3 2 loans financial algebra answers

Name _________________________________ I.D. Number _______________________ Project 2 Evaluation 32 Financial Algebra (MTHH 047 055) Be sure to include ALL pages of this project (including the directions and the assignment) when you send the project to your teacher for grading. Don’t forget to put your name and I.D. number at the top of this page! REMEMBER TO SHOW ALL YOUR WORK! This project will count for 12% of your overall grade for this course. Be sure to read all the instructions and assemble all the necessary materials before you begin. You will need to complete this project on paper. Feel free to attach extra pages if you need them. When you have completed this project you may submit it electronically through the online course management system by scanning the pages into either .pdf (Portable Document Format), or .doc (Microsoft Word document) format. If you scan your project as images, embed them in a Word document in .gif image format. Using .gif images that are smaller than 8 x 10 inches, or 600 x 800 pixels, will help ensure that the project is small enough to upload. Remember that a file larger than 5,000 K will NOT upload through the online system. Make sure your pages are legible before you upload them. ** Check the instructions in the online course for more information. 1. Complete the check register given completely using the following information: a. The balance on December 10 is $3,900.50. b. On December 11, check #1223 is written for $84 to North Shore High School Drama Club. c. On December 12, a paycheck for $240.80 is deposited. d. On December 13, a birthday check for $100 is received from the grandparents. It is deposited later that day. e. On December 17, three checks are written while holiday shopping. One is to Best Buy for $480.21, one is to Target for $140.58, and one is to Aeropostale for $215.60. f. Staples sells computers. On December 20, a laptop is purchased for $1,250. A mistake is made on the first check, and the check must be voided. A correct check for the right amount is then written with the next available check. g. On December 22, a gift is returned to Barnes and Noble. The $120 amount is deposited into the checking account. h. On December 24, $300 is withdrawn from the ATM for food at a holiday party. The company that owns the ATM charges $1.50 fee for the transaction, and the customer's bank charges a $2.50 fee for the transaction. The fees are taken directly out of the checking account. i. On December 28, a check for $521 is written to Len's Auto Body Shop to repair a dent in the fender of a car. j. On December 29, a check is written to AMTRAK for $150.80 to visit a cousin in Washington, D.C. for New Year's Eve. Project 2 MTHH 047 2. The following check register and the account statement will not reconcile because of several errors. The bank has made no errors and there are no errors in the math calculations. Use the following information to answer the questions. CHECK REGISTER Date No. Description 3/2 2031 Second National Bank 208 50 + 539.11 3/2 2032 James Johnson 250 00 + 289.11 3/4 2033 Commonwealth Edison 45 78 + 243.33 Project 2 Payment T Deposit $747.61 MTHH 047 3/4 2034 General Telephone 28 20 + 215.13 3/7 2035 Super Value Foods 37 38 + 177.75 3/10 Deposit + 605 00 782.75 3/13 2036 Master Card 235 45 3/15 2037 Ed's Garage 105 54 + 441.76 3/16 2038 Second National Bank 50 00 + 391.76 3/20 2039 American Mutual Insurance 35 65 3/24 2040 All States Sports Center 250 75 + 105.36 3/24 2042 Chinese Fortune Food 22 46 + 82.90 3/24 3/26 Deposit 2043 356.11 + Municipal Water 3/31 547.30 23 640 00 687.90 45 664.45 Deposit 25 00 689.45 ACCOUNT STATEMENT BALANCE LAST STATEMENT DEPOSITS & CREDITS No Amount $747.61 2 $1,200.00 BALANCE THIS STATEMENT CHECKS & DEBITS No Amount 11 $1,040.03 $917.58 Checking Account Transactions Date Amount Description 3/10 $605.00 Deposit 3/24 $605.00 Deposit 3/31 $6.00 Service Charge Date Check No. Amount Date Check No. Amount 3/02 2031 $208.50 3/16 2037 $105.54 3/07 2033 45.78 3/18 2034 28.20 3/07 2032 250.00 3/27 2042 22.46 3/10 2035 37.38 3/27 2041 35.42 3/16 2038 50.00 3/29 2040 250.75 Project 2 MTHH 047 Incorrect Reconciliation Your checkbook balance 689.45 Bank Balance 917.58 Deposits not shown SUBTRACT __________ Service Charge __________ Outstanding Checks Overdraft fees __________ 2039 35.65 Check order __________ 2043 23.45 TOTAL Adjusted Balance + ___- 59.10___ __________ 689.45 Adjusted Balance 848.48 2a. Find the two errors in the checkbook register. 1. 2. 2b. Find the two errors in the bank reconciliation. 1. 2. 3. Find the simple interest on a $2,219 principal, deposited for six years at a rate of 5.11%. Project 2 MTHH 047 4. Matt has two single accounts at Midtown Bank. One account has a balance of $74,112.09 and the other has a balance of $77,239.01. a. What is the sum of Matt's account balances? b. Is all of Matt's money insured by the FDIC? Explain. 5. How much more would $10,000 earn in three years compounded daily at 4.33%, than compounded semiannually at 4.33%? 6. Find the interest earned on a $25,000 deposit for 2.5 years at 4.7% interest, compounded continuously. 7. Stephanie signed up for a direct deposit transfer into her savings account from her checking account. Every month $150 is withdrawn from her checking account. The interest in the savings account is 2.6%, compounded monthly. How much will be in the savings account at the end of 6.5 years? Project 2 MTHH 047 8. Jazmine needs $30,000 to pay off a loan at the end of 5 years. How much must she deposit monthly into a savings account that yields 3% interest, compounded monthly? 9. Use a table of increasing values of x to find each of the following limits. If no limit exists, say the limit is undefined. a. lim f ( x ) if f ( x )  9x  1 3x  5 b. lim g( x ) if g( x )  3x 2  9x 4x  1 x  x  c. lim h( x ) if h( x )  x  7x x  41 2 10. Tom wants to have $50,000 saved sometime in the future.