Math 110 Name:

Quiz 1

Every answer must be fully justified. Show your work!!!

1. Express each of the following as a percent.

2. Suppose that the local sales tax is 5% and you purchase a $200 coat. What is the coat's total cost?

3. If the funding in a budget was $1000 last year and it is $980 this year, what is the percent decrease in the budget?

4. Suppose that you have $5000 to deposit in a bank account. If the rate offered by the bank is 3.6% compounded monthly, how much will be in the account after 10 years? (Do not simplify your answer.)

5. Pat decides to buy a car that costs $15,000. The dealership allows Pat to pay $2,000 right away and $400 each month for 3 years.

a. What is the finance charge for this car?

b. What is the total installment price?

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