Need help with number 23 318CHAPTER 10 Financial Mathematics20. Willy's commission on selling new cars is a percentage of hissales total. His commission on used cars is 50% more thanthat on new cars. During the month of January. Willy soldnew cars worth a total of $80,000 and used cars worth a totalof $50,000. His commission check for the month was $3100.(a) What percentage commission does Willy earn on usedcars?(b) What percentage commission does Willy earn on newcars?32. Cash10.2 Simple Interest21. Suppose you borrow $875 for a term of four years at simpleinterest and 4.28% APR. How much is the total (principalplus interest) you must pay back on the loan?22. Suppose you borrow $1250 for a term of three years at sim-ple interest and 5.1% APR. How much is the total (princi-pal plus interest) you must pay back on the loan?10.3For all apenny.23. Suppose you purchase a four-year bond with an APR of5.75%. The face value of the bond is $4920. Find the pur-chase price of the bond.short-collatfor aUSA33. Finpo(a)(b34. FС24. Suppose you purchase a 15-year U.S. savings bond with anAPR of 4%. The face value of the bond is $8000. Find thepurchase price of the bond.25. Suppose you purchase an eight-year bond for $5400. The facevalue of the bond when it matures is $8316. Find the APR.26. Suppose you purchase a six-year muni bond for $6000. Theface value of the bond when it matures is $7620. Find the APR.7. Find the APR of a bond that doubles its value in 12 years.Round your answer to the nearest hundredth of a percent.35.3. Find the APR of a bond that doubles its value in 20 years.Round your answer to the nearest hundredth of a percent.3637. On Jan. 1 Mr. Green bought new energy-efficient windowsfor his home at Home Depot. The price of the windows was$5765, and Mr. Green charged the windows to his HomeDepot credit card. The Home Depot credit card is interestfree for a full six months on any purchase over $299, but, ifafter six months the purchase is not paid in full the customerowes interest on the original purchase price and for the fullsix months, even if the balance owed is one dollar. Inter-est is computed as simple interest at an APR of 23.5%. Mr.Green was hoping he would have the windows paid off inix months and was close, but at the end of six months hetill owed a balance of $200 on the windows. How much in-

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23. Suppose you purchase a four-year bond with an APR of 5.75%. The face value of the bond is $4920. Find the pur- chase price of the bond.