Each answer must have all the steps that you used to arrive at that answer. Your presentation must be very neat and clear with one step under the one before it!!!
1. A store has a sale with 13 % off every item. When you enter the store, you receive a coupon that states you receive an additional 4% off any sale price If you purchase an item that sells for $340 , what will your total discount be (a) in dollar amount and (b) in percent?
2. You plan to purchase items for $2100 and will finance the cost with a simple interest
fixed installment loan. The seller tells you that you will have to pay $70 per month for
36 months.
a. What is the finance charge?
b. What is the simple interest rate? (Round to the nearest hundredth)
3. As part of your retirement planning, you purchase an annuity that pays 5.75% annual
interest compounded quarterly
If you make quarterly payments of $1600 how much will you have saved in 5 years?
Instead, if you make quarterly payments of $800, how much will you have saved
4. You plan to purchase a house for $ 475,000 and you will make a 20% down payment. You are evaluating two mortgages a 30-year fixed mortgage at 2.82% and a 15-year fixed mortgage at 2.35%. Your goal is to have a monthly payment that fits within your budget. a. Which mortgage will give you the lowest monthly payment? What will that payment be? How much less will this be than the other monthly mortgage payment? b. Assuming you take the full term of the mortgage, which mortgage will result in you paying the most interest? What will that interest be? How much less will this be than the interest on the other mortgage?
5. . In 2017 the state University’s men’s basketball team finished the season ranked 43 out
of 143 men’s teams. The women’ basketball team finished 20th out of 50 women’s
teams.
a. Which team had a higher percentile ranking in 2017? Show all your calculations
to support your answer.
b. If you had the data on the total number of points scored by the state University
women’s team in each of their games in 2017, what would the mean and the
median each tell you and how would you compute each measure?
6. A city council consists of ten members. Four are Democrats and six are Republicans.
A committee of five to study transportation issues will be randomly selected.
a. If one person on the council is chosen at random to draw the names out of a hat,
what is the probability that the person drawing the names is a Democrat?
b. How many ways can the committee be formed if there are no restrictions on
composition?
c. How many ways can 3 Republicans be chosen?
d. How many ways can 2 Democrats be chosen?
e. What is the probability that the random selection of the five-person committee
will result in 3 Republicans and 2 Democrats?
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