asapmath4

Simple Interest (please use exact interest)

In this and future Instructor Graded Assignments you will be asked to use the answers you found in the Unit 1 Assignment.

Note: For these questions you need to cite a reliable source for information, which means you cannot use sites like Wikipedia, Ask.com®, and Yahoo® answers. If you do use those sites the instructor may award 0 points for your response.

The Assignment problems must have the work shown at all times. The steps for solving the problems must be explained. Failure to do so could result in your submission being given a 0. If you have any questions about how much work to show, please contact your instructor.

Assignments must be submitted as a Microsoft Word® document and uploaded to the Dropbox for Unit 4. Please type all answers directly in this Assignment below the question it applies to.

All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit.

Note: All interest rates are to be assumed to be yearly interest rates. Please use exact interest.

In these questions, you will need to use the date that unit 4 starts for your class. List the date that Unit 4 started for your class:

· Unit 4 start date: _________________

Question 1

(10 points)

1. You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date that unit 4 starts for you. If you repay the loan on December 31st (at the end of the current year)...

a) How much do you pay total when you pay off the loan?

b) How much interest do you pay?

Question 2

(15 points)

2. You decide to take out a $20000 simple interest loan at 4%, on the date unit 4 started for you.

a) In 45 days you decide to pay off $8000 of the loan. What is your new principal? Explain how you got the answer.

b) 30 days after the first payment, you pay another $6000. What is your new principal? Explain how you got the answer you did.

c) 45 days after the 2nd payment, your loan comes due. How much do you need to pay then? Explain your reasoning.

Question 3

(5 points)

3. You need $400 badly, and decide to write a check at a check cashing place to get that money. Assuming you much write the check for $500 to get the $400 in cash, and the check will be cashed in 2 weeks, what simple interest rate did you just pay? Assume 52 weeks in a year for this problem

Essay

(15 points)

4. Same as cash deals are becoming very popular these days. Research a couple same as cash deals and write an essay explaining the advantages and disadvantages of each. When would one of these deals be a good deal for a person? When would using a same as cash deal be a poor idea?

Requirements

· Write your essay in this document – do not save it in a separate file.

· You must clearly state your position with well-structured paragraphs using proper grammar, spelling, and sentence structure.

· This is not an “opinion” question – you must offer evidence to support your position, using properly-cited sources.

· Your answer must be between ¾-1 page in length.

· You must cite and reference at least one source (book, website, periodical) using APA format.

· Do not use unreliable sources such as Wikipedia, and Yahoo! Answers.

The following is unit 1 done

Part A

Basic Internet Searching

1. http://www.fueleconomy.gov/feg/gasprices/states/index.shtml?utm_source=twitterfeed&utm_medium=twitter

This is a website that is run by the federal government and is meant to help American know the average price of a gallon of gas for a given time period. All the information contained in this website is available for free to all people.

1. http://www.trulia.com/

Trulia is a website that contains up-to-date information about houses that are available for sale. The website covers all of the United States and is accessible to all people. It also acts as a link between the potential buyer and the agents.

1. http://www.mathsisfun.com/converting-fractions-decimals.html

Mathsisfun is a website that shows people how to convert fractions to decimals. It is an open website and is accessible to all people.

1. http://www.loweryourspending.com/average-monthly-food-cost-for-family-of-4.html

Loweryourspending.com is a website that people can use to find the national food average cost for themselves and their families as well for a given month.

1. http://www1.nyc.gov/

This website is run by the city of New York and it contains all the important information like housing, civil services, business, civic services and culture & recreation among others.

1. http://www.giants.com/

This is the official website of the New York Giants. The team plays in the national football league and has been doing well for past few years.

Part B

Real world example where fractions were used to solve a problem

Miriam plans to bake a cake that requires two and one-half cups of flour. Accidentally, Miriam poured four and one-sixth cups of flour into the mixing bowl. How much flour should Miriam take out of the bowl?

Given parameters

Required flour: 2 ½ cups

Used flour: 4 1/6 cups

Asked parameters; how much flour should Miriam take out of the mixing bowl?

Required calculation

4 1/6 – 2 ½

The LCM for 2 and 6 is 6

So 2 ½ becomes 2 3/6

4 1/6 - 2 3/6

So 4 1/6 becomes 3 7/6

3 7/6 – 2 3/6

1 4/6

Simplify it to 1 2/3

The answers is 1 cups of flour

The above is a good real world example of how fractions are applied in solving problems either at home or workplace. In this example, it was important to observe the ratios of flour so that the end product may be up to the standards. In this case, Miriam needed to take some fraction of the flour from the mixing bowl. Thanks to her knowledge of fractions, she was able to determine that only 1 cups of flour needed to be taken from the bowl.

References

Boyer, Carl B. (1991). A History of Mathematics (Second Edition ed.), John Wiley & Sons

http://www.usa.gov/