A-34 ANSWERS 31. a) $30.00 b) $54.73, which rounds up to $55 33. a) $21.14, which rounds up to $22 b) $34.39, which rounds up to $35 35. a) $29.93 b) $1889.30 37. a) $1.56 b) $133.11 39. a) $512.00 b) $6.66 c) $638.43 41. a) $121.78 b) $1.52 c) $133.07 d) The interest charged using the average daily balance method is $0.04 less than the interest charged using the previous balance method. 43. a) $11.96 b) $886.96 45. a) $25 b) $35.60 c) 8.5% d) 6.5% 47. $14,974.55 SECTION 10.5, PAGE 638 1. Mortgage 3. Points 5. Adjusted 7. $1367.43 9. $2130.94 11. $751.25 13. $1449.25 15. a) $85,000 b) $1700 17. a) $39,000 b) $156,000 c) $3120 19. a) $41,250 b) $233,750 c) $1115.96 21. a) $467,500 b) $1,870,000 c) $11,830.54 23. a) $802.20 b) $1411.19 c) No 25. a) $111,209.40 b) $36,209.40 c) $210.02 27. a) 4.0% b) $1139.24 c) 5.5% 29. Bank B 31. a) $110,000 b) $13,200 c) $4026.40 d) $2498.27 e) $3161.52 f) Yes g) $481.60 h) $1,022,577.20 i) $472,577.20 33. a) $664,491.60 b) $927,379.20 c) $1,230,933.60 35. a) The variable-rate mortgage b) $2149.80 SECTION 10.6, PAGE 648 1. Annuity 3. Sinking 5. Immediate 7. 401k 9. $6144.10 11. $299,929.32 13. $3721.58 15. $175.48 17. $149,271.58 19. $40,305.56 21. $264.97 23. $5160.71 25. a) $23,003.87 b) $826,980.88 c) $349,496.41 d) $12,000 e) $36,000 f) Alberto REVIEW EXERCISES, PAGE 651 1. 35% 2. 58.3% 3. 62.5% 4. 4.1% 5. 0.98% 1.0% ≈ 6. 314.1% 7. 0.08 8. 0.229 9. 1.23 10. 0.0025 11. 0.0083 12. 0.0000045 13. 3.0% 14. 12.5% 15. 20.0% 16. 80 17. 91.8 18. $7.83 19. 40 people 20. 12% 21. $563.20 22. 5.0% 23. $1700 24. 4.75 years 25. $7875 26. a) $1380 b) $4620 c) 14.9% 27. $5646.82 28. $3634.36 29. a) $6691.13; $1691.13 b) $6719.58; $1719.58 c) $6734.28; $1734.28 d) $6744.25; $1744.25 e) $6749.13; $1749.13 30. $2588.98 31. 5.76% 32. $4713.10 33. a) $7800 b) $18,200 c) $2407.39 d) $343.46 SECTION 10.2, PAGE 602 1. Principal 3. Interest 5. Rate 7. United States 9. $33.75 11. $24.06 13. $15.85 15. $9.12 17. $113.20 19. 1.38% 21. $7000 23. 2 years 25. a) $131.25 b) $3631.25 27. 4% 29. 200% 31. a) 31.48% b) 27.31% c) Patios and More 33. a) $416.10 b) $3233.90 c) 8.58% 35. October 28 37. March 24 39. 69 days 41. 272 days 43. 264 days 45. a) 259 days b) $113.31 c) $3613.31 47. a) 310 days b) $839.58 c) $30,839.58 49. $2023.06 51. $1459.33 53. $5278.99 55. $850.64 57. $6086.82 59. $2646.24 61. a) November 13 b) $51.06 c) $948.94 d) $5.32% 63. a) 409.01% b) 204.50% c) 102.25% 65. a) $375 b) $369.86 c) $5.14 d) 1.39% 66. a) $6.42 b) $14.20 c) $22.47 d) Answers will vary. SECTION 10.3, PAGE 612 1. Profit 3. Compound 5. a) $935.11 b) $85.11 7. a) $3589.24 b) $589.24 9. a) $10,939.90 b) $939.90 11. a) $8666.26 b) $666.26 13. 3.63% 15. 4.91% 17. $85,282.13 19. $17,451.31 21. $1110.20 23. $1608.63 25. $10,910.27 27. $2272.34 29. $2341.82 31. a) 1.91% b) 1.82% c) Prospero Bank 33. a) 2.25% b) 2.26% c) Key Bank 35. Yes, the APY should be 2.43%. 37. $30,274.73 39. $13,351.33 41. a) $555,000 b) $58,907.61 c) $98.51 43. a) $1040.60, $40.60 b) $1082.43, $82.43 c) $1169.86, $169.86 d) No 45. The simple interest is $20,000. The compound interest is $22,138.58. The compound interest is greater by $2138.58. 47. 11.74% 49. 8.84% SECTION 10.4, PAGE 626 1. Installment 3. Annual 5. Installment 7. a) $750 b) $14,250 c) $637.98 9. a) $7000 b) $28,000 c) $670.48 11. a) $180.25 b) $515.02 13. a) $3243.86 b) $488.41 15. $36.56 17. $355.72 19. a) $24,500 b) $4262.24 c) $479.37 21. a) $553.22 b) $133.40 23. a) $818.40 b) 8.5% 25. a) $6823.40 b) 6.5% 27. a) 6% b) $725.93 c) $7858.07 29. a) $2818.40 b) $689.40 c) $347.61 d) $8614.59
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