Ch 7 Review#2 2025

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Ricardo has a co-op in Downtown San Diego. The total number of shares in the cooperative is 52,000 shares. If Ricardo owns 1,800 shares, what percentage of the cooperative corporation does he own (to the nearest tenth of a percent)?

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The Jimenez family wants to buy a new home in Victoria Ranch Park. They need to borrow $408,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.4% by 0.25% per point purchased. Each point will cost 1% of the amount borrowed. What will be the new interest rate if 2 points are purchased?

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The Jimenez family wants to buy a new home in Victoria Ranch Park. They need to borrow $408,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.4% by 0.25% per point purchased. Each point will cost 1% of the amount borrowed. What will be the cost to purchase 2 points?

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Monthly Payment with original interest

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Monthly payment with new interest(points)

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Subtract the two monthly payments:

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Divide the cost of points (Answer from #3) and the difference from monthly payments (answer #6 above). Round to the next whole month

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Given the following table determine the exponential regression equation: (round to two decimal places) www.desmos.com

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What would be a good estimate for rent in 2017? Round to the nearest tens place.

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In order to buy his house, Leo needs a 20% downpayment. He has $40,000 saved. Is that enough for a $189,000 home?

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Jeremiah has to make a 20% down payment for a home that costs $368,000. How much should he expect his closing costs to be? Round to the nearest dollar (no decimals). Put a dash(-) between your numbers.

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Elisa moved into an apartment close to her new school. She will be paying $1,600 per month in rent and expects a 2.14% rent increase each year. Express the rent y as an exponential function of the number of years rented, x. You are just writing the equation.

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Elisa moved into an apartment close to her new school. She will be paying $1,600 per month in rent and expects a 2.14% rent increase each year. What can she expect the rent to be in the 7th year? Round to the nearest tens place. (use equation from #12)

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Alex bought a house for $302,000 a couple of years ago. He has paid some of it off and now owes $245,000. The selling price of the house is now $324,000. How much profit will Alex make?

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Six years ago, Jason purchased a co-op. This year his monthly maintenance fee is $1,432. Seventeen percent of this fee is for Jason’s property taxes. How much will Jason pay this year in property taxes? (Round to the nearest cent.)

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sin A = ? (fraction)

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cos A = ? (fraction)

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tan A = ? (fraction)

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Which trigonometric ratio should you use to solve for "h"?

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Which trigonometric ratio should you use to solve for h?

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Anna and her family will spend a total of $3,143 for their mortgage, property taxes, and homeowner's insurance. Throughout the month, their other monthly bills total $1,760. If Anna and her family earn $91,000 annually, what is the value of their back-end ratio?

CALCULATE: Amortizing by Hand
Sharif aced his interview and just landed his first full-time job. Unfortunately, his workplace is a 30-minute drive outside of the town, and the buses don’t run there, so he needs to buy a car. He’s found a used car that will meet his needs for $13,500. He has $1,000 for a down payment and will pay the rest with an auto loan. With a 3.5% APR and a 3-year term, he calculates his monthly loan payment to be $366.28. Answer the following questions about Sharif’s car purchase.

Required

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How much of Sharif’s third payment goes toward principal?_______  How much toward interest?_______ 

Required

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What is the relationship between the Payment, Interest, and Principal in each row?
_______ =_______+_______ 

Required

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How much is the monthly payment in month 4?

Required

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Ricardo has a co-op in Downtown San Diego. The total number of shares in the cooperative is 52,000 shares. If Ricardo owns 1,800 shares, what percentage of the cooperative corporation does he own (to the nearest tenth of a percent)?

Monthly Payment with original interest

Monthly payment with new interest(points)

Subtract the two monthly payments:

Divide the cost of points (Answer from #3) and the difference from monthly payments (answer #6 above). Round to the next whole month

Given the following table determine the exponential regression equation: (round to two decimal places) www.desmos.com

What would be a good estimate for rent in 2017? Round to the nearest tens place.

In order to buy his house, Leo needs a 20% downpayment. He has $40,000 saved. Is that enough for a $189,000 home?

Jeremiah has to make a 20% down payment for a home that costs $368,000. How much should he expect his closing costs to be? Round to the nearest dollar (no decimals). Put a dash(-) between your numbers.

Elisa moved into an apartment close to her new school. She will be paying $1,600 per month in rent and expects a 2.14% rent increase each year. Express the rent y as an exponential function of the number of years rented, x. You are just writing the equation.

Elisa moved into an apartment close to her new school. She will be paying $1,600 per month in rent and expects a 2.14% rent increase each year. What can she expect the rent to be in the 7th year? Round to the nearest tens place. (use equation from #12)

Alex bought a house for $302,000 a couple of years ago. He has paid some of it off and now owes $245,000. The selling price of the house is now $324,000. How much profit will Alex make?

Six years ago, Jason purchased a co-op. This year his monthly maintenance fee is $1,432. Seventeen percent of this fee is for Jason’s property taxes. How much will Jason pay this year in property taxes? (Round to the nearest cent.)

sin A = ? (fraction)

cos A = ? (fraction)

tan A = ? (fraction)

Which trigonometric ratio should you use to solve for "h"?

Which trigonometric ratio should you use to solve for h?

Anna and her family will spend a total of $3,143 for their mortgage, property taxes, and homeowner's insurance. Throughout the month, their other monthly bills total $1,760. If Anna and her family earn $91,000 annually, what is the value of their back-end ratio?

How much is the monthly payment in month 4?

What would be the beginning balance for monthly payment #4?