Question 1

Solve the problem. Round your answer to the nearest cent.
-If inflation is $3 \%$ a year compounded annually, what will it cost in 12 years to buy a house currently valued at $\$ 75,000$ ?
A) $\$ 103,817.54$
B) $\$ 110,140.03$
C) $\$ 106,932.07$
D) $\$ 89,671.36$

Accepted Answer

To find the future value of the house, we use the formula for compound interest: $FV = PV(1 + r)^n$, where $FV$ is the future value, $PV$ is the present value (\$75,000), $r$ is the annual interest rate (3% or 0.03), and $n$ is the number of years (12). Plugging in the values, we get $FV = 75000(1 + 0.03)^{12}$, which calculates to approximately \$106,932.07.

Question 2

Solve the problem. Round your answer to the nearest cent.
-Sumi Kato's savings account has a balance of $\$ 4241$. After 21 years what will the amount of interest be at $3.5 \%$ compounded annually?
A) $\$ 4498.92$
B) $\$ 4481.92$
C) $\$ 4492.92$
D) $\$ 8906.10$

Accepted Answer

The formula for compound interest is A = P(1 + r/n)^(nt), where A is the final amount, P is the principal (initial amount), r is the annual interest rate, n is the number of times per year that the interest is compounded, and t is the number of years. In this case, P = 4241, r = 0.035, n = 1 (compounded annually), and t = 21. Plugging these values into the formula, we get A = 4241(1 + 0.035/1)^(1*21) = 4241(1.035)^21 = 4241(1.9592) = 8339.92. The amount of interest is A - P = 8339.92 - 4241 = 4498.92.

Question 3

Solve the problem. Round your answer to the nearest cent.
-Kaitlyn borrowed $\$ 12,000$ from her mother to buy a car. She will repay the loan at the end of 6 years at $8 \%$ interest compounded annually. Find the amount she will repay.
A) $\$ 19,042.49$
B) $\$ 20,946.74$
C) $\$ 77,760.00$
D) $\$ 7042.49$

Accepted Answer

The amount to be repaid can be calculated using the formula for compound interest: $A = P(1 + r)^n$, where $A$ is the amount, $P$ is the principal amount (\$12,000), $r$ is the annual interest rate (0.08), and $n$ is the number of years (6). Plugging in the values, we get $A = 12000(1 + 0.08)^6$, which calculates to approximately \$19,042.49.

Question 4

Solve the problem. Round your answer to the nearest cent.
-Tara invests $\$ 250$ in an account paying $8.7 \%$ compounded annually. How much is in the account after 7 years?
A) $\$ 448.28$
B) $\$ 449.64$
C) $\$ 152.25$
D) $\$ 448.80$

Accepted Answer

The amount in the account after 7 years can be calculated using the formula for compound interest: $A = P(1 + r)^n$, where $A$ is the amount of money accumulated after n years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (decimal), and $n$ is the number of years the money is invested for. Here, $P = \$250$, $r = 8.7\% = 0.087$, and $n = 7$. Plugging these values into the formula gives $A = 250(1 + 0.087)^7 \approx \$448.28$.

Question 5

Solve the problem.
-Hamlet has a credit card balance of $\$ 4146.77$ with an annual percentage rate of $21.9 \%$. His card requires a minimum payment of $2 \%$ of the total balance. What is his minimum payment?
A) $\$ 908.14$
B) $\$ 21.90$
C) $\$ 82.94$
D) $\$ 829.35$

Accepted Answer

The minimum payment is calculated as 2% of the total balance, which is $2\% \times \$4146.77 = 0.02 \times 4146.77 = \$82.9354$, rounded to \$82.94.

Question 6

Solve the problem.
-Cordelia has a credit card balance of $\$ 5261.18$ with an annual percentage rate of $13.6 \%$. Her card requires a minimum payment of $2 \%$ of the total balance. If she pays only the minimum payment, what amount of the minimum payment is applied to the principal? (Assume that interest is compounded monthly.)
A) $\$ 105.22$
B) $\$ 13.60$
C) $\$ 45.59$
D) $\$ 59.63$

Accepted Answer

The answer of Solve the problem.
-Cordelia has a credit card...

Question 7

Solve the problem.
-Eduardo has a balance of $\$ 3265.96$ on a credit card with an annual percentage rate (APR) of $12.6 \%$. His credit card requires a minimum monthly payment of $2 \%$ of the balance. If he transfers his balance to a credit card with an APR of $8.5 \%$ how much of his first payment would be interest and how much would be applied to reduce the principal?
A) Interest: $\$ 34.29$; amount applied to principal: $\$ 31.03$
B) Interest: $\$ 23.13$; amount applied to principal: $\$ 47.51$
C) Interest: $\$ 34.29$; amount applied to principal: $\$ 36.14$
D) Interest: $\$ 23.13$; amount applied to principal: $\$ 42.19$

Accepted Answer

The monthly interest rate is $8.5\% / 12 = 0.7083\%$. The interest for the first month is $0.007083 \times 3265.96 = \$ 23.13$. The minimum payment is $2\% \times 3265.96 = \$ 65.32$. The amount applied to the principal is $65.32 - 23.13 = \$ 42.19$.

Question 8

Solve the problem.
-Tom has a balance of $\$ 4261.15$ on a credit card with an annual percentage rate (APR) of $13.7 \%$. His credit card requires a minimum monthly payment of $2 \%$ of the balance. If he transfers his balance to a credit card with an APR of $9.2 \%$ how much more of his first payment would be applied to reduce the principal than if he had not transferred his balance?
A) $\$ 15.98$ more will be applied to principal
B) $\$ 19.88$ more will be applied to principal
C) \$32.67 more will be applied to principal
D) $\$ 52.55$ more will be applied to principal

Accepted Answer

The minimum payment on the original card is $2 \% \times \$ 4261.15 = \$ 85.22$. The interest on the original card is $13.7 \% \times \$ 4261.15 / 12 = \$ 52.55$. The amount applied to principal on the original card is $85.22 - 52.55 = \$ 32.67$. The minimum payment on the new card is $2 \% \times \$ 4261.15 = \$ 85.22$. The interest on the new card is $9.2 \% \times \$ 4261.15 / 12 = \$ 32.67$. The amount applied to principal on the new card is $85.22 - 32.67 = \$ 52.55$. The difference between the amount applied to principal on the new card and the amount applied to principal on the original card is $52.55 - 32.67 = \$ 19.88$.

Question 9

Write the word or phrase that best completes each statement or answers the question.
-Fill in the blanks. $92 \%$ represents____ parts out of____ equal parts.

Accepted Answer

The answer of Write the word or phrase that best...

Question 10

Write the word or phrase that best completes each statement or answers the question.
-Give five examples of the use of percent in sports or games.

Accepted Answer

The answer of Write the word or phrase that best...

Question 11

Write the word or phrase that best completes each statement or answers the question.
-Select a decimal percent with three digits and write it as a fraction. Select a fraction with a two-digit denominator and write it as a percent. Explain each step of your work.

Accepted Answer

The answer of Write the word or phrase that best...

Question 12

Write the word or phrase that best completes each statement or answers the question.
-Write a sentence or statement using words and numbers that includes a percent, a base, and an amount. Identify the parts.

Accepted Answer

The answer of Write the word or phrase that best...

Question 13

Write the word or phrase that best completes each statement or answers the question.
-Give four examples of using percent of increase or percent of decrease in your own activities.

Accepted Answer

The answer of Write the word or phrase that best...

Question 14

Write the word or phrase that best completes each statement or answers the question.
-before the increase? She wrote the following equation: $15 \% \times 86=\mathrm{x}$. Do you think this equation will give her the correct answer? If not, what is the correct equation to use? Explain your thinking.

Accepted Answer

The answer of Write the word or phrase that best...

Question 15

Anne and Michael both put $\$ 5000$ in a savings account. Anne gets $8 \%$ compounded monthly. In Michael's account, the interest is compounded annually. Two years later the amount in Anne's account is exactly the same as the amount in Michael's account. What can you conclude about the interest rate for Michael's account?
A) It is less than $8 \%$.
B) It is greater than $8 \%$.
C) It is equal to $8 \%$.
D) There is not enough information to determine whether it is greater or less than $8 \%$.

Accepted Answer

Since Anne's interest is compounded monthly and Michael's annually, for their final amounts to be the same, Michael's annual interest rate must be higher than Anne's monthly compounded 8% to compensate for the effect of compounding.

Question 16

Write the word or phrase that best completes each statement or answers the question.
-Juan and Pete are on the same salary. Juan receives a $10 \%$ raise followed by an $8 \%$ raise a year later. Pete receives an $8 \%$ raise followed by a $10 \%$ raise a year later. After the two salary raises, whose salary is higher? Explain your answer.

Accepted Answer

The answer of Write the word or phrase that best...

Quiz 4: Percent Notation

Solve the problem. Round your answer to the nearest cent. -If inflation is $3 \%$ a year compounded annually, what will it cost in 12 years to buy a house currently valued at $\$ 75,000$ ?

Solve the problem. Round your answer to the nearest cent. -Sumi Kato's savings account has a balance of $\$ 4241$ . After 21 years what will the amount of interest be at $3.5 \%$ compounded annually?

Solve the problem. Round your answer to the nearest cent. -Kaitlyn borrowed $\$ 12,000$ from her mother to buy a car. She will repay the loan at the end of 6 years at $8 \%$ interest compounded annually. Find the amount she will repay.

Solve the problem. Round your answer to the nearest cent. -Tara invests $\$ 250$ in an account paying $8.7 \%$ compounded annually. How much is in the account after 7 years?

Solve the problem. -Hamlet has a credit card balance of $\$ 4146.77$ with an annual percentage rate of $21.9 \%$ . His card requires a minimum payment of $2 \%$ of the total balance. What is his minimum payment?

Write the word or phrase that best completes each statement or answers the question. -Fill in the blanks. $92 \%$ represents parts out of equal parts.

Write the word or phrase that best completes each statement or answers the question. -Give five examples of the use of percent in sports or games.

Write the word or phrase that best completes each statement or answers the question. -Select a decimal percent with three digits and write it as a fraction. Select a fraction with a two-digit denominator and write it as a percent. Explain each step of your work.

Write the word or phrase that best completes each statement or answers the question. -Write a sentence or statement using words and numbers that includes a percent, a base, and an amount. Identify the parts.

Write the word or phrase that best completes each statement or answers the question. -Give four examples of using percent of increase or percent of decrease in your own activities.

Write the word or phrase that best completes each statement or answers the question. -before the increase? She wrote the following equation: $15 \% \times 86=\mathrm{x}$ . Do you think this equation will give her the correct answer? If not, what is the correct equation to use? Explain your thinking.

Quiz 4: Percent Notation

Solve the problem. Round your answer to the nearest cent. -If inflation is 3%3 \%3% a year compounded annually, what will it cost in 12 years to buy a house currently valued at $75,000\$ 75,000$75,000 ?

Solve the problem. Round your answer to the nearest cent. -Sumi Kato's savings account has a balance of $4241\$ 4241$4241 . After 21 years what will the amount of interest be at 3.5%3.5 \%3.5% compounded annually?

Solve the problem. Round your answer to the nearest cent. -Kaitlyn borrowed $12,000\$ 12,000$12,000 from her mother to buy a car. She will repay the loan at the end of 6 years at 8%8 \%8% interest compounded annually. Find the amount she will repay.

Solve the problem. Round your answer to the nearest cent. -Tara invests $250\$ 250$250 in an account paying 8.7%8.7 \%8.7% compounded annually. How much is in the account after 7 years?

Solve the problem. -Hamlet has a credit card balance of $4146.77\$ 4146.77$4146.77 with an annual percentage rate of 21.9%21.9 \%21.9% . His card requires a minimum payment of 2%2 \%2% of the total balance. What is his minimum payment?

Write the word or phrase that best completes each statement or answers the question. -Fill in the blanks. 92%92 \%92% represents____ parts out of____ equal parts.

Write the word or phrase that best completes each statement or answers the question. -Give five examples of the use of percent in sports or games.

Write the word or phrase that best completes each statement or answers the question. -Select a decimal percent with three digits and write it as a fraction. Select a fraction with a two-digit denominator and write it as a percent. Explain each step of your work.

Write the word or phrase that best completes each statement or answers the question. -Write a sentence or statement using words and numbers that includes a percent, a base, and an amount. Identify the parts.

Write the word or phrase that best completes each statement or answers the question. -Give four examples of using percent of increase or percent of decrease in your own activities.

Solve the problem. Round your answer to the nearest cent. -If inflation is $3 \%$ a year compounded annually, what will it cost in 12 years to buy a house currently valued at $\$ 75,000$ ?

Solve the problem. Round your answer to the nearest cent. -Sumi Kato's savings account has a balance of $\$ 4241$ . After 21 years what will the amount of interest be at $3.5 \%$ compounded annually?

Solve the problem. Round your answer to the nearest cent. -Kaitlyn borrowed $\$ 12,000$ from her mother to buy a car. She will repay the loan at the end of 6 years at $8 \%$ interest compounded annually. Find the amount she will repay.

Solve the problem. Round your answer to the nearest cent. -Tara invests $\$ 250$ in an account paying $8.7 \%$ compounded annually. How much is in the account after 7 years?

Solve the problem. -Hamlet has a credit card balance of $\$ 4146.77$ with an annual percentage rate of $21.9 \%$ . His card requires a minimum payment of $2 \%$ of the total balance. What is his minimum payment?

Write the word or phrase that best completes each statement or answers the question. -Fill in the blanks. $92 \%$ represents parts out of equal parts.