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Math for Liberal Arts MGF 1107

Marketplace > Valencia College > Math > MGF 1107 > Math for Liberal Arts
VC
GPA 3.66

Sonya Lenhof

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Sonya Lenhof
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This 1 page Class Notes was uploaded by Adalberto Stoltenberg on Thursday October 29, 2015. The Class Notes belongs to MGF 1107 at Valencia College taught by Sonya Lenhof in Fall. Since its upload, it has received 16 views. For similar materials see /class/231216/mgf-1107-valencia-college in Math at Valencia College.

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Date Created: 10/29/15
MGF 1107 Chapter 3 Review Finance Additional Problems for section 35 in MGF 1107 1 Suppose you have a balance owed on a car loan of 10000 The interest rate is 8 per year compounded monthly and your monthly payment is 300 A At end of the month when you make a payment how much of the 300 is interest owed for the month and how much of it is applied to the balance B What is the balance after making the payment C What will be the balance after making the payment at the end of the next month D Suppose you make payments until your balance is down to 1000 At the end of the month you make another 300 payment How much of that payment goes toward interest and how much goes toward the balance 2 Suppose you have a balance owed on a home loan of 150000 The interest rate is 6 per year compounded monthly and your monthly payment is 1000 A At end of the month when you make a payment how much of the 1000 is interest owed for the month and how much of it is applied to the balance B What is the balance after making the payment C What will be the balance after making the payment at the end of the next month D Suppose you make payments until your balance is down to 50000 At the end of the month you make another 1000 payment How much of that payment goes toward interest and how much goes toward the balance 3 Suppose that a stock increases in value by 20 per year for ve years Ifthe initial value was 50 per share What is the value ve years later What was the percentage increase over the ve years Answers 1A 6667 23333 1B 976667 1C 953178 1D 667 29333 2A 750 250 1B 149750 1C 14949875 1D 250 750 3 12442 and the percentage growth over the ve years is 149 note it is not 100 as might have been expected You need to be able to solve problems about simple interest and compound interest by using the formula and showing the calculations For problems that involve systematic saving and amortized loan repayment you may use the Finance menu on the calculator but you must show what you entered For all problems you must write your conclusion as a sentence Chapter Review page 181 7 183 l 2 3 4 5 7 10 13 17 19 and problems above

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