Chapter 4 Worksheet: Answers
Chapter 4 Worksheet: AnswersChapter 4 Worksheet: AnswersPractice 1:$828 per yearPractice 2:$318.01 each monthPractice 3:a) $482.51 each monthb) $115,802.40c) Principal: 43.2%; Interest: 56.8%Practice 4: $840Practice 5: $4,227.41Practice 6: Option 1:monthly payments: $1467.53 each monthtotal loan costs: $528,310.80Option 2:monthly payments: $1854.02 each monthtotal loan costs: $333,723.60Practice 7:*Assume it is a 3-credit math class.a) You pay $1500 for class or you earn $1500 for working.b) Yes! (Explanations will vary.)Practice 8: 6.18%Practice 9: $1824.96Practice 10: You can only afford option 3.
Chapter 4 Worksheet: AnswersPractice 11: Suzanne: $3,375; Derek: $3,394.22Practice 12:1.5% each monthPractice 13: total return: 56.7%; annual return: 9.4%Practice 14: a) P = $80,000APR = 7% (or 0.07 as a decimal)n = 12Y = 20PMT = $620 each monthb) Total payments: 240 monthly payments; total amount: $148,800c) Principal: 53.8%; Interest: 46.2%Practice 15: $32,967.32Practice 16: 2.27%Practice 17: a) $114,451.51b) total deposits: $36,000; Interest: $78,451.51Practice 18:a) $188.38 each monthb) total paid: $6,781.68; interest only: $1,781.68c) 26.3%Practice 19: 3.7%Practice 20: a) $17,500b) $4150c) $707.25 each monthd) $276,260
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Magazine: Chapter 4 Worksheet: Answers
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