Reference no: EM132965740

Question -

1. Solve the word problem for the portion, rate, or base. An auto dealer advertised a down payment of $1,800 on a Mustang valued at $19,100. What is the percent of the down payment? Round to the nearest tenth of a percent.

2. Housing prices in a particular county have increased by 29.5% over the price of houses five years ago.

(a) If $260,000 was the average price of a house five years ago, what is the average price (in $) of a house today?

(b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year?

Q3. Ransford and Alda Mariano own a home recently appraised for $424,500. The balance on their existing mortgage is $113,081. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?

Q4. Jeff wishes to accumulate $4,250 in 7 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 3% interest, compounded annually.