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math 123 ivy tech homework

math 123 ivy tech homework

Description

School: Ivy Tech Community College
Department: Science and Math
Course: Quantitative reasoning
Term: Spring 2017
Tags: Math and Quantitative Reasoning
Cost: 25
Name: Math123 - Week 5 "Notes" Homework 9
Description: This is a test upload.
Uploaded: 07/13/2017
2 Pages 147 Views 2 Unlocks
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Math 123 Quantitative Reasoning Homework Assignment #9-C  19. Credit Cards, 20. Interest  (Show all your work to get full credit) Name: _____________________________ Section: ___________ Score: _______________ Credit Cards  1. Your friend has 2 credit cards with balances that he cannot afford to pay off all at once. Card #1 has a  $850 balance with a 16.99% APR, while card #2 has a $625 balance with a 23.99% APR. Calculate the  monthly finance charges on each. What advice would you give your friend about paying off the balances  on these cards?  Card #1 payment:  Card #2 payment:   Advice to your friend:    2. With a beginning balance of $1500 and no additional charges during the next three months, you will just pay  the minimum payment each month for the next three months. The APR is 21.99% and the minimum payment  each month is 3% of the balance or $30 whichever is higher. Determine the finance charge, new balance, and  minimum payment required for each of the next three months, and the starting balance for month 4 in the  table below:   Month Starting balance Finance charge New balance Minimum payment 1 $1500

2

3

4


What is the total of the finance charges?




What is the total of the minimum payments?




What advice would you give your friend about paying off the balances on these cards?



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a. What is the total of the minimum payments?  b. What is the total of the finance charges?  c. How much does the starting balance decrease after these three payments?  d. Your finance charge is what percent of your payments?  e. Explain why making the minimum payment all the time is great for the credit card company,  but not so great for the user.  f. Explain why having a credit card and using it wisely is beneficial to you. 1  Math 123 Quantitative Reasoning Homework Assignment #9-C  19. Credit Cards, 20. Interest  (Show all your work to get full credit) Simple & Compound Interest  3. Lori buys a $1200 certificate of deposit (CD) that earns 4.25% interest that compounds monthly.  How much will the CD be worth in:  a. 5 years?  b. 10 years?  4. Lori gets an offer from another bank that is also paying 4.25% on CD’s, but is compounding  interest daily. How much will the $1200 CD be worth in:  a. 5 years?  b. 10 years?  5. Perry has an opportunity to put $8,000 into an investment with an APR of 4.5%. How long will  it take his investment to double? Rounded to the nearest hundredth.  6. Create an Excel spreadsheet comparing simple interest and compound interest yearly for an  investment of $1200 over 30 years with an APR of 8%. Use the directions from class to create  your spreadsheet showing both types of interest for all 30 years. Attach a printed copy of your  Excel file to your homework.  Simple interest balance after 30 years:  Cell Reference for year 30:  Formula in that cell:  Compound interest balance after 30 years:  Cell Reference for year 30:  Formula in that cell:  7. Use the data from the spreadsheet in #6 to create a scatterplot comparing the two types of  interest. Attach a printed copy of the scatter plot to your homework. Write a paragraph  making your comparisons and observations. 2  
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