Math 115 Name: Key
Note: An EXCEL file to let you compute the answers for your M# can be found here
This assignment is due by the beginning of class on Wednesday, 11/20. No late papers will be accepted.
It will be counted as half of your chapter 10 quiz – the other half will be in class on 11/20.
You may receive help, and you may (should?) work with other students to understand how to solve the problems, but the work you show must be your own.
All answers should be accurate to the nearest cent.
Write your MC student M# in the blanks: M
a b c d e f g h
Notice that the digits in your ID have been labeled a – h. These labels will be used in the problems below.
1. You need to take out a car loan for $ .
a b c d e
It will be a standard 5 year amortization, at an annual rate (APR) of . %
f g h
(So, for example, if your ID is M20123456, you would be borrowing $20,123 at an APR of 4.56%)
What will your monthly payments be? Show your work!
Put all this together (with your actual numbers) to get the monthly payments, F.
2. Starting on your 20th birthday, you make monthly deposits into a retirement account.
If your monthly deposit is $ , and the account grows at an APR of . % ,
c d e f g
how much will the account be worth on your 50th birthday, right before that month’s payment
Hint: how many payments have you made?
360 payments are made. In the above example they are $123 each, at 9.45% APR.
What will the account balance be on your 60th birthday?