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

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 190685: Mike invested $7000 for one year. He invested part of it at 8% and the rest at 21%. At the end of the year he earned $764 in interest. How much did he invest at each rate?

Click here to see answer by jojo14344(1513)

Question 190775: Elisa has $151 in her wallet, consisting of $20, $5, and $1 bills. The number of $20 bills is three less than the number of $5 bills. If she has 24 bills in her wallet, how many of each denomination does she have?
Click here to see answer by josmiceli(19441)

Question 190900: Sorry my daughter does not have a grade 9 textbook...just handouts. The handouts are on 'word problems'. The heading on the handout is '5.4 Value Problems'
Brianne received 9 bills, some twenties,some tens, and some fives, in exchange for a $100 bill. There was twice as many fives as there were tens. How many of each kind of bill did she receive?
$5 = y= x(2)
$10 = x
$20 = z= 9-(x+y)

Click here to see answer by nerdybill(7384)

Question 190889: If $500 is invested at 7% compounded continuously, how long would it take for the value of the investment to reach $800?
Click here to see answer by Edwin McCravy(20054)

Question 191553: groups fo fewer than 50 people are charged a rate of 4.00 per person
groups of 50 people or more charged a reduced rate 3.50
how much money will a group of 49 people save in admission costs if they can recruit one extra member.
Click here to see answer by bsmath(21)

Question 191608: I need help with this problem, I am taking elementary algebra in college.
Jake borrowed $5000 from two different banks. One bank charges 7% simple interest, and other charges 8.5% simple interest. If the total interest payment is $380, how much did he borrow?
Click here to see answer by Mathtut(3670)

Question 191654: The total profit for a company in October was 16% higher than it was in September. The total profit for the two months was $507,600. Find the profit for each month.
Click here to see answer by nerdybill(7384)

Question 192029: Recovering an investment. The manager at Cream of
the Crop bought a load of watermelons for $200. She
priced the melons so that she would make $1.50 profit on
each melon. When all but 30 had been sold, the manager
had recovered her initial investment. How many did she
buy originally?
First, I had x= the total # of watermelons
Then, I did x=1.5(x)-30
x=1.5(x)-30
-.5x=-30
x=60
However when I check the answer, it doesn't check correctly. I think that I do not have the correct equation. I just need a little help in the right direction.
Click here to see answer by scott8148(6628)

Question 192059: An individual Retirement Account (IRA) has $18,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 38 years from now when the owner reaches retirement age?
Click here to see answer by jojo14344(1513)

Question 191945: 92. Recovering an investment. The manager at Cream of
the Crop bought a load of watermelons for $200. She
priced the melons so that she would make $1.50 profit on
each melon. When all but 30 had been sold, the manager
had recovered her initial investment. How many did she
buy originally?
Click here to see answer by josmiceli(19441)

Question 192799: You invest $5500 at an annual rate of 4.75% compounded weekly. How much money would you have after 8 years?
Click here to see answer by Mathtut(3670)

Question 192866: A consumer loan is made at 10.0% over a 3.5 year period. If $2,125 in interest is paid, what is the principal? What is the total amount paid by the consumer? Report the results to the nearest penny.

Click here to see answer by stanbon(75887)

Question 192746: A company has fixed overheads of �700-00 and each unit manufactured has a cost of �6-50. the selling price of each unit is �11-75. what is the minimum number of units it needs to produce before a profit is made?
Click here to see answer by edjones(8007)

Question 192945: I am having problems with this particular word problem, I know I use the formula : A = P (1+(r/n)^nt but I am not sure how to use it in correlation to the problem, could someone help?
Problem :
If 40600 dollars is invested at an interest rate of 10 percent per year, find the value of the investment at the end of 5 years for the following compounding methods.
Annually : ?
Semi-annually : ?
Monthly : ?
Daily : ?
Continously : ?
Click here to see answer by solver91311(24713)

Question 192972: A college used a $9000 give from an alumnus to make 2 students loans. the first was at 4% annual interest to an accounting major. The second was as 6% annual interest to a nursing student. If the college collected $470 in interest the first year, how much was loaned to each student? I=prt
Click here to see answer by bhayzone(8)

Question 192991: One year ago Walt invested $12,000. He invested part of the money at 7% and the rest at 9%. He made a total of $970 in interest. How much was invested at 7%?
Click here to see answer by checkley77(12844)

Question 193121: 92. Investing her bonus. Donna invested her $33,000 bonus
and received a total of $970 in interest after one year. If
part of the money returned 4% and the remainder 2.25%,
then how much did she invest at each rate?
Click here to see answer by RAY100(1637)

Question 193162: If your grandparents deposited $5000 in a certificate on the day you were born at a rate of 4.5%, how much money would you have to start college after your 18th birthday if it was compounded monthly?
Click here to see answer by stanbon(75887)

Question 193185: I guess this is a money problem?
A bank offers 2 checking plans. The Anywhere plan charges 20 cents a check. The other plan Accucheck costs $1.04 month plus 12 cents a check. For what number of checks with the Accucheck plan cost less then the Anywhere plan?
I don't even understand what that means lol. Thanks for the help.
Click here to see answer by jonvaliente(64)

Question 193441: Your roommate graduates in December and decides to take a job as an insurance salesperson. The salary provides a base salary of 2000 dollars per month plus a 15% commission on the monthly sales over 10,000 dollars.

What i think the answer is, is: y=2000+.15x
Click here to see answer by Mathtut(3670)

Question 193688: How long will it take $700 to triple itself at 10% simple interest?
Click here to see answer by RAY100(1637)

Question 193645: Joe has a collection of nickels and dimes that is worth $6.05. If the number of dimes was doubled and the number of nickels was decreased by 10, the value of the coins would be $9.85. How many dimes does he have?
Click here to see answer by edjones(8007)

Question 194016: Suppose you invest $7000 at an annual rate of 6.25% compounded continuously. How much time will it take for the investment to reach a value of $56000?
Click here to see answer by stanbon(75887)

Question 194020: You invest $1,000 at an annual rate of 6.75% compounded continuously.How long will it take for the value of the investment to double?
Click here to see answer by RAY100(1637)

Question 194019: You invest money into an account where the interest is compounded continuously. If the accounts value doubles in 9 years, what is the interest rate?
Click here to see answer by RAY100(1637)

Question 194017: You invest $1,000 into an account where interest is compounded quarterly. If the account is worth $9,000 in 26 years, what is the interest rate?
Click here to see answer by RAY100(1637)

Question 194015: Suppose you invest $1500 at an annual rate of 6.50% compounded quarterly. how long will it take for the investment to reach a value of $7500?
Click here to see answer by Mathtut(3670)

Question 194251: Henry invested $12,000 in a new restaurant. When the restaurant was sold 2 years later, he received $27,000. Find his average annual returning by solving the equation 12,000(1+r)^2=27,000.
Click here to see answer by checkley77(12844)

Question 194394: A tennis club offers two payment options...
Option 1: $42.00 monthly fee plus $5/hour for court rental
Option 2: No monthly fee but $8.50/hour for court rental
Let x= hours per month of court rental time.
Write a mathematical model representing the total monthly cost, C, in terms of x for the following:
Option 1: C=
Option 2: C=
How many hours would you have to rent the court so the monthly cost of option 1 is less than option 2? Set up an inequality and show your work algebraically using the information in part a.
Click here to see answer by checkley77(12844)

Question 194414: Annabelle's school was selling t-shirts and sweatshirts. The t-shirts sold for $10.00 and the sweatshirts sold for $15.00. The school sold $1000 worth of t-shirts and sweatshirts for a total of 80 sold. How many of each did they sell?
Click here to see answer by checkley77(12844)

Question 194413: A client calls their stock broker and tells them they want to buy stock in xyz company but I only have $5000 to spend. How many shares of xyz can I buy all total including commission? The commission rate is $.10 per share and xyz stock is priced at 10 per share. Round to the nearest whole share.
Click here to see answer by checkley77(12844)

Question 194411:
What should have been the gross pay? $714.00
What is the differences between what she was paid and what she should have been paid? $48.00

Click here to see answer by promptb(1)

Question 195126: i have the first part of this question solved, i just need help with the second part. thank you.
a company earns a weekly profit of P=-1.2x^2+180x-280, where x is the number of coffee tables they build and sell and P is profit in dollars.
a. find the number of coffee tables the company must sell in a week in order to obtain max. profit.
(i completed the work for this problem and got 75 coffee tables)
b. what is the maximum profit?
(i have the answer key and i tried plugging 75 coffee tables into the equation but i am getting an answer that seems to be way off)
thank you for your help
Click here to see answer by jim_thompson5910(35256)

Question 195176: Hi Iam haveing some trouble with my financial homework, would someone please help me.
My question is : Johm borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It it important to note that he makes annual rather than monthly payments. Construct a loan amortization schedule that shows the 5 payments of Johns loans.
Iwould like to thank you in advance for your help and useing your time to help me with this question.
Click here to see answer by solver91311(24713)

Question 195407: John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in one year, how much does he have invested at each rate?
Click here to see answer by nerdybill(7384)

Question 195421: ok i have a problem I have tried many things I cannot figure out the equation can you help? It states a person has 50000 she gave 20000 to charity then invested rest I assume she invested 30000 so this is where she invested it bank one was some money dont say how much at 16% interest for one yr and bank 2 was 25% interest for one yr total amount she made was 6060... now i tried 0.16x + o.25x=6060 that dont give me anything but a headache I also tried x+y=6060 now i tried that too and got another headache how can i set this equation up if i do not know the amount of the investment per account?? any help would be appreciated
Click here to see answer by nerdybill(7384)

Question 195553: Hi,
Bill sold 2 used books for $452 each. However the cost of each book was different. As a result a profit of 22% was made on the first book sold but a loss of 22% was made on the second sale. What is Bill's total profit or loss on both books.
Can you please explain how to do this problem?
Click here to see answer by scott8148(6628)

Question 195998: If I would like $75,000 in 15 years how much do I need to set aside in an account today,if the account pays an interset of 4.9% compounded semiannually?
I am confused on how to use the correct formula when I do not know what my current value is now?
Click here to see answer by jojo14344(1513)

Question 195997: If I would like $75,000 in 15 years how much do I need to set aside in an account today,if the account pays an interset of 4.9% compounded semiannually?
I am confused on how to use the correct formula when I do not know what my current value is now?
Click here to see answer by josmiceli(19441)

Question 196226: In the period of a year, an investor lost twice as much as he gained. If he originally had $10,000 , and he now has 8,000, what amount did he gain and what amount did he lose.
My daughter and I have been working ont his but I am quite sure that we are not getting the right answer and we are totally stumped!
I hope someone can help!!!!
She is thinking gain of 2000 and loss of 4000- that seems wrong but who knows...
I think our minds are blown at this point
Please Help!!
Click here to see answer by solver91311(24713)

Question 196328: Hi,
Please help. Pretty sure I'm to use: A=P(1+r/m)^mt but want to be sure.
"Suppose that you win $420,000 in a lottery. If this money is invested in a fund paying 6.5% compounded weekly, how long (in weeks) will you need to wait to become a millionaire?"
thank you in advance for your help!
Click here to see answer by Mathtut(3670)

Question 196345: I think I have the answer I just need a double check: Find the present value for a $2500 annual annuity at 7% for 10 years:
PV= P 1-(1 + r/m) ^-mt / (r/m)
PV=2500[1-(1+.07)^(-10) /.07]
2500[1-.508 / .07]
2500[.492/.07]
2500[7.028]
2500*7.03
=$ 17,550.00
Click here to see answer by solver91311(24713)

Question 196344: Find the interest rate on a loan charging $5,344.80 in simple interst on a principal of $5,100 after eight years.
I am trying to use:
r=I/pt
? = 5344.80/5100*8
and I am getting: 0.131% which does not make any sense? Any help would be appreciated. However, 13.1% does if I am moving the decimal over one additional spot.
Click here to see answer by solver91311(24713)

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