MAT 112 Midterm Review

You have $2,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

• $53.74

• $94.19

• $112.45

• $69.44

Jenelle bought a home for $440,000, paying 22% as a down payment, and financing the rest at 6.2% interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment?

• $110,000
• $98,600

• $88,000
• $96,800

Jenelle bought a home for $320,000, paying $48,000 as a down payment, and financing the rest at 6.2% interest for 30 years. Round your answers to the nearest cent. What is her monthly payment?

• $1665.92

• $1,620.01
• $1,620.00
• $1,619.98

Jose has a house payment of $1485.21 each month for a 30 year loan at 5.7% interest. If he makes each payment on time for the duration of the loan and originally put $12,000 down what will be the total cost of his home?

• $56,556.30

• $29822.52

• $546675.60

• $534,675.60

You can afford a $1200 per month mortgage payment. You've found a 30 year loan at 6% interest. How big of a loan can you afford? Round to the nearest dollar

• $230,107

• $182,706

• $200,150

• $360,024

Given the two similar triangles find x.

• 32 in

• 30 in

• 24 in

• 20 in

Use Pythagorean's Theorem to find the missing side length of the right triangle

• 13.5 cm

• 9.3 cm

• 20.6 cm

• 87 cm

You read online that a 15 ft by 20 ft brick patio would cost about $2,275 to have professionally installed. Estimate the cost of having a 16 ft by 26 ft brick patio installed. Round to the nearest dollar

• $3,075

• $2,561

• $3,42

• $3,155

Write 76,500 in scientific notation

• 7.65 x 10^4

• 765 x 10^2

• .765 x 10^5

• 7.65 x 10^-4

Which type of interest problem MUST you solve for using an equation (not TVM solver)?

• Loan

• Annuity

• Compound

• Simple