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23. Suppose you purchase a four-year bond with an APR of 5.75%. The face value of the bond is $4920. Find the pur- chase price of the bond.

23. Suppose you purchase a four-year bond with an APR of 5.75%. The face value of the bond is $4920. Find the pur- chase price of the bond.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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318 CHAPTER 10 Financial Mathematics 20. Willy's commission on selling new cars is a percentage of his sales total. His commission on used cars is 50% more than that on new cars. During the month of January. Willy sold new cars worth a total of $80,000 and used cars worth a total of $50,000. His commission check for the month was $3100. (a) What percentage commission does Willy earn on used cars? (b) What percentage commission does Willy earn on new cars? 32. Cash 10.2 Simple Interest 21. Suppose you borrow $875 for a term of four years at simple interest and 4.28% APR. How much is the total (principal plus interest) you must pay back on the loan? 22. Suppose you borrow $1250 for a term of three years at sim- ple interest and 5.1% APR. How much is the total (princi- pal plus interest) you must pay back on the loan? 10.3 For all a penny. 23. Suppose you purchase a four-year bond with an APR of 5.75%. The face value of the bond is $4920. Find the pur- chase price of the bond. short- collat for a USA 33. Fin po (a) (b 34. F С 24. Suppose you purchase a 15-year U.S. savings bond with an APR of 4%. The face value of the bond is $8000. Find the purchase price of the bond. 25. Suppose you purchase an eight-year bond for $5400. The face value of the bond when it matures is $8316. Find the APR. 26. Suppose you purchase a six-year muni bond for $6000. The face value of the bond when it matures is $7620. Find the APR. 7. Find the APR of a bond that doubles its value in 12 years. Round your answer to the nearest hundredth of a percent. 35. 3. Find the APR of a bond that doubles its value in 20 years. Round your answer to the nearest hundredth of a percent. 36 37 . On Jan. 1 Mr. Green bought new energy-efficient windows for his home at Home Depot. The price of the windows was $5765, and Mr. Green charged the windows to his Home Depot credit card. The Home Depot credit card is interest free for a full six months on any purchase over $299, but, if after six months the purchase is not paid in full the customer owes interest on the original purchase price and for the full six months, even if the balance owed is one dollar. Inter- est is computed as simple interest at an APR of 23.5%. Mr. Green was hoping he would have the windows paid off in ix months and was close, but at the end of six months he till owed a balance of $200 on the windows. How much in-
Transcribed Image Text:318 CHAPTER 10 Financial Mathematics 20. Willy's commission on selling new cars is a percentage of his sales total. His commission on used cars is 50% more than that on new cars. During the month of January. Willy sold new cars worth a total of $80,000 and used cars worth a total of $50,000. His commission check for the month was $3100. (a) What percentage commission does Willy earn on used cars? (b) What percentage commission does Willy earn on new cars? 32. Cash 10.2 Simple Interest 21. Suppose you borrow $875 for a term of four years at simple interest and 4.28% APR. How much is the total (principal plus interest) you must pay back on the loan? 22. Suppose you borrow $1250 for a term of three years at sim- ple interest and 5.1% APR. How much is the total (princi- pal plus interest) you must pay back on the loan? 10.3 For all a penny. 23. Suppose you purchase a four-year bond with an APR of 5.75%. The face value of the bond is $4920. Find the pur- chase price of the bond. short- collat for a USA 33. Fin po (a) (b 34. F С 24. Suppose you purchase a 15-year U.S. savings bond with an APR of 4%. The face value of the bond is $8000. Find the purchase price of the bond. 25. Suppose you purchase an eight-year bond for $5400. The face value of the bond when it matures is $8316. Find the APR. 26. Suppose you purchase a six-year muni bond for $6000. The face value of the bond when it matures is $7620. Find the APR. 7. Find the APR of a bond that doubles its value in 12 years. Round your answer to the nearest hundredth of a percent. 35. 3. Find the APR of a bond that doubles its value in 20 years. Round your answer to the nearest hundredth of a percent. 36 37 . On Jan. 1 Mr. Green bought new energy-efficient windows for his home at Home Depot. The price of the windows was $5765, and Mr. Green charged the windows to his Home Depot credit card. The Home Depot credit card is interest free for a full six months on any purchase over $299, but, if after six months the purchase is not paid in full the customer owes interest on the original purchase price and for the full six months, even if the balance owed is one dollar. Inter- est is computed as simple interest at an APR of 23.5%. Mr. Green was hoping he would have the windows paid off in ix months and was close, but at the end of six months he till owed a balance of $200 on the windows. How much in-
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