Math 120 Exam 2 Review - Math 120 Exam 2 Review This review...

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Math 120 Exam 2 Review This review is only meant to provide you with extra practice problems covered in the first two chapters. This is not an exhaustive list of all problems you will see on the test so be sure to review the problems covered in class and in the assigned homework problems. 3.1 Simple and Compound Interest 1. A loan is taken out for $475 dollars for 20 years. If the loan is a simple interest loan at 5.7%, what is the future value of the loan? 2. What is the total interest paid on the loan in question 1? 3. A loan is taken out for $2735 for 14 years. If the loan is a compound interest loan at 7.7% compounded monthly, what is the future value of the loan? 4. What is the total interest paid on the loan in question 3? 5. A loan is taken out for $2844 for 29 years. If the loan is a compound interest loan at 5.3% compounded daily, what is the future value of the loan? 6. What is the total interest paid on the loan in question 5? 7. A 21 year loan is taken out with a future value of $2354. If the loan is a simple interest loan at 6.6%, what is the present value of the loan? 8. A 29 year loan is taken out with a future value of $13197. If the loan is a compound interest loan at 5.7% compounded quarterly, what is the present value of the loan? 9. Kathy buys a used car for $13157. She has a down payment of $755 and finances the balance as an add-on interest loan at 8.9% for 21 years. What are her monthly payments? 10. Bank One offers a CD at 4.93% compounded monthly. York Bank offers a
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This note was uploaded on 01/16/2012 for the course MATH 120 taught by Professor Shannonmccool during the Spring '12 term at Truckee Meadows Community College.

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Math 120 Exam 2 Review - Math 120 Exam 2 Review This review...

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