1. Benny purchases $1,000 in stereo speakers. He finances the purchase with an add-on loan at 7% for 2 years. What is his monthly payment?

2. Zulemias grandparents set up an account when she was born. The account earned 4.27% compounded daily. She turned 18 today and she has $32,349.72 in the account. How much money did her grandparents deposit on the day she was born?

3. Below is a table outlining Sue%u2019s monthly charges and payments on her credit card for the month of August (31 days):

a. Determine her average daily balance.

b. Suppose her credit card charges 21% APR. Determine the interest accrued this month.

DateActivityAmountBalance ForwardDays (Freq)

August 1 $2,500.00

August 4Payment$200.00

August 8Charge$45.33

August 15Charge$100.00

August 21Charge$11.82

4. You put $100 into a retirement account every month for 20 years. Assume the account earns 5.2% APR compounded monthly.

a. Determine the future value.

b. How much did you personally contribute over the 20 years?

c. What was the interest earned in the 20 years?

5. The Garza%u2019s purchased a home in the Willow District of Phoenix for $225,000. They qualified for a 5.375% 30 year fixed-rate mortgage for 80% of the purchase price.

a. What amount do they finance? b. How much are the monthly payments?