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Michelle has four credit cards with the balances and interest rates listed below. Rather than budget to pay each of the credit cards off in 36 months, Michelle would like to pay them off one at a time based on the balance for each credit card. In which order should Michelle pay off her credit cards? Credit Card Balance APR #1 $4,380 17% #2 $1,365 19% #3 $2,480 23% #4 $5,000 15%

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Answer:

#4, #1, #3, #2

Step-by-step explanation:

We will calculate the total amount for each of the credit card and then arrange them in descending order according to their interest after 36 months (3 years)

Interest on Credit card 1 = frac{4380*17*3}{100}

                                        = $2233

Interest on credit card 2 = frac{1365*19*3}{100}

                                        = $778

Interest on credit card 3 = frac{2480*23*3}{100}

                                        = $1656

Interest on credit card 4 = frac{5000*15*3}{100}

                                        = 2250

Hence the correct order to pay off all the credit card balances is

#4, #1, #3, #2

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My grandfather, who lost his short-term memory sometime during the first Eisenhower Administration, calls me into his study because he wants to tell me the story he’s never told anybody before again. . . . My grandfather slams the door and motions me to the chair in front of his desk. I’ll be thirteen in two weeks. “There’s something I want to tell you, son,” he says. “Something I’ve never told anybody. You think you’re ready? You think you’ve got the gumption?” “I think so.” “Think so?” “I know so, sir. I know I’ve got the gumption.” . . . “It was late,” he says. “Someone knocked on my stateroom door. I leaped up. In those days I slept in uniform—shoes, too.” My grandfather smiles. His face is so perfectly round that his smile looks like a gash in a basketball. I smile back. “Don’t smile,” he says. “Just because I’m smiling, don’t assume I couldn’t kill you right now. Know that about a man.” Source: Orner, Peter. “The Raft.” The Atlantic Online. The Atlantic Monthly Company, Apr. 2000. Web. 10 May 2011. Which point of view does the text use?

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My grandfather, who lost his short-term memory sometime during the first Eisenhower Administration, calls me into his study because he wants to tell me the story he’s never told anybody before again. . . . My grandfather slams the door and motions me to the chair in front of his desk. I’ll be thirteen in two weeks. “There’s something I want to tell you, son,” he says. “Something I’ve never told anybody. You think you’re ready? You think you’ve got the gumption?” “I think so.” “Think so?” “I know so, sir. I know I’ve got the gumption.” . . . “It was late,” he says. “Someone knocked on my stateroom door. I leaped up. In those days I slept in uniform—shoes, too.” My grandfather smiles. His face is so perfectly round that his smile looks like a gash in a basketball. I smile back. “Don’t smile,” he says. “Just because I’m smiling, don’t assume I couldn’t kill you right now. Know that about a man.” Source: Orner, Peter. “The Raft.” The Atlantic Online. The Atlantic Monthly Company, Apr. 2000. Web. 10 May 2011. Which point of view does the text use?

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Aiden can afford a $280-per-month car payment. If he is being offered a 4-year car loan with an APR of 1.8%, compounded monthly, what is the value of the most expensive car he can afford? A.13,439.51 B.13,390.73 C.12,958.20 D.13,435.06

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Aiden can afford a $280-per-month car payment. If he is being offered a 4-year car loan with an APR of 1.8%, compounded monthly, what is the value of the most expensive car he can afford? A.13,439.51 B.13,390.73 C.12,958.20 D.13,435.06

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A 20-year, $148,000 mortgage is taken out with a 4.9% APR. If payments are scheduled monthly and there are no additional costs, determine the balance on the account after the first month’s payment has been made.

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Answer:

Number of copy machines must be made to minimize the unit cost=160.

Step-by-step explanation:

We are given that the unit cost function C ( the cost in dollars to make each copy machine)

If machines are made =x

Then the unit cost function is given by

C(x)=0.8x^2-256x+25939

We have to find the number of copy machines for  minimize the unit  cost

C(x)=0.8x^2-256x+25939

Differentiate with respect to x

Then we get

frac{mathrm{d}C}{mathrm{d}x}=1.6x-256 ……(equation I)

To find the value of x then we susbtitute frac{mathrm{d}C}{mathrm{d}x} is equal to zero

frac{mathrm{d}C}{mathrm{d}x}=0

1.6x-256=0

1.6x=256

x=frac{256}{1.6}

By using division property of equality

x= 160

Again differentiate the equation I with respect to x then we get

frac{mathrm{d}^2 C}{mathrm{d}^2 x}=1.6 >0

Hence, the unit cost is minimize for x=160

Therefore, the number of copy machines must be made to minimize the unit cost =160

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A $28,000 car loan is used to purchase a new car. The loan is for 6 years and has a 5.75% APR. Use the amortization formula to determine the amount of the monthly payments.

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A $28,000 car loan is used to purchase a new car. The loan is for 6 years and has a 5.75% APR. Use the amortization formula to determine the amount of the monthly payments.

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Your original purchase price was $950.00 plus 5% sales tax. You enter into an agreement where the interest (12.5% APR) is waived for the first 12 months provided you make the required monthly payments; otherwise the interest is accrued from the date of purchase. You missed the first payment due date. The late fee is $35.00. How much is the interest? $10.39 $9.90 $124.69 $118.75

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Given:
Purchase Price: 950
Sales tax: 5% of 950 = 47.50
Total amount applied for credit: 950 + 47.50 = 997.50
APR = 12.5%
Monthly interest rate: 12.5% / 12 = 1.0417%

Interest = 997.50 x 1.0417% = 10.3910 or 10.39

*I assumed that the sales tax paid was included in the credit card payment. Thus, interest for said tax was also computed. The late fee charged was not part of my computation because it is not a part of the original amount. 

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Gary has a credit card with an APR of 13.57%, compounded monthly. He would like to pay off the $1,847.42 card balance over the course of two and a half years by making identical monthly payments. Assuming that he makes no additional purchases on his card, how much must Gary pay every month to reach his goal? (Round all dollar values to the nearest cent.) a. $72.96 b. $137.45 c. $61.58 d. $86.29

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1. When John received his W2, he received several copies. Why was he sent multiple copies of this form?

The different copies are for John and each tax return he may file

2. Who sent John this W-2?

John’s employer – ProperLiving Widget Engineering & Design

3. How much did John make in wages in the 2014 tax year? (assuming this was John’s only job)

I do not know

4. How much did John ‘take home’ in net pay? (assuming this was John’s only job)

I do not know

5. How much did John save in his 401(k) in the 2014 tax year?
I do not know

6. Assume your employer provides health care insurance and deducts your portion of the premiums from your paycheck with pre-tax dollars. Are your health insurance premiums federally tax deductible?
Yes

8. Select what would happen to your 1) taxable income and 2) tax liability when you are able to claim a deduction such as student loan interest?

1) lower 2) higher

9. Which are tax deductible?

Student loan payments

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