Math 105 (Consumer) Exam

MATH 105 Final Exam, Fall 2020

· This exam is worth 12 points toward your final grade in the course.

· The exam is available on the first day of week 8.

· You may take as long as you like on this exam, but you must complete and submit to your LEO classroom assignment folder by 11:59 pm on the last day of class.

· The online text is a resource as you work on these problems.

· Please submit your work in the LEO assignment folder in one of these ways:

· typed

· and saved as a single file

· neatly handwritten, scanned, and saved as a single file. Be sure that the pages are right-side-up and in order.

*** Please note that ONE single file is required. ***

· You MUST show all of your work to receive any credit. If you have questions about showing work, please ask.

· The Final Exam is open book and open notes. You may refer to your textbook, notes, and online classroom materials, but you may not consult with anyone in person or online. You may not use any online service to solve any of the problems.

The following statement must be signed and dated:

I have completed this Final Exam myself, working independently and not consulting with anyone except the instructor nor with any online source except ALEKS. I have neither given nor received help on this problem set.

Name: Date

1. Maria and John have been married for 2 years and just learned that they are pregnant.

They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment.

They are considering 2 financing options at their credit union:

Option 1: 3.125% interest 30-year mortgage:

Option 2: 2.5% interest 15-year mortgage:

Answer the following questions showing all your work to reach each answer.

A. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be?

B. Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?

2. Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing:

Option 1: 20% down payment and financing at 5% simple interest per year for 3 years.

Option 2: no down payment and financing at 5.25% simple interest for 4 years.

Answer each of the following questions separately, showing all your work to reach each answer.

A. Which option will result in smaller finance charge (interest)? What will that finance charge/interest be?

B. Which option will result in the smaller monthly payment on this fixed installment loan? What will that monthly payment be?

C. They decide to defer any purchases and invest a $5600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.8% compounded every month. How much interest will they earn in 4 years?

D. They decide to defer any purchases and loan the $5600 bonus to a needy relative at 1.5% simple interest per year. How long will the term of the loan need to be if they want to earn $500 in interest (assuming the loan is not paid off early).

3. Maria and John have decided that once they live in a house, they want to have a pet. They go to an animal shelter and find several pets that they would love to take home. There are 25 cats, 4 flat coat retrievers, 8 labrador retrievers, and 10 mixed-breed dogs.

Answer each of the following questions separately, showing all your work to reach each answer.

A. Since they can’t decide, they place all the adoption cards in a container and draw one. What is the probability that they select a cat? 

B. Since they can’t decide, they place all the adoption cards in a container and draw one. What is the probability that they select either a flat coat retriever or a labrador retriever? 

C. Since they can’t decide, they place all the adoption cards in a container and draw one. What is the probability that if they select a dog, that it is not a mixed breed?

D. If they decide to purposely choose 2 of the 47 available dogs rather than randomly choosing any 2, how many combinations of 2 dogs are possible?

4. Answer the questions below for the data taken from the Top 15 COVID 19 Confirmed cases by County – 9/20/20. (Source: Johns Hopkins University https://coronavirus.jhu.edu/us-map)

Show your methods very clearly and completely.

A. Which county is closest to the mean. What is that mean?

B. Which county is closest to the median. What is that median?

C. What percentile is Bronx county?

D. What county is at the 90th percentile?

260,797 Los Angeles

52,063 Orange

64,160 Clark

139,088 Cook

77,889 Dallas

123,817 Harris

56,681 Riverside

75,682 Broward

52,598 Bronx

166,881 Miami-Dade

52,471 San Bernardino

139,856 Maricopa

70,893 Queens

65,848 Kings

53,341 Bexar