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**Nestea**- Replies: 3

JenCo wants to drop the effective rate of interest on its credit card by 2.40%. If it currently charges a nominal rate of 5.75% compounded monthly, at what value should it set the new nominal rate?

I need help finding the nominal rate.

**Nestea**- Replies: 1

Early last year, the Agnessa Growth Fund ran advertisements in the financial pages of major newspapers. The "ad" had primarily empty space containing the simple message:

20,000 INVESTED IN AGNESSA INVESTMENT GROWTH FUND IN 1957

WOULD BE WORTH $2.6 MILLION TODAY

What compound annual rate of return did the fund realize over the period ending December 31 last year?

For full marks your answer should be rounded to the nearest hundredth of a percent.

**Nestea**- Replies: 4

If you went to the bank for a 15 year, $150,000 mortgage at an interest rate of 6.75% pa, compounding quarterly and you wanted to give payments semi-annually how much would each of your payments have to be over the 15 years?

Answer:$8,057.37

N= Total number of compoundings

m = number of compounding per year

FV = PV(1 + i/4)4×n thats the formula I use. I can never get it right.

**Nestea**- Replies: 5

Oleg borrowed $4,500, $4,000, $4,500, and $4,000 from his dad on September 1 of each of four successive years for college expenses. Oleg and his dad agreed to a loan at the rate of 7% compounded quarterly. If it is now 1 year from the last day that he borrowed money, how much would Oleg owe?

For full marks your answer should be rounded to the nearest cent.

Could someone please help me on this one? The answer is 20 322.85. Just to check if it's right.

THanks for the help! But the third month's cost is a negative price.

**Nestea**- Replies: 2

This is one is tricky, i cant figure it out.

Cost| Overhead| Markup| Regular Price| Rate of Markdown| Sale reduced| Profit Reduced

? 50% 70% 1845.24 60% 738.10 ?

I just need the technique to find the cost.

Appreciated the help from mathisfun.

**Nestea**- Replies: 2

Cantu Excavating Liquidators bought 350 coats at $80.00 each. In the first month, 175 were sold at the regular price of $192.00 each. Another 152 were sold in the second month at a "one-third-off" sale price. The remaining stock, consisting primarily of defective units, were cleared out in the third month at $75.00 each. The store's overhead is 50% of cost.

a) What was the average rate of markup?

Could anyone tell me the technique on this?!??!?!?!?!?

Help me find the Total cost for each month?

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