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## Math and Human Society

by: Breana Ullrich

6

0

17

# Math and Human Society MATH 114

Marketplace > Radford University > Mathematics (M) > MATH 114 > Math and Human Society
Breana Ullrich
RU
GPA 3.74

William Case

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COURSE
PROF.
William Case
TYPE
Class Notes
PAGES
17
WORDS
KARMA
25 ?

## Popular in Mathematics (M)

This 17 page Class Notes was uploaded by Breana Ullrich on Monday October 19, 2015. The Class Notes belongs to MATH 114 at Radford University taught by William Case in Fall. Since its upload, it has received 6 views. For similar materials see /class/224683/math-114-radford-university in Mathematics (M) at Radford University.

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Date Created: 10/19/15
Unit 5 Finance Unit Math 114 Section 51 Percents Applications of percents Sales Taxes 1 Ifthe sales tax rate is 45 find amount of tax on items priced at a 23100 04523100 1040 b 4500 0454500 203 Mark up price 2 A toy store marks up the wholesale price of toys by 30 Find the retail price of a toy that wholesales for a 4000 304000 1200 4000 1200 5200 b 5850 305850 1755 5850 1755 7605 Mark Down 3 The cost of a pair of blue jeans is marked down by 20 Find the discount price given the original price of the blue jeans a 4500 204500 900 4500 900 3600 b 7000 207000 1400 7000 1400 5600 Page 200 19 19 Find the original price of an item that is marked 1750 if the marked price represents a discount of a 15 markdown 15 original price x x 15x 1750 85x 1750 85x 1750 E W x 2059 b 40 mark down 40 original price x x 40x1750 60x1750 60x 1750 KW x 2917 c 75 markdowri 75 original price x x 75x 1750 25x 1750 25x 1750 2 x 7000 26 Ifthe in ation rate is predicted to be 23 a year how much will 17500 in groceries cost a year later 02317500 403 17500 403 17903 32 Which showed the greatest percent increase in selling price a A share of Netco stock that sold for 5450 on Monday and 5725 on Friday b A share of Trapco stock that sold for 2075 on Monday and 2225 on Friday M itek Stock 5725 5450 275 275 5400 x 100 504 Y otek Stock 2225 2075 150 150 2075 Y otek has a greater increase x 100 72 Section 52 Simple Interest and compound interest Simple interest I PRT P principal R rate T time Compound Interest for Interest Compounded Once a Year A P1 r A Accumulated balance P principal r rate I time Examples 1 Find the simple interest on 500 at 21 for 5 years I PRT I 5000215 I 10505 I 5250 2 Find the simple interest on 1200 at 12 for 10 years I PRT I 120001210 I 144010 I 14400 Compound interest 3 Find the balance on 80000 if interest is compounded at a rate of 13 for 5 years if interest is compounded once a year P 80000 r 13 013 I 5 years A P1 r A 8000010135 A 8000010135 A 800001066712 A 85337 4 Find the balance on 430000 if interest is compounded at a rate of 11 for 10 years if interest is compounded once a year P 430000 r 11 011 t 10 years A P1 r2 A 430000101110 A 430000101110 A 4300001115608 A 479711 Page 205 8 P 3000 4 Annually t 6years Find I I PRT I 3000046 I 300024 I 720 14 P 25000 5 Annually t 3Monthly A P1 r 3 A 2500010512 A 25000005 A 2530681 20 P 2000 5 Annually A 2350 nd I A P1 r 2350 2000105 2350 2000105 2350 2000105 M 2000 1175 105 10g117510g105 10g1175 t10g105 0700 0211t I 33 years Compound interest where interest is compounded more than once a year Section 53 V1 APGLJ n A Accumulated balance P principal r rate t time n the number of times interest is computed in a year Example 1 Find the nal balance on a savings account with 12000 if interest is compounded quarterly for 10 years at a rate of 21 per year P 12000 r021 t 10 years n 4 quarterly n2 APGLJ 7 021 w A 120001 T A 1200010052540 A 1200010052540 A 1200012330006 A 1479601 Page 213 Compounding interest monthly 10 P 3000 r 9 09 t 6 years n 12 monthly H A P 1 1 n 09 lew A 3000 1 12 A 300010075 A 300010075 A 30001712552707 A 513766 12 Compounding interest daily P 5000 r 10 10 I 4 years n 365 Daily H A P 1 1 7 10 jssw A 5000 1 365 A 5000100027397 60 A 5000100027397 60 A 50001491743836 A 745871 16 Compounding interest quarterly P 5000 r 72 072 I 10 years n 4 H A P 1 1 n 410 A 5000l 4 A 50001018 0 A 50001018 0 A 50002041320138 A 1020660 31 Antonio deposits 15000 into a certi cate of deposit that guarantees 66 annual interest rate compounded quarterly How much will be in the account at the end of ve years P 15000 r 66 006 n 4 I 5 n A P 1 1 7 066 I A 15000IT A 15000l 0016560 A 15000l0016560 A 150002669580236 A 4004370 Saving bond example Mary invests 10000 in a savings bond that pays 9 interest rate where interest is compounded monthly How much money will Mary have in this savings bond in 10 years P 10000 r 9 t 10 years n 12 H A P 1 1 n 091210 A 10000 1 12 A 100001 0075 0 A 1000010075 A 100002451357078 A 241357 Section 55 Loans Payment formula P principal t time n number of payments in a year PM T payment r rate Loan formula r n PEP 71 PPMT P principal t time n number of payments in a year PM T payment r rate Calculating a car payment 1 If you nanced a car that cost 12000 at an APR of 6 per year for 5 years what would be your car monthly payment PMTP 739 7m 1 11 7 E 12 PMT 12000 W 1 139 12 0 W PMT12000 05 60 1 1005 05 K PMT 12000113900W PMT 12000 i 1 741372196 PMT 12000 258627804 PMT 120000193328015 PMT 23199 Your car payment would be 23199 Your total payments would be 6023199 1391940 The interest you would pay on the car would be 1391940 12000 191940 Financing a house 2 What would be your monthly house payment if you buy a 150000 house and nance it over 30 years with an APR of 60 P 150000 r 60 06 t30 n 12 L PMT P quot r in 11 7 06 12 71230 1 w 12 05 5 05 1 PMT 150000 1 1 1 PMT 150000 0 1 1005 46 PMT 150000 L 1 10053 0 0 PMT 150000 1 166041928 005 PMT 150000 39 833958072 PMT 1500000059955053 PMT 89933 Your total payments would be 36089933 32375880 The interest you would pay would be 32375880150000 17375880 3 Calculate the difference in payments on a 15 year loan and a 30 year loan on a 170000 house financed at 7 interest rate per year 15 year loan E 12 71215 1 HE 12 00583333333 1 10058333333 0 00583333333 1 10058333333 00583333333 6489930861 PMT 17000000898829 PMT 152801 PMT 170000 PMT 170000 PMT 170000 PMT 170000 30 year loan PMT 170000 E 12 71230 1 Hg 12 l 00583333333 l l PMT 170000 1 1 0058333333 360 PMT 170000 00583333333 1 1005833333339360 PMT 170000 00583333333 1 1232058536 00583333333 8767941464 PMT 1700000066530249 PMT 113101 PMT 170000 Total payment with a 15year loan 180152801 27504180 Total payment with a 30year loan 360113101 40716360 Page 227 8 PMT 100 r 4 04t 2 r in PEP 71 PPMT 742 11 J P 100 7 04 4 4 78 P1001 101 01 8 P100 1 13901 01 01 P 1001 923483223 P 1000765167775 P 100765167775 P 76517

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