# 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.**

**.**

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?