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 selling price is $400,000. They will make a 20% down payment.
They are considering 2 financing options:
Option 1: 3.0% interest 30-year mortgage:
Option 2: 2.75% interest 15-year mortgage:
Answer the following questions showing all your work to reach each answer.
- Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be?
- Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?
- They decide to shop for furnishings for the new house. They choose items that amount to $3600.00. The store has 2 fixed installment loan options for purchasing:
Option 1: 20% down payment and financing at 6% simple interest per year for 3 years.
Option 2: no down payment and financing at 6.35% simple interest for 4 years.
Answer each of the following questions separately, showing all your work to reach each answer.
- Which option will result in smaller total finance charge? What will that total finance charge be?
- Which option will result in the smaller monthly payment? What will that monthly payment be?
- They decide to defer any purchases and invest a $3600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.6% compounded every month. How much interest will they earn in 3 years?
- They decide to defer any purchases and loan the $3600 bonus to a needy relative at 5% simple interest per year. How long will the term of the loan need to be if they want to earn $400 in interest (assuming the loan is not paid off early).
- 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 30 cats, 4 German Shepherds, 10 Labrador Retrievers, and 22 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.
- What is the probability that they select a cat?
- What is the probability that they select either a German Shepherd or a Labrador Retriever?
- What is the probability that if they select a dog, that it is not a mixed breed?
- If they decide to purposely choose 2 of the 36 available dogs rather than randomly choosing any 2, how many combinations of 2 dogs are possible?
- Use the following information from June 17, 2020 to answer the questions below.
COVID-19 case data by county – Connecticut | |||||
County | Total Cases | ||||
New London | 1,217 | ||||
Fairfield | 16,475 | ||||
Windham | 579 | ||||
Hartford | 11,405 | ||||
Litchfield | 1,467 | ||||
Middlesex | 1,259 | ||||
New Haven | 12,185 | ||||
Tolland | 895 | ||||
- Based on the data from 6/17/20, which county total is closest to the mean of these 8 data values?
- Based on the data from 6/17/20, which county is closest to the median for these 8 data values
- Which measure from the 6/17/20 data – mean or median – would be the most appropriate number to describe the total number of cases by county.
- Suppose you decide to draw a pie chart to represent the data from 6/17/20. [Note: you do not actually have to draw a pie chart for this exam]
There will be 8 segments each one representing a county. Each segment of your pie chart will represent the percentage of total cases on 6/17/20 in that county. Name the percentage for each of the 8 counties.
- Based on the data from 6/17/20, which county is at the 75^{th} percentile for total number of cases by county.
- Based on the data from 6/17/20, what is the percentile rank for New London?