Math111 Homework 9 - If $800 is borrowed for five years

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 andersmr@wvstateu.edu. 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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