Can someone assist me with this?
Homework 9
Math 111E
22 points
Due: April 30, 2024
Scan your answers (show your work!), then upload them to WVSU Online or e-mail them to
[email protected]. If you prefer to hand them in on paper, that’s fine, too.
1. If $800 is borrowed for five years at 6% simple annual interest, then find the interest owed
and the amount repaid.
2. If $800 is deposited at 6% compounded monthly for five years, then find the future value and
the total interest earned.
3. Find the future value of an annuity with payments of $800 per month for 5 years if the interest
rate is 6% compounded monthly, and find the total interest earned.
4. Find the monthly payment on an annuity at 6% annual interest if the value after 30 years
will be $100,000.
5. John had a credit card balance of $411.27 at the start of the June. He made purchases of
$370 on June 7 and $840 on June 15, and one payment of $400 on June 28. If the interest
on the average daily balance balance is 1.2% per month, then find the finance charge and the
balance at the start of July.
6. A house sold of $82,000. The buyer made an 8% down payment and got a 30 year mortgage
at 7% annual interest on the remainder. Find the amount of the down payment, the mortgage
amount, the monthly payment amount, the total interest paid and set up an amortization
schedule for the first three payments.
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