home work
YoyobabaPlease read carefully no AI
a year ago
1
files (2)Week5_LearningResources_CollegeMath-Summer2025.pdf
Topic_Week5_Discussion2.pdf
Week5_LearningResources_CollegeMath-Summer2025.pdf
LEARNING RESOURCES
Readings
To access the eText, click on the textbook link and then open the eText in a new tab. Within the eText, click on the Menu icon in the upper left corner to access the table of contents to navigate to the assigned readings.
Blitzer, R. (2019). Thinking mathematically (https://waldenu.instructure.com/courses/172186/modules/items/6974656) (7th ed.). Pearson.
Chapter 8, “Personal Finance”
Section 8.1, “Percent, Sales Tax, and Discounts” (pp. 494–502)
Section 8.2, “Income Tax” (pp. 503–513)
Section 8.3, “Simple Interest” (pp. 514–519) Section 8.4, "Compound Interest" (pp. 519 - 529)
This chapter explores the math behind our finances. Percentages, simple interest, and compound interest computations are all explored in the context of making financial decisions.
Media
Using My Labs - Math (https://www.powtoon.com/embed/fCFQcfrLhAO)
Tutoring Available
Tutoring Available (https://cdn- media.waldenu.edu/2dett4d/Walden/Canvas/SIUS/Tutoring/Math_Tutoring.html)
Topic_Week5_Discussion2.pdf
Due Jun 25 60 points
View Split Screen
All
Search entries or author...
Newest First
Back to Week at a Glance (https://waldenu.instructure.com/courses/172186/modules/items/697453
Before taking out a loan, it is important to know the repayment terms and how your interest rate and the time of the loan affect the total loan balance.
For this Discussion, you examine the effect of simple and compound interest, as well as time on the principal balance of a loan. You also explore how these variables affect loan repayment.
To prepare for this Discussion:
REPAYING LOANS
RESOURCES
Be sure to review the Learning Resources before completing this activity. Click the weekly resources link to access the resources.
WEEKLY RESOURCES (https://waldenu.instructure.com/courses/172186/modules/items/6974548)
Think of a big-ticket item you might need to take out a loan to purchase. Dream big. What have you always wanted? This could be a boat, car, motorcycle, a trip around the world, etc. Research the cost of this item. Select a reasonable interest rate for your item (between 2% and 10% is standard). Select a time period to pay off your loan (between 3 and 10 years is common).
With these thoughts in mind:
Post at least 2 paragraphs in response to the following:
Paragraph 1: Describe the item you are taking a loan out for and the purchase price. Include your chosen interest rate and amount of time for your loan. Determine the amount of interest you will pay throughout the term of the loan and the final cost of the item when the loan is paid in full. Note: Assume your bank uses the simple interest formula: Interest = Principal * Rate * Time. Show the work needed to find the amount of interest and total cost. Determine the monthly payment for this loan. Include your chosen interest rate and amount of time for your loan. Be sure not to choose the same principal interest rate and time combination as your peers.
Paragraph 2: Repeat the interest computation however lower the time frame by one year. Show your work. Determine the total amount of the loan when paid in full. Compute the new monthly payment. Explain if you are surprised by the results. Why, or why not? Discuss one change you could make in your life to make the new monthly payment possible.
Read a selection of your classmates’ postings.
Response 1: Respond to at least one classmate using the following:
Lower the interest rate provided in your classmate’s post by one percentage point. Determine the amount of interest your classmate will pay with this new interest rate and how much money will be saved over the length of the loan.
BY DAY 3
BY DAY 5
Write a 1-paragraph memo to your classmate explaining why the new interest rate is the better choice.
Response 2: Respond to at least one other classmate using the following:
Imagine that your classmate has signed up for a variable rate loan, which means that the interest rate can change. Assume that your classmate has paid back half of the loan when the interest rate increases by 5%. How much time is left on the loan? How much will need to be paid in interest during the second half of the loan? Explain to your classmate how much this interest rate change will affect the overall balance by comparing the original total cost to the new total cost. (Hint: Be sure to consider both the first half of the loan and second half when finding the new total payment.)
Reply
