Option #1: consumer mathematics #1
question #1 â simple interest
roger borrowed money to finance a new boat. the bank offered jack $28,000 of the $35,000. to make up the difference, jack secured a small personal, simple interest loan. jackâs loan was structured as an installment loan that required him to pay $297.50/month for 30 months. calculate the amount financed, total installment price, the finance charge, and the interest rate.
question #2 â annuity payment
james is saving money to open a corner store. he needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. if the annuity requires that james make monthly investments, what annuity payment must james make to save $15,000?
question #3 â mortgage financing
peter and rachael purchased a home costing $269,000. a mortgage company financed the home at a 5.5% rate and 30-year term, requiring that they make a 15% down payment. calculate the down payment and monthly mortgage payment that peter and rachael must pay.
requirements:
show all your work so that the instructor clearly sees how you solved the problem.
make sure your final answer is clear and visible.
paper must be written in 3rd person. your paper should be 2-3 pages in length (counting the title page and references page) and cite and integrate at least one credible outside source. the csu- global library is a great place to find resources.
your paper should be 2-3 pages in length (counting the title page and references page) and cite and integrate at least one credible outside source. the csu-global library is a great place to find resources.
include a title page, introduction, body, conclusion, and a reference page.
the introduction should describe or summarize the topic or problem. it might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.
the body of your paper should answer the questions posed in the problem. explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. be sure this is in paragraph format, not numbered answers like a homework assignment.
the conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.
document formatting, citations, and style should conform to the csu-global guide to writing and apa. a short summary containing much that you need to know about paper formatting, citations, and references is contained in the new sample apa paper. in addition, information in the csu- global virtual library under the writing center/apa resources tab has many areas (writing center, writing tips, template & examples/papers & essays, and others).