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

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 321662: In terms of paying less in interest, which is more economical for a $90,000.00 mortgage: a 30-year fixed rate at 9.5% or a 15 year fixed rate at 9%.
How much is saved in interest.
The buyer will save interest approx.: ______
Your help is greatly appreciated.
Click here to see answer by Theo(13342)

Question 321751: The capacities of two trucks are 3 tons and 4 tons respectively. If the smaller truck makes 18 more trips than the larger, it can deliver 12 more tons of freight than the larger. How many trips does each truck make?
Click here to see answer by solver91311(24713)

Question 321884: Approximately how long will it take for your money to triple if it is invested at 4.5% compounded continously?
Click here to see answer by stanbon(75887)

Question 321965: A man invests $2,200 in three accounts that pay 6%, 8%, 9% in annual interest, respectively. he has three times as much invented at 9% as he does at 6%. if his total interest for year is $178, how much is invested at each rate?
Click here to see answer by mananth(16946)

Question 321987: The price of a home is $150,000.00. The bank requires 15% down payment. The
buyer is offered 2 mortgage options. 15-year fixed at 9.5% or 30-year fixed at
9.5%.
1) Find the monthly payment for the 15-year option.
2) Find the monthly payment for the 30-year option.
3) Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option?
Help, these problems drive me crazy!!! Thank you!!
Click here to see answer by Theo(13342)

Question 321982: Your credit card has a balance of $6100.00 and an annula interest rate of 12%.
You decide to pay off the balance over 4 years. If there are no futher purchases charged to the card:
A) How much must you pay each month?
B) How much total interest will you pay?
THanks for the help!!

Click here to see answer by Theo(13342)

Question 322291: Tow people are running a track in the same direction> One person runs the mile in 6 minutes and the second takes 8 minutes to run the mile. If they have started at the same time and same place, how long will it take them to be at the same place together if they continue to run?
Click here to see answer by Fombitz(32388)

Question 322289: What is the amount earned when $3600 is invested at a rate of 7% simple interest for three years?
Click here to see answer by mananth(16946)

Question 322323: Please help with this math problem
You deposit $10,000.00 in a account that pays 5% interest compound quarterly.
A) Find the future value after 1 year. _____
B) Use the future value formula for simple interest to determine the effective
annual yeild. _________

Click here to see answer by mananth(16946)

Question 322447: John borrows $150,000. The terms of the loan are 7.5% over the next 5 years.
Click here to see answer by Alan3354(69443)

Question 322655: A movie theater charges $80 for adults, $45 for children and $60 for senior citizens. One day, the theater sold 405 tickets and collected $23,200 in receipts. There were twice as many children's tickets sold as adullts' tickster. How many adults, children and senior citizens watched the movie that day?
Click here to see answer by QH(50)

Question 322823: A principal of $1800 is invested at 4.75% interest, compounded annually. How much will the investment be worth after 5 years?
Click here to see answer by rfer(16322)

Question 323511: last month visa credit card charged $42.65 in interest (finance charges) on a balance of $2725. what apr is the visa card company charging?
Click here to see answer by rfer(16322)

Question 323547: What is the average change of rate for the function y=(3/x-2)?
Click here to see answer by Fombitz(32388)

Question 323543: Of the $50,000 that Natasha pocketed on her last real estate deal, $20,000 went to charity. She invested part of the remainder in Dreyfus New Leaders Fund with an annual yield of 16% and the rest in Templeton Growth Fund with an annual yield of 25%. If she made $6060 on these investments in 1 year, then how much did she invest in each fund?
Click here to see answer by mananth(16946)

Question 323670: A person invested $10,000. The greater part is invested at 6% and the remainder at 5%. The annual income from the greater part is $160 more than the annual income from the smaller part. What is the smaller part of the investment?
Click here to see answer by JBarnum(2146)

Question 323651: Mary just deposited $33,000 in an account paying 7% interest. She plans to leave the money in this account for eight years. How much will she have in the account at the end of the seventh year?
Click here to see answer by rfer(16322)

Question 323739: Can you help me solve this word problem?
Your property tax is based on the assessed value of your property.(The assessed value is often lower than the actual value of the property.) A house that has an assessed value of $150,000 has a property tax of $5520.
(a) Find the mathematical model that gives the amount of the property tax y in terms of the assessed value x of the property.
(b) Use the model to find the property tax on a house that has an assessed value of $185,000.
I think I have to use y-y1=m(x-x1) for this equation, but I am not real sure. I do not know where to began. This is what I have thus far 150,000-y = m(x-5520)
Click here to see answer by Theo(13342)

Question 324060: I have two questions:
1) $6,000 is invested in each of two accounts, both paying 7% annual interest. In the first account, interest compounds quarterly, and in the second account, interest compounds daily. Find the difference between the accounts after 21 years. (Give your answer correct to the nearest cent.)
2) An initial deposit of $25,000 grows at an annual rate of 9% for 15 years. Compare the final balances resulting from annual compounding and continuous compounding. (Give your answers correct to the nearest cent.)
a) with Annual Compounding
b) with continuous compounding
Can you please help me work through both of these?
Thank you,
jerry
jerry@san.rr.com
Click here to see answer by rfer(16322)

Question 324112: Mike made an extra $8000 last year from a part time job. He invested part of the money at 10% and the rest at 7%. He made a total of $710 in interest. How much was invested at 7%?
Click here to see answer by galactus(183)

Question 324251: what monthly payment is required at 18% intrest to yield 5000.00 in three years
Click here to see answer by nyc_function(2741)

Question 324444: Suppose I agree to pay you 8 cents for every problem in this class that you solve correctly and fine you 5 cents for every problem done incorrectly. If at the end of 26 problems we do not owe each other any money, how many problems did you solve correctly?
Click here to see answer by Fombitz(32388)

Question 324441: You were left a small inheritance by your Grandmother. Her will stipulates that you invest 1/4 of the money in stocks, 1/4 of the money in bonds, and 1/2 of the money in U.S. Treasury Bills. Stocks pay 4% interest annually, bonds pay 8% interest annually, and U.S. Treasury Bills pay 2% interest annually. If your total annual interest on the three investments is $4000, how much did you inherit?
Click here to see answer by graphmatics(170)

Question 325021: determine how much time is required for an investement to double in value if interest is earned at the rate of 6.25 % compounded annually?
Click here to see answer by galactus(183)

Question 325051: $20,000 is invested at 16% per year for 3 months. How much interest is earned on the investment?
I've tried 16% divided by 12 = 1 4/12 *3 = 2 1/3 is that right?
Click here to see answer by rfer(16322)

Question 325167: Soybean meal is 14% protein; cornmeal is 7% protein. How many pounds of each should be mixed together in to get 280-lb mixture that is 9% protein?
How many pounds of the cornmeal should be in the mixture?
__ pounds

How many pounds of the soybean meal should be in the mixture?
__ pounds
Click here to see answer by stanbon(75887)

Question 325112: Mary and Joe would like to save up $10,000 by the end of three years from now to buy new furniture for their home. They currently have $1500 in a savings account set aside for the furniture. They would like to make three equal year end deposits to this savings account to pay for the furniture when they purchase it three years from now. Assuming that this account pays 6% interest, how much should the year end payments be?
Click here to see answer by Theo(13342)

Question 325491: The owner of a quilting shop is calculating the retail price to charge for a new sewing machine. The manufacturer charges her $450 for each machine and she figures $200 of overhead and sales costs for each unit. She wants to earn a 20 percent profit on each sewing machine sold. What price should the machine carry?

Click here to see answer by info@email-tutors.com(9)

Question 325584: how much money will there be in an acount at the end of 5 years if $1500 is depositied at 6% compounded quarterly, assuming no withdrawals are made?

Click here to see answer by mananth(16946)

Question 325740: a pair of shoes costs 52.99 and the state sales tax is 8%. use the formula C=p+rp to find the total cost of the shoes, where C is the total cost,p is the price, and ris the sales tax rate.
Click here to see answer by jessica43(140)

Question 325745: 3.4= -13.6 + (-3.4c) + 1.7c
Click here to see answer by stanbon(75887)

Question 325744: a pair of shoes costs 52.99 and the state tax is 8%. use the formula C=p+rp to find the total cost of the shoes , where C is the total cost, p is the price,and r is the sales tax rate.
Click here to see answer by stanbon(75887)

Question 325970: Every week, Kim saves 3/4 of her earnings. If she saves $60 every week, then the
amount she earns each week is
(A) $20 (B) $45 (C) $75 (D) $80 (E) $100
Click here to see answer by Apathious(24)

Question 326224: An initial deposit of $3,000 earns 6% interest, compounded twice a year. How much will be in the account in three years? (Give your answer correct to the nearest cent.)
Click here to see answer by solver91311(24713)

Question 326537: A computer is purchased for $3200. Its value each year is about 79% of the value the preceding year. Its value, in dollars, after t years is given by the exponential function

Find the value of the computer after 2 years.
Click here to see answer by stanbon(75887)

Question 326540: Ernesto invested $25,000 in a CD that paid 5% compounded annually for 6 years. what was the vaue of his investment at the end of the sixth year

Click here to see answer by rfer(16322)

Question 326539: Express as a product.

logbt8

Click here to see answer by solver91311(24713)

Question 326505: On the day a person is born, a deposit of $50,000 is made in a trust fund that pays 8.75% in interest, compounded continuously.
A.) Find the balance on the person 35th birthday
B.) How much longer will the person have to wait for the balance to double?
Click here to see answer by rfer(16322)

Question 326592: Bayside Insurance offers two health plans. Under plan A, Giselle would have to pay the first $150 of her medical bills, plus 40% of the rest. Under plan B, Giselle would pay the first $210, but only 30% of the rest. For what amount of medical bills will plan B save Giselle Money. Assume she has over $210 in bills.
I have no idea what to do.
Click here to see answer by user_dude2008(1862)

Question 326561: Jack bought 3 items that cost $25 each, and 5 items that cost $40 each. What was the total cost, including 5% sales tax?
Click here to see answer by nyc_function(2741)

Question 326601: The amount of simple intrest earned in an account varies jointly as the amount of principal invested and the amount of time the money is invested. If $6,000 in principal earns $840 in interest after 2yr, then how much intrested will be earned on $4,500 invested for 8yr?
Click here to see answer by rfer(16322)

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