Consumer Mathematics #1

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Write a report that answers the following questions and that meets the list of requirements that follows.

Each of the problems you will be solving requires using your calculator to solve a financial equation. In order to calculate answers correctly, it is important that you follow several rules:

  1. Follow the Order of Operations to solve complicated problems.
  2. Attempt to solve equations without writing down intermediate values. If you must write down values, keep as many digits or decimal places as you can. Better yet, use the memory locations in your calculator to store intermediate values.
  3. NEVER round intermediate calculations. Only round the final answer.

Several excellent videos that describe how to solve algebraic expressions using the Order of Operations Rules are available at mathispower4u.yolasite.com. After reaching the Mathispower4u site, click on the Algebra 1 Video Library link and find the Order of Operations section in the first column. The first 12 short videos will give you an excellent overview. The next 12 may also be helpful.

The questions in this assignment involve calculations related to discounts, simple interest, compound interest, annuities, or mortgages. Your introduction should provide background information (describing their use and importance) about these topics.

Questions:

  1. Warren deposits $4500 into an account paying 7% annual interest compounded semiannually, how much money will be in the account after 9 years? How much interest has he earned?
  2. The price of a leather chair is reduced by 30% of its original price. When it still does not sell, its price is reduced by another 20% of the reduced price (30% off). The salesperson informs you that the chair is currently 50% off. Is the salesperson correct? If not, what is the true percentage reduction from the regular price?
  3. The price of a home is $250,000. The bank requires a 10% down payment. The cost of the home is financed with a 30-year fixed-rate mortgage at 5.5%. Determine:
    1. The required down payment
    2. The monthly payment
    3. The total interest paid over 30 years.

Requirements:

  1. Your written paper should be 2-3 pages in length, not counting the title and reference pages, which you must include.
  2. You need to cite at least one source outside the textbook. The CSU-Global Library is a great place to find resources.
  3. The introduction should summarize the problem and state what approach and method will be applied to solve it.
  4. The body of your paper should answer the questions posed in the problem, explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved.
  5. Writing equations in Word can be done (a) by using the Word equation editor, (b) or you may want to simply cut/paste the equations provided for you in the Consumer Math Equations document. This document contains interest and other financial equations formatted using the Word equation editor as well as instructions for using the equation editor. Another option is (c) to write your equations by hand and paste images (in JPG or other compressed format) in the appropriate places in your paper.
  6. The conclusion should summarize your findings and what you have determined from the data and your analysis, with a broader or personal perspective in mind when applicable.
  7. Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.

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