Suppose $\$140,000$ is owed on a house. The monthly payment for principal and interest at $8.5\%$ for $30$ years is $140 \cdot \$7.68913 = \$1076.48$. The total interest charged is the total amount paid minus the amount financed. What is the total interest?

Suppose $\$140,000$ is owed on a house. The monthly payment for principal and interest at $8.5\%$ for $30$ years is $140 \cdot \$7.68913 = \$1076.48$. What is the total amount that will be paid for principal and interest?

For this exercise, refer to the stock table discussed before. Then find the cost, at the day’s closing price, for each stock purchase. Include typical discount broker commissions as described in the text, using Firm $B$.

$$\begin{array}{c|c|c} \textbf{Stock Symbol } & \textbf{ Number of Shares } & \textbf{Transaction Type} \\ \hline \text{CAT} & 585 & \text { phone } \end{array}$$

A loan with $\$3310$ amount financed, $\$201.85$ regular monthly payments, $18$ total number of payments scheduled and $6$ remaining number of scheduled payments after payoff was paid off early. Find the unearned interest by (a) the actuarial method, and (b) the rule of $78$.

Barbara bought $1000$ shares of stock at $\$ 12.75$ per share. She received a dividend of $\$ 1.38$ per share shortly after the purchase and another dividend of $\$ 1.02$ per share one year later. Eighteen months after buying the stock, she sold the $1000$ shares for $\$ 10.36$ per share. (Disregard commissions and fees.)

Find her percentage return. Is this the annual rate of return on this stock transaction? Why or why not?

Find the future value and interest earned from a principal of $\$3450$ at $2.4\%$ compounded semiannually for $10$ years.

For each loan, calculate (a) the finance charge, and (b) the APR.

Daniel paid off a $\$ 15,000$ car loan over $3$ years with monthly payments of $\$ 466.59$ each.

Solve the following problem.

What are the monthly payments that Holly pays on a loan of $\$ 1680$ for a period of $10$ months if $9 \%$ add-on interest is charged?

In this exercise, assume whenever appropriate that, unless otherwise known, there are $12$ months per year, $30$ days per month, and $365$ days per year.

Calculate the simple interest owed for each loan.

$\$ 5000$ at $3 \%$ for $1$ year

For this exercise, find the future value of each deposit.

$\$ 500$ for $2$ years at $6 \%$ compounded quarterly

Find the APR (true annual interest rate), to the nearest half percent, for a loan where the amount financed is $\$1700$ with $\$202$ finance charge and $24$ monthly payments.

Round all monetary answers to the nearest cent unless directed otherwise. Assume that, unless otherwise known, there are $12$ months per year, $30$ days per month, and $365$ days per year.

Neema bought appliances costing $\$ 3795$ at a store charging $6 \%$ add-on interest. She made a $\$ 1000$ down payment and agreed to monthly payments over two years.

Find the total interest to be paid.

Suppose $\$140,000$ is owed on a house. The monthly payment for principal and interest at $8.5\%$ for $30$ years is $140 \cdot \$7.68913 = \$1076.48$. How many monthly payments will be made over the $30$-year period?

Round all monetary answers to the nearest cent unless directed otherwise.

Find the monthly payment needed to amortize principal and interest for each fixed-rate mortgage. You can use either the regular monthly payment formula or the mentioned table, as appropriate.

$$\begin{array}{c|c|c} \textbf{ Loan Amount } & \textbf{ Interest Rate } & \textbf{ Term } \\ \hline \$ 23,000 & 6.0 \% & 15 \text { years } \end{array}$$