Mathematics

Math 106

Quiz 1 Page 1

Math 106 Quiz 1

At the end of your quiz you must include the following dated statement with your name typed in lieu of a signature.  Without this signed statement you will receive a zero.

I have completed this quiz myself, working independently and not consulting anyone except the instructor. I have neither given nor received help on this quiz.

Name:                                                           Date:

At the end of your quiz you must include the following dated statement with your name typed in lieu of a signature.  Without this signed statement you will receive a zero.

I have completed this quiz myself, working independently and not consulting anyone except the instructor. I have neither given nor received help on this quiz.

Name:                                                           Date:

At the end of your quiz you must include the following dated statement with your name typed in lieu of a signature.  Without this signed statement you will receive a zero.

I have completed this quiz myself, working independently and not consulting anyone except the instructor. I have neither given nor received help on this quiz.

Name:                                                           Date:

a) Each step should show the complete expression or equation rather than a piece of it.

b) Each new step should follow logically from the previous step, following rules of algebra.

c) Each new step should be beneath the previous step.

d) The equal sign, =, should only connect equal numbers or expressions.

Make the indicated conversion. Assume a 360-day year as needed.

1) 150 days to a simplified fraction of year

Use the simple interest formula to find the indicated quantity. Round answer to two decimal places if necessary.

2) I = $750, r = 6%, t = 6 months. Find P.

Use the simple interest formula for future value to find the indicated quantity. Round answer to two decimal places if necessary.

3) P = $7996; r = 6%; t = 10 months. Find A.

Use the simple interest formula for future value to find the indicated quantity. Round answer to two decimal places if necessary.

4) Allan borrowed $6300 from his father to buy a car. He repaid him after 9 months with interest of 11% per year. Find the total amount he repaid.

Find the compound interest earned. Round answer to two decimal places if necessary.

5) $14,000 at 5% compounded annually for 3 years

Find the effective rate corresponding to each nominal rate. Round answer to two decimal places if necessary.

6) An investment company pays 7% compounded quarterly. What is the effective rate?

Solve the problem. Round answer to two decimal places if necessary.

7) How long will it take for $8400 to grow to $14,600 at an interest rate of 9.4% if the interest is compounded continuously?

Solve the problem. Round answer to two decimal places if necessary.

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8) Sandra deposits $3000 in an ordinary annuity at the end of each semiannual period at 4% interest compounded semiannually. Find the amount she will have on deposit after 25 years.

Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated. Round answer to two decimal places if necessary.

9) PMT = $7,500, i = 7% interest compounded semiannually for 5 years

Find the monthly house payment necessary to amortize the following loan. Round answer to two decimal places if necessary.

10) In order to purchase a home, a family borrows $267,000 at 10.8% for 15 yr. What is their monthly payment?

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