much total interest will you be paying (consider the interest you paid over the first 10 years of your original loan as well as interest on your refinanced loan)
$________ [Submit your answer in MyOpenMath later]

Question 13
Now the non-computational question: Does it make sense (to you) to refinance? (there isn't one "right" answer to this question. Just give your opinion and your reason)

Click here to see answer by Alan3354(69443)

Question 1200644: a theater group made appearances in two cities. The hotel charge before tax in the second city was $1000 lower than in the first. The tax in the first city was 10%, and the tax in the second city was 6%. The total hotel tax paid for the two cities was $
420. How much was the hotel charge in each city before tax?
Click here to see answer by ikleyn(52747)

Question 1200646: Ryan bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $450 more than the desktop. He paid for the computers using two different financing plans. For the desktop the interest rate was 9% per year, and for the laptop it was 6% per year. The total finance charges for one year were $300. How much did each computer cost before finance charges?
Click here to see answer by ikleyn(52747)

Question 1200675: Find the rate per period (i) and the number of periods (n) for the following situation: 8% compounded quarterly for 3 years.

Could someone help with a formula to do for this?

Click here to see answer by Alan3354(69443)

Question 1200738: Suzanne wants to buy a $1,125.00 stereo when she graduates from school. She is able to deposit $40 at the end of each month in an account that pays 6.5% compounded monthly. She will graduate in 2 ½ years.
a) How much money will she have saved?
b) Will she have enough to purchase her stereo including the sales tax of 15%?
Help, Please
Click here to see answer by Theo(13342)

Question 1200809: James has two job offers. Massy offers James the job with an initial annual salary of
$38,800.00 along with guaranteed annual increases of $3,200.00 for the first five
years. Unicomer offers him an initial annual salary of $47,600.00 along with
guaranteed annual increases of $1,000.00 for the first five years.
a. Compare and contrast the two offers to determine the company that offers the
highest annual salary for the fifth year of employment. Show all necessary
calculations.
b. Compare and contrast the two offers to determine the company that proposes the
most (total) renumeration over James’ first five years of employment. Show all
necessary calculations.
c. Which company should James take up his employment with if both companies
offer him an annual salary of $60,000.00 in his sixth year? Why?
Click here to see answer by ikleyn(52747)

Question 1200810: Windies Cricket manufactures Windies supporter jerseys. The quantity q, of these
jerseys demanded weekly is related to the wholesale price per jersey p, by the
following equation:
𝑝 = −0.006𝑞 + 15
The weekly total cost incurred by Windies Cricket for producing q jerseys is:
𝐶(𝑞) = 38𝑞 − 0.02𝑞
2 + 30,000
a. Determine an expression to represent the weekly Revenue function.
b. Determine an expression to represent the weekly Profit function.
c. Calculate the weekly Revenue when ten dozen jerseys are produced and sold.

d. Will Windies Cricket record a loss or profit if they were to produce and sell 2450
jerseys?
e. If Windies Cricket wishes to maintain a total cost less than $42,000.00, what
range(s) of Windies jerseys should be produced.
f. Calculate the equilibrium price and quantity for Windies jerseys
Click here to see answer by ikleyn(52747)

Question 1200808: It has been projected by UNDP that the population of Wakanda will increase by 0.8%
for each of the next quarters for 5 years. If Wakanda registered a population of 25,000
in the second quarter of 2023 (base period):
a. What is the expected population in Wakanda after the third quarter in 2025?
b. What is the expected population in Wakanda after the first quarter in 2030?
Click here to see answer by Theo(13342)

Question 1200906: Refer to Narrative 11-1. Calculate the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.
Click here to see answer by Theo(13342)

Question 1200997: Formulate a system of equations for the situation below and solve.
A private investment club has $400,000 earmarked for investment in stocks. To arrive at an acceptable overall level of risk, the stocks that management is considering have been classified into three categories: high-risk, medium-risk, and low-risk. Management estimates that high-risk stocks will have a rate of return of 15%/year; medium-risk stocks, 10%/year; and low-risk stocks, 7%/year. The members have decided that the investment in low-risk stocks should be equal to the sum of the investments in the stocks of the other two categories. Determine how much the club should invest in each type of stock if the investment goal is to have a return of $40,000/year on the total investment. (Assume that all the money available for investment is invested.)
high-risk stocks:
medium-risk stocks:
low-risk stocks:
Click here to see answer by Theo(13342)

Question 1200996: The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $100,000 and is now to be amortized in 240 equal monthly installments at an interest rate of 5%/year compounded monthly. The new loan they expect to secure is to be amortized over the same period at an interest rate of 4.2%/year compounded monthly. How much less can they expect to pay over the life of the loan in interest payments by refinancing the loan at this time? (Round your answer to the nearest cent.)
Click here to see answer by Theo(13342)

Question 1201016: Using the expression below, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem.
P(1 + r)n
$1,100 at 8%, for 15 years, compounded annually.
Total Amount = $
Interest Amount = $

Click here to see answer by Theo(13342)

Question 1201026: What payment is required at the end of each month for 10 years to repay a $200,000 mortgage if interest is 6.5% compounded monthly?

Click here to see answer by Theo(13342)

Question 1201041: How much simple interest would there be after one year on a deposit of $900.00 when the rate is 8% annually?

Click here to see answer by math_helper(2461)

Question 1201070: A business borrows 56000 dollars at an effective rate of interest of 7.3 percent. The loan is to be repaid with 14 equal annual payments, the first coming a year from now. How much is each annual payment?
Click here to see answer by Theo(13342)

Question 1201069: You invest $ 5000 in Acme Inc. on January 1, 2000. Your investment returns 2.75 % compounded monthly. How much money will you have on June 30, 2006?
Click here to see answer by mananth(16946)

Question 1201068: You deposit $ 150 into an account at the beginning of each month. The bank pays you 3 % interest per year, compounded monthly. At the end of 6 years, after 72 payments, what will your account contain?
Click here to see answer by Theo(13342)

Question 1201067: Jessica borrowed $4900 from the bank in order to buy a new piano. She will pay it off by equal payments at the end of each week for 2 years. The interest rate is 4% compounded weekly. Determine the size of payments, and the total interest paid.
Click here to see answer by Theo(13342)

Question 1201066: A loan of $1000 is made at an interest rate of 10% compounded quarterly. The loan is to be repaid with three payments: $200 at the end of the first year $800 at the end of the fifth year and the balance at the end of the tenth year. Calculate the amount of the final payment.
Click here to see answer by Theo(13342)

Question 1201094: You deposit $3000 into an account that earns 7% compounded annually. A friend deposits $2250 into an account that earns 6.85% annual interest, compounded continuously. Will your friend's balance ever equal yours? If so, when? If not, enter NEVER.
They will be equal in about
years (round to nearest whole year)
Click here to see answer by Theo(13342)

Question 1201119: Sara deposited $1400 for 1 year at 10%, compound semiannually.
b. What percent interest was added each time?
c. What was the balance in Sara's account at the end of 1 year?
Click here to see answer by Theo(13342)

Question 1201189: Katrin is looking at banquet halls for her parents anniversary party. Moonlight hall charges a fixed cost of $1000 plus $75 per guest. Let C represent the total cost, and N represent the number of guests. Find the number of guests for which the total cost is the same at both halls
Click here to see answer by josgarithmetic(39613)

Question 1201190: A vending machine contains a total of 395 quarter and dimes. The total values of the coins Is $66.80. How many of each coins are there?
Click here to see answer by josgarithmetic(39613)

Question 1201188: A fitness club charges members a monthly fee and a fee for each fitness class. Last month, one member attended 8 fitness classes and paid 80$. Another member attended 14 fitness classes and paid $98. Determine the monthly fee and the fee per class.
Click here to see answer by josgarithmetic(39613)

Question 1201192: Matt took 7hrs to drive from Kingston to Montreal a total distance of 485 km. He drove most of the way at 100 km/h, but was slowed to 30 km/h during a trafic jam. How many hours he spend driving at each speed?
D:distance
S:speed
T:time
Click here to see answer by josgarithmetic(39613)

Question 1201202: dmitri plays hockey. He earns 1 point for every goal he scores and 1 point for every assist. This season he earned 63 points. He scored 17 fewer goals than assist. How many goals did dmitri score this season? How many assist did he have?
Click here to see answer by Theo(13342)

Question 1201201: dmitry plays hockey. He earns 1 point for every goal he scores and 1 point for every assist. This season he earned 63 points. He scored 17 fewer goals than assist. How many goals did dmitri score this season? How many assist did he have?
Click here to see answer by mananth(16946)

Question 1200912: Robert opened an RRSP deposit account on December 1, 2008, with a deposit of $1700. He added $1700 on November 1, 2010, and $1700 on April 1, 2012. How much is in his account on September 1, 2016, if the deposit earns 5.1% p.a. compounded monthly?
Click here to see answer by Theo(13342)

Question 1201055: If you need $20,000 six years from now, what is the minimum amount of money you need to deposit into a bank account that pays 4% annual interest, compounded (give your answers to the nearest cent):
(a) annually? $
(b) monthly? $
(c) daily (assuming 365 days in a year)? $
Click here to see answer by Theo(13342)

Question 1201228: Daniel had $100000 to invest. he invested part in a term deposit paying %4 per annum and it's remaining back to paying %5 per annum. if the total after one year was $440, how much did he invest at each rate?

Click here to see answer by greenestamps(13195)

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, 16561..16605, 16606..16650, 16651..16695, 16696..16740, 16741..16785, 16786..16830, 16831..16875, 16876..16920, 16921..16965, 16966..17010, 17011..17055, 17056..17100, 17101..17145, 17146..17190, 17191..17235, 17236..17280, 17281..17325, 17326..17370, 17371..17415, 17416..17460, 17461..17505, 17506..17550, 17551..17595, 17596..17640, 17641..17685, 17686..17730, 17731..17775, 17776..17820, 17821..17865, 17866..17910, 17911..17955, 17956..18000, 18001..18045, 18046..18090, 18091..18135, 18136..18180, 18181..18225, 18226..18270, 18271..18315, 18316..18360, 18361..18405, 18406..18450, 18451..18495, 18496..18540, 18541..18585, 18586..18630