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Grima MAT 142 Chapter 11 review 1. A person is on a 1500 calorie diet. He has a 550 calorie meal. What percentage of his total calories does the meal provide? 2. In May 2010 the median cost of a new car was $20,000. In May 2001 the median new casr price was $21,000. Determine the percent increase in new car price. 3. Below is a pie chart showing the monthly expenses for some student. The student earns $1200 per month. (just in case you don’t see this in color) Food – 20 rent – 50 gas – 25 misc - 5 a) Determine the amount spent on rent. b) How much more was spent on rent than gas? 4. Use the graph below to answer the following. a) Determine the percent increase from October 1939 to September 1997 b) Determine the percent increase from January 1990 to September 1997. (be able to use a bar graph and answer percentage decrease or increase questions) 5. How much simple interest would a $5,000 accrue over 9 months if the interest rate is 8%? 6. Joe borrowed $100 from Jessica and paid her back $110 in two weeks. What rate of interest did he pay? 7. $500 is invested in an account for 2.5 years. The account pays 6% interest compounded semiannually. How much money will be in the account in 2.5 years? 8. $1000 is invested in an account for 10 years. The money earns 5% interest compounded annually for the first 3 years and 7% interest compounded quarterly for the last 7 years. What will the value of the account be after 10 years? 9. Jennifer and Jim are going to purchase a $250,000 house. They plan to make a 10% down payment and finance the rest. There loan will be paid back over 30 years. The current mortgage rate is 7%. a) Determine the loan amount b) Determine the monthly payment 10. The Goldbachs’ have a gross monthly income of $5000. They have 50 remaining car payments of $400. They are applying for a 30 year $200,000 mortgage at a 6.50% interest rate to buy a home. The taxes and insurance on the house are $300 per month. a) Determine the Goldbach’s adjusted monthly income. b) Determine the maximum monthly payment a lender feels the Golbach’s can afford. c) Determine the monthly mortgage payment plus taxes and insurance. d) Determine the total amount of interest that will be paid if they hold the loan for 30 years. 11. Refer to problem 10. The Goldbach’s are also considering a 15 year loan. a) Determine the monthly mortgage payment plus taxes and insurance for a 15 year loan at a 6 percent interest rate. b) Determine the total amount of interest that will be paid if this loan for 15 years.