Math 110                                                                                    Name: KEY
Quiz 2

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

  1. Suppose your credit card has a monthly rate of 2% and uses the average daily balance method for computing interest. Your November 1 - November 30 statement shows the following:

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    1. What is the interest charged to the account for this billing period?

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    2. What is the total balance owed on the last day of this billing period?

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  2. Suppose Joe agrees to buy a home for $220,000. The bank requires a 10% down payment at the time of closing for a 30-year fixed-rate mortgage at an interest rate of 6%.
    1. What is the mortgage amount?

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    2. Use the chart on the back of this page to calculate Joe's monthly payment (ignoring taxes, etc.).

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  3. Short Answer.
    1. Determine if each of the following is TRUE or FALSE. $\ $(Write out TRUE or FALSE, not just T or F.)

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    2. Find the cardinal number of each of the following sets.

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