General Education Assignment for Math 1324
C) Discuss Advantages/Disadvantages of each loan
Toyota Financing
The advantage of Being financed through Toyota themselves, is that Scott will not be
paying any interest on the monthly payments made toward the c

3.1 Simple Interest
I=Prt
A=P(1+rt)
3.2.1 Compound Interest
A=P
r
)mt
m
A=P(1+
3.3.1 Future Value of an Annuity
FV = PMT
3.3.2 Sinking Fund
r mt
1
m
r
m
( )
PMT = FV
3.4.1 Present Value of an Ordinary Annuity
PV = PMT
r
1 1+
m
r
m
rt
I = Interest
A = Futu

MATH 1324 FINAL EXAM FORMULA SHEET
FINANCE
Simple Interest
I = Prt where I = interest, P = principal,
r = annual simple interest rate (decimal form),
t = time in years.
If a principal P (present value) is borrowed, then the amount A (future value) is

Practice test for chapter 3: FInance
Name_
Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal
form.
1) 0.05% to decimal
Make the indicated conversion. Assume a 360-day year as need

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