Questions from Financial Algebra

Q: Janine’s credit card was stolen, and the thief charged a $

Janine’s credit card was stolen, and the thief charged a $44 meal before she reported it stolen. How much of this is Janine responsible for paying?

Q: Dan’s credit card was lost on a vacation. He immediately reported

Dan’s credit card was lost on a vacation. He immediately reported it missing. The person who found it days later used it, and charged x dollars’ worth of merchandise on the card, where x > $200. How m...

Q: Discretionary music purchases are a big business. Albums can be downloaded

Discretionary music purchases are a big business. Albums can be downloaded, streamed, played from a CD, played on vinyl, and more. What types of albums are being purchased in the United States? Music...

Q: In 1974, Robin bought a classic 1955 Ford Thunderbird for $

In 1974, Robin bought a classic 1955 Ford Thunderbird for $2,000. Over the next 30 years, she invested approximately $1,000 per year into restoring the car to its original condition. In 2004, she sold...

Q: Felix and Oscar applied for the same credit card from the same

Felix and Oscar applied for the same credit card from the same bank. The bank checked both of their FICO scores. Felix had an excellent credit rating, and Oscar had a poor credit rating. a. Felix was...

Q: Vincent had these daily balances on his credit card for his last

Vincent had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%. 9 days...

Q: Mike deposits $5,000 in a 3-year CD

Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is his ending balance, to the nearest cent, at the end of 3 years?

Q: Suzanne’s average daily balance for last month was x dollars. The

Suzanne’s average daily balance for last month was x dollars. The finance charge was y dollars. a. What was the monthly percentage rate? b. What was the APR?

Q: Jared’s average daily balance for last month was $560. The

Jared’s average daily balance for last month was $560. The finance charge was $8.12. a. What was the monthly percentage rate? b. What was the APR?

Q: If $3,000 is invested at an interest rate of

If $3,000 is invested at an interest rate of 1.8%, compounded hourly for 2 years, what is the ending balance, to the nearest cent?