Maria and John have been married for 2 years and just learned that they are pregnant.
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MAT 105 Final Exam Spring 2020 Answers
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1. They have been renting a small apartment but decide to purchase a house.
They find one that is selling for $375,000.
They decide to make a 20% down payment
They are considering 2 financing options:
Option 1: a 3.4% interest 30-year mortgage:
Option 2: a 2.9% 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?
B. Which option will result in the most total interest if they take the full term of the mortgage?
Answer the questions showing all your work to reach each answer
2. They decide to shop for furnishings for the new house. They choose items that amount to $1,600.00. The store has 2 simple interest options for purchasing:
Option 1: 20% down payment and financing at 6.4% simple interest per year for 2 years.
Option 2: no down payment and financing at 6.5% simple interest for 3 years.
Answer each of the following questions separately, showing all your work to reach each answer
.
A. Which option will result in smaller total finance charge?
B. Which option will result in the smaller monthly payment?
C. If they decide to defer any purchases and take a $1,600 bonus that Maria will be getting from work and invest it at 2.5% per year simple interest, how long will it need to be invested to earn $250 interest
D. If they decide to defer any purchases and invest the $1600.00 bonus at 1.5% interest compounded every month, how much interest will they earn in 3 years?
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 8 Siamese cats, 12 common cats, 6 German Shepherds, 5 Labrador Retrievers, and 11 mixed-breed dogs. Since they can’t decide, they place all the adoption cards in a container and draw one.
Answer each of the following questions separately, showing all your work to reach each answer.
A. What is the probability that they select a cat?
B. What is the probability that they select either a common cat or a Labrador Retriever dog?
C. What is the probability that if they select a dog, that it is not a mixed breed?
D. What are the odds in favor of and against choosing a Siamese cat?
4. Before the baby is born, John and Mary want to take a vacation to Gatlinburg, TN. They can travel in January or August. They do some research about the weather in January and in August in 2018. Using the information below answer the following questions.
Answer each of the following questions separately, showing all your work to reach each answer
A. In which month was the difference between the mean high temperature and the mean low temperature smaller? Show all your calculations to support your answer.
B. In which month was the difference between the median high temperature and the median low temperature larger? Show all your calculations to support your answer.
