Compound Interest and Logarithms

Please help with answers only.

 

1. Solve for x.

solve by using the exponent property of the log function.(rounded to the nearest four decimal)

2. Use the compound interest formula P(1+r)t and the given information to solve for r.

A=$2600, , . (Round to the nearest hundredth.)

 

3. Use the compound interest formula

A=P(1+r)t and the given information to solve for t.

A=$45,000, P=$30,000, percent. (Round to the nearest year.)

 

4. Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 9.6% annual interest rate, compounded annually, in order to have $30,000 in the fund at the end of 10 years? (Round up to the nearest cent.)

5. SIMPLE INETEREST FORMULA

5. Use the future value formula to determine the missing value.

A=? P=$1,900, %,

 

6. Use the formula for future value, A=P(1+rt), and elementary algebra to find the missing quantity.

A=$1,704; %; years. Simplify your answer.)

 

Annual Percentage Rate

7.Find the APR of the loan given the amount of the loan, the number and type of payments, and the add-on interest rate.

Loan amount, $9,000; three yearly payments; %

 

8. Find the finance charge per $100 for the loan described below.

Loan, $2,400; finance charge, $384

 

9. Luisa pays a finance charge of $152 on a 6-month, $3,700 loan. Find the annual percentage rate using the annual percentage rate table. (Round to the nearest integer as needed.)

 

 

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Please wait...Using the browser's print will lead to an undesirable print-out. Use the Print item from the "Question Help" menu to get a better print-out.Annual Percentage Rate Table

APR
10% 11% 12% 13% 14% 15% 16%
Number of Payments	Finance Charge per $100
6	$2.94   $3.23   $3.53   $3.83   $4.12   $4.42   $4.72  
12	$5.50   $6.06   $6.62   $7.18   $7.74   $8.31   $8.88  
24	$10.75   $11.86   $12.98   $14.10   $15.23   $16.37   $17.51  
36	$16.16   $17.86   $19.57   $21.30   $23.04   $24.80   $26.57  
48	$21.74   $24.06   $26.40   $28.77   $31.17   $33.59   $36.03  

10.Estimate the annual percentage rate for the add-on loan using the given number of payments and annual interest rate. Use the formula

APR ≈ 2nr Over n+ 1.

; %

(Round to two decimal places as needed.)

 

11. Think of the rent-to-own agreement as though it were an add-on loan. If the consumer rents until the item is paid for, find the finance charge per $100 financed.

Michael rents a TV worth $360 for monthly payments of $14. After 3 years, he will own the TV.

The finance charge is? $ 

 

 

 

 

Compound Interest and Logarithms
Please help with answers only.
1. Solve for x.
3x=12
solve by using the exponent property of the log function. Ans = 4
2. Use the compound interest formula P(1+r)t and the given information to solve for r. A=$2600, P=2100, t=7. (Round to the nearest hundredth.)
3. Use the compound interest formula A=P(1+r)t and the given information to solve for t.
A=$45,000, P=$30,000, r=8 percent. (Round to the nearest year.) ans. = 3mth
4. Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 9.6% annual interest rate, compounded annually, in order to have $30,000 in the fund at
the end of 10 years? (Round up to the nearest cent.) 5. SIMPLE INETEREST FORMULA
5. Use the future value formula to determine the missing value.
A=? P=$1,900, r=3%, t=2 ans. =2014 6. Use the formula for future value, A=P(1+rt), and elementary algebra to find the missing quantity.
A=$1,704; r=6%; t=7 years. Simplify your answer.) ans.= 1200 Annual Percentage Rate
7.Find the APR of the loan given the amount of the loan, the number and type of payments, and the add­
on interest rate.
Loan amount, $9,000; three yearly payments; rate=10%
8. Find the finance charge per $100 for the loan described below.
Loan, $2,400; finance charge, $384
9. Luisa pays a finance charge of $152 on a 6­month, $3,700 loan. Find the annual percentage rate using
the annual percentage rate table. (Round to the nearest integer as needed.) Annual Percentage Rate Table APR
10% 11% 12% 13% 14% 15% 16%
Number of PaymentsFinance Charge per $100
6
$2.94 $3.23 $3.53 $3.83 $4.12 $4.42 $4.72                     
12 $5.50 $6.06 $6.62 $7.18 $7.74 $8.31 $8.88
                     24 $10.7 $11.86 $12.98 $14.1 $15.23 $16.3
5         0      7   36 $16.1 $17.86 $19.57 $21.3 $23.04 $24.8
6         0      0   $21.7 $24.06 $26.40 $28.7 $31.17 $33.5
4         7      9  
10.Estimate the annual percentage rate for the add­on loan using the given number of payments and annual interest rate. Use the formula APR ≈ 2nr Over n+ 1.
n=42; r=7%
(Round to two decimal places as needed.)
48 11. Think of the rent­to­own agreement as though it were an add­on loan. If the consumer rents until the item is paid for, find the finance charge per $100 financed.
Michael rents a TV worth $360 for monthly payments of $14. After 3 years, he will own the TV.
The finance charge is?
$

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• 1492756819-Unit II Math Homework.docx