Math 1090 Section 5 Quiz 12
Name:
Read all directions carefully and show all your work for full credit
1. John owes Jill $6000. If John and Jill agree that John will pay back the money
with a xed payment of $x every month for 4 years at an interest rate of 5%
compounded monthly, and the payments are at the end of each month how
much is each payment? What is the nance charge?
2. In ten years Maria would like to have enough money to buy a $200,000 house.
Her parents have put 30,000 dollars away right now toward this eventuallity.
How much would Maria have to put away at the end of every six months in her
parents account that is compounded semi-annually at a rate of 4.5% in order
to buy the house?