State-of-the-Art Photo Printer

State-of-the-Art Photo Printer - StateoftheArtPhotoPrinter1...

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State-of-the-Art Photo Printer     1 Unit 4: Simple Interest - Project You must show your work on all problems.  You may type your answer right into this  document. Total points for project:  45 points.  Projects must be submitted as a Microsoft Word document and uploaded to the  Dropbox for Unit 1 All Projects are due by Tuesday at 11:59 PM ET of the assigned Unit. NOTE:  Project problems should not be posted to the Discussion threads. Questions on  the project problems should be addressed to the instructor by sending an email or by  attending office hours. Part I.   Basic Computations 1. To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The  loan is due May 15.  The year is not a leap year. Round the answers to the nearest cent (nearest  hundredths) a)  Find the ordinary interest that Susan will pay for the loan.  (5 Points) Answer:  17 weeks and 1 day is 17x7+1=120, I=PRT, I=$2000x.065x(120/360)=  $43.33 b)  Find the maturity value, MV for the loan.  (5 Points) Answer:  MV=P(1+RxT) $2000[1+.065x(120/360)]=$2000(1.02167)= $2043.33 2. Maryam pays $3000 on the 30 th  day of a $7,000,  120-day, and 8% loan.   a. What is the adjusted principal after the partial payment is made if ordinary interest is applied?  (5 points)  Answer: Including interest so far at 30 days. I=PRT 7000x.08x(30/360)= $46.67=I , 3000- 46.67= $2953.33 goes toward paying off $7000. 7000-2953.22=  $4046.46 is adjusted principal after the partial payment is made. b. What is the adjusted balance due at maturity? (5 points)  Answer:  MV=P(1+RT) $4046.46[1+.08x(90/360)] 4046.46(1.02) =  $4127.40 is the adjusted balance due at maturity.
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State-of-the-Art Photo Printer     2 Part II.  Case Study  3. As a professional photographer, Marion has seen the trend away from film cameras 
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This note was uploaded on 03/29/2011 for the course ACCT 116 taught by Professor Smith during the Spring '11 term at University of Phoenix.

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State-of-the-Art Photo Printer - StateoftheArtPhotoPrinter1...

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