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## Carmen needed to borrow money in order to buy a car so that she could commute to the local university

Write a report that answers the following questions and meet the list of requirements that follows.

Each of the problems you will be solving requires using your calculator to solve a financial equation. In order to calculate answers correctly, it is important that you follow several important rules:

1. Follow the Order of Operations to solve complicated problems.
2. Attempt to solve equations without writing down intermediate values. If you must write down values, keep as many digits or decimal places as you can. Better yet, use the memory locations in your calculator to store intermediate values.
3. NEVER round intermediate calculations. Only round the final answer.

After reaching the Mathispower4u site, click on the Algebra 1 Video Library link and find the Order of Operations section in the first column. The first twelve short videos will give you an excellent overview. The next twelve may also be helpful.

The questions in this assignment involve calculations related to simple interest, compound interest, annuities, or mortgages. Your introduction should provide background information about these topics, describing their use and importance.

Questions:

1. Simple Interest: Carmen needed to borrow money in order to buy a car so that she could commute to the local university. She saved \$1,500, but when she started shopping she realized that \$1,500 would not get her the car she needed. She found a used car she liked with a cost \$6,000, and a bank offered her a loan of \$4,500 with simple interest terms of 6% annual interest and an 18-month term. She also inquired at the university credit union and found that they offered terms of 5% on a 2-year loan of \$4,500. Carmen’s loan at both institutions was structured as an installment loan.
1. Calculate the finance charge (interest), the total installment price, and the monthly payment for the bank loan.
2. Calculate the finance charge (interest), the total installment price, and the monthly payment for the credit union loan.
3. Which loan is going cost Carmen more in terms of finance charge? Aside from the finance charge consideration, what other factors might influence Carmen’s choice of loan?
2. Compound Interest: Devon bought snow sailing equipment for \$1,800. He borrowed money from his credit union for the purchase, obtaining a loan with a 7% annual interest rate, monthly compounding, and a 2-year term. If Devon’s loan is structured as an installment loan, calculate his total installment cost and his total finance charge (interest).
3. Annuity Payment: Eric is saving money for a down payment on an expensive, Patek Phillipe watch. He needs \$20,000 in five years to make his down payment and is investing in an annuity yielding an annual interest rate of 8% compounded quarterly. If the annuity requires that Eric make quarterly investments, what annuity payment must Eric make to save enough for his watch down payment?

Requirements:

• Your paper should be 2-3 pages in length and should cite and integrate at least one credible outside source.
• Include a title page, an introduction, a body, a conclusion, and a Reference list.
• The introduction should summarize the problem and state what approach and method will be applied to solve it.
• The body of your paper should answer the questions posed in the problem, explain how you approached and approached and answered the question or solved the problem, and for each question, show all steps involved. Writing equations in Word can be done (a) by using the Word equation editor, (b) or you may want to simply cut/paste the equations provided for you in theConsumer Math Equations document. This document contains interest and other financial equations formatted using the Word equation editor as well as instructions for using the equation editor.  Another option is (c) to write your equations by hand and paste images (in JPG or other compressed format) in the appropriate places in your paper.
• The conclusion should summarize your findings and what you have determined from the data and your analysis, with a broader or personal perspective in mind when applicable.
• As with all written assignments, provide in-text citations and a reference page.
• Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.
• Document formatting, citations, and style should conform to the APA Requirements. In addition, the items noted in the “Good Writing Tips” section should be observed. Refer to the document (attached at the bottom of the page) Calculating Tree Height as an example of how the paper is to be formatted.

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