Concept explainers
In Exercises 17–36, compute the specified quantity. Round all answers to the nearest month, the nearest cent, or the nearest 0.001%, as appropriate.
Layaway Fees Layaway plans allow you, for a fee, to pay for an item over a period of time and then receive the item when you finish paying for it. In November 2011, Senator Charles E. Schumer of New York warned that the holiday layaway programs recently reinstated by several popular retailers were, when the fees were taken into account, charging interest at a rate significantly higher than the highest credit card rates.3 Suppose that you bought a $69 item on November 15 on layaway, with the final payment due December 15, and that the retailer charged you a $5 service fee. Thinking of the fee as interest, what simple annual interest rate would you be paying for this layaway plan?
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Chapter 3 Solutions
Finite Mathematics and Applied Calculus (MindTap Course List)
- A student is offered two different summer jobs. Job A lasts 16 weeks and pays $347.50 per week. Job B lasts 3 months and pays $1,600.00 per month, with monthly raises of 10% of the previous month's salary. How much more does the student earn by accepting Job A (rounded to the nearest cent)? Iter Item $836.00 Item. Item 1 $164.00 Item 11 O $264.00 Item 12 O $1,040.00 Item 13 Item 14 Item 15 Item 16 • Previous -/28720%23 Aa stv MacBook Air DDarrow_forward10 The observed insurance policy deviates from the predicted policy, on average, by _______ ($1,000) a 44.465 b 49.406 c 54.895 d 60.994arrow_forwardUsing Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent. Face Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $arrow_forward
- Accurately calculates the worth of stocks, bonds, and combinations of stocks and bonds, including the appropriate data and calculations with submission. The school you would like to attend costs $100,000. To help finance your education, you need to choose whether or not to sell any of your 500shares of Apple stock you bought five years ago, 100 Apple bonds (each with a $1,000 face value and a 3.25% coupon rate) that are five yearsfrom their 10-year maturity date, or a combination of both. Provide the appropriate data and calculations that you would perform to make thisdecision.arrow_forwardNo Plagiarism Please! And if you could type it out instead Thank you! Enter your answer and show all the steps that you use to solve this problem in the space provided. You have a credit card with a balance of $754.43 at a 13.6% APR. You have $300.00 available each month to save or pay down your debts. a. How many months will it take to pay off the credit card if you only put half of the available money toward the credit card each month and make the payments at the beginning of the month? b. How many months will it take to pay off the credit card if you put all of the available money toward the credit card each month and make the payments at the beginning of the month? Be sure to include in your response: the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoningarrow_forwardSimple PV Interest Days Method Total Interest $107,660.00 3.08% 180 Ordinary a. $1,635.25 O b. $109,317.96 O c. $109,295.25 d. $1,657.96arrow_forward
- Kanısh Bhar Topic 4 Homework Close Date: Wed, Sep 29, 2021, 11:59 PM Question 7 of 15 If the cost of a product is $107.50 and it has a 15.00% margin, calculate the selling price of the product. Round to the nearest cent SUBMITASSIGA SAVE PROGRESSarrow_forward27. TIME OF DEPOSIT Benson Automotive earned $69.46 interest on a $9400 deposit in an account paying 3.5%. Find the number of days that the funds were on deposit.arrow_forward5. Isabella, a teacher's assistant, is creating a quiz. After reviewing Isabella's quiz question below, what information is missing? When Xavier's son was born, he opened a bank account with a continuous interest rate of 3.5% so that he could use this money purchase his son a car. Xavier's goal is to have at least $20,000 in account by his son's 16th birthday. Find the amount of money in Xavier's account after 16 years? Will he have enough to buy his son a car? O the number of times that interest is compounded per year O Interest Rate O the principal investment amount O the time the money is investedarrow_forward
- Shirley Riddle's net biweekly earnings arearrow_forwardQuestion 1 Employees in 2012 paid 4.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much will someone earning $20,000 a year pay towards social security out of their gross wages? %24 Give your answer accurate to at least the nearest dollar. Question Help: Video Message instructor Submit Question OME MARarrow_forward8–33. On Black Friday, Amazon.com featured an Echo 2nd Generation for $35 normally selling for $79. Calculate the dollar markdown and the markdown percent based on the selling price to the nearest whole percent.arrow_forward
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL