Financial Calculations
A small business borrows $10,000 from a bank. The interest rate is 0.4 percent per month. The business
repays the loan at a rate of $900 per month. What will be the monthly balance after each payment?
The recursive formula for finding the monthly balance remaining is:
f(0) = 10,000
The initial amount is $10,000. Interest is
f(n) = 1.004 . f(n-1) -900, n > 1
increasing the previous balance, while $920 is
subtracted from each monthly payment.
Complete this chart to show the monthly balance. When you are done, you will be able to check your answers.
Month
Balance
Month 1) $10,000.00
Month 2) 9,140.00
Month 3) 8,276.56
4)
5)
6)
7)
8)

Which statement is true? n is a point of tangency on circle p. pt is a secant of circle p. is a secant of circle p. vu is a tangent of circle p.

The volume of the sun is approximately 1 × 10^18 cu km, while the volume of jupiter is approximately 1 × 10^15 cu km. which of the following is true? a. the volume of jupiter is approximately one thousand times the volume of the sun. b. the volume of jupiter is approximately one hundred times the volume of the sun. c. the volume of the sun is approximately one thousand times the volume of jupiter. d. the volume of the sun is approximately one hundred times the volume of jupiter.

At river bank, checking account customers earn 0.75% interest a month on their account balances, pay no service fees for writing checks, and pay a monthly $2.00 financial charge. calculate the income earned in one month on the checking account for a customer with an account balance of $1,000. a. $4.25 b. $5.50 c. $6.75 d. $7.25 checking account earnings at baker’s bank are expressed by the equation: i = -0.09x + 10.2. while the earnings at elite bank are modeled by: i = -0.02x + 7.5. in both cases, x is the number of checks written. at what number of checks will elite bank start generating more checking account income than baker's bank? a. 12 b. 25 c. 39 d. 42 emilio’s checking account had a balance of 728.32 at the beginning of the week. he wrote checks for the following amounts throughout the week: $99.48, $33.50, $18.23, and $72.05. he also deposited his paycheck in the amount of $1,109.90. what is his account balance at the end of the week? a. $1,192.35 b. $1,222.86 c. $1,540.52 d. $1,614.96