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16) You have decided to buy a new stereo system for $2,500 and agreed to pay in 30 equal quarterly paymernts at

1.25% interest per quarter on the unpaid balance. How much are your payments?

17) You have purchased a new house, and have a mortgage for $70,000 at 15%. The loan is amortized over 20

years in equal monthly payments of $921.75. Find the total amount paid in interest when the mortgage is paid

off.

18) A bank makes a home mortgage loan of $160,000 at 10% amortized in equal monthly payments over 30 years.

What is the total amount paid in interest when the mortgage is paid off? (Round to the nearest dollar.)

19) A $7,000 debt is to be amortized in 15 equal monthly payments of $504.87 at 1.00% interest per month on the

unpaid balance. What is the unpaid balance after the second payment?

20) You have agreed to pay off an $8,000 loan in 30 monthly payments of $298.79 per month. The interest rate of

the loan is 0.75% per month on the unpaid balance. What is the unpaid balance after 12 monthly payments

have been made?

21) A couple wishes to borrow $125,000 in order to buy a house. They can pay a maximum of $1200 per month. If

the loan is at 9.5% compounded monthly, how many months will it take to pay off the loan? (Round answer to

the next higher month if not an integer.)

22) A couple wishes to borrow $140,000 in order to buy a house. They can pay a maximum of $1500 per month. If

the loan is at 9.6% compounded monthly, how many months will it take to pay off the loan? (Round answer to

the next higher month if not an integer.)

23) A home was purchased 15 years ago for $75,000. The home was financed by paying a 20% down payment and

signing a 25-year mortgage at 9.0% compounded monthly on the unpaid balance. The market value is now

$100,000. The owner wishes to sell the house. How much equity (to the nearest dollar) does the owner have in

the house after making 180 monthly payments?

24) Solve by elimination using addition:

4x - 2y = -12

3x + 5y = 4

25) Use a graphing utility to solve the system

2x + 3y = 7

9x - 4y = 11

Give the answer to two decimal places.

26) Solve this system by the graphical method. On each graph, label each line with its equation, label the x- and

y-intercepts, and label the point of intersection (if there is one).

x - y = -1

3x + 4y = 18

27) A company that manufactures laser printers for computers has monthly fixed costs of $177,000 and variable

costs of $650 per unit produced. The company sells the printers for $1,250 per unit. How many printers must

be sold each month for the company to break even?

28) Only one of the following augmented matrices of a linear system is in reduced form. Indicate by letter which

one is reduced and tell why the others are not reduced.

1 0 -7

1 0 -2 -3

b) 0 1 -4

1 0 0 -5

0 0

1 0

0 0 1

0 1 -1

0 0

Math Exam Final Review Worksheet With Answer Key - M118, Indiana University Southeast Page 2

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