Question
. Explain the following.The question is complete. The United States had a population of 308,745,538 according to the US Census in 2010. In 2018, the
. Explain the following.The question is complete.
The United States had a population of 308,745,538 according to the US Census in 2010. In 2018, the population was estimated to be 327,167,434.What was the percent change in the country's population from 2010 to 2018?Was it a percent decrease or increase?
Use the simple interest formula to compute the interest amount for $909.99 for 38 months at 5.25%.
Determine the total amount accumulated amount using the information from problem 3
Use the compound interest formula to compute the total amount accumulated for $909.99 for 38 months at 5.25% compounded quarterly.
Determine the interest amount using the information in problem 5.
John bought a 2019 Honda Civic at a price of $19,540. He did not make a down payment. Determine the monthly payment for an installment loan on the car with an annual percentage rate of 14.1% (due to his poor credit score of 600). The car is financed for 5 years. Use the installment payment formula as given in the videos.
7. Determine the total finance charge for the financing in problem 6.
8. For the vehicle financed in problem 6, how would it change the monthly payment if the car was financed for 5 years at with a 10% down payment? If John had a credit score of 680, the interest rate would be 6.74%. Show this numerically in the same manner as presented in the videos.
9. Determine the total finance charge for the financing in problem 8.
10. Compare and contrast the total finance charge and monthly payments in problems 6 through 9. How did the credit score affect his purchase?
Michael decides to buy a home in Cleveland Heights, Ohio at an agreed upon price of $117,500 (the median listing price for that area). He will make a down payment of 20%. He finances the rest of the house price at a fixed rate of 4.5% for 30 years. Use this information for the problems 11 through 16. Show all steps.
11. How much money will be required for the down payment?
12. How much will be financed?
13. Calculate the mortgage payment using the formula shown in the text and presentations (remember to avoid rounding until the final step in the calculation).
14. What is the total interest paid on the house over the 30 years?
15. The average property taxes for Northfield, Ohio are $4,465 annually and your homeowners insurance (required) is an average annual cost of $935. How much would your payment for this house be each month including property taxes and insurance.
16. There are rules lenders follow to determine what you can borrow, such as the 28/36 rule, which says that a homeowner should spend no more than 28 percent of their gross monthly income on housing expenses, and no more than 36 percent on overall debt. How much would you need to gross every month in income to be able to afford this house? How much would your annual salary need to be?
Denise had a balance due of $1200 on her credit card. Assume that her card has an annual interest rate of 12% and that during March the following activity occurs with her account:
June 5Charge: 2 tickets to Cleveland Indians game $60
June 17Charge: 2 tickets to Jason Aldean concert $165
June 22Payment: $250
Use this information for the remaining problems.
17. Find the average daily balance using the methods shown in the videos.
18. Determine the finance charge using the methods shown in the videos.
19. Find the minimum payment due assuming that the credit card issuer requires 2% for a minimum payment.
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