- Description
MTH 216
QUANTITATIVE REASONING II
The Latest Version A+ Study Guide
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MTH 216 Week 5 MyMathLab® Final Examination
Prerequisite Assignment: MyMathLab® Study Plan for Final Examination.
- Click the Final Exam tab.
- Click External Content Launch to access MyMathLab®.
- After earning at least 60% of the Mastery Points in the MyMathLab® Study Plan for Final Examination, complete the Final Examination in MyMathLab®.
Important Note: It is highly recommended that you earn all of the possible Mastery Points in the MyMathLab® Study Plan for Final Examination. You have 1 attempt to complete the Final Exam and do not have access to the Help me Solve This or View an Example features.
MTH 216 Week 5 Checkpoint
Compute the total cost per year of the following pair of expenses. Then complete the sentence: On an annual basis, the first set of expenses is _______% of the second set of expenses.
Maria spends $15
on lottery tickets every week and spends $139
per month on food.
On an annual basis, the money spent on lottery tickets is 47
%
of the money spent to buy food.
Consider a relatively simple health insurance plan with the following provisions. Office visits require a co-payment of $25
.
Emergency room visits have a $250
co-payment. Surgical operations have a $1 comma 700
deductible (the first $1 comma 700
is paid out of pocket). The monthly premium is $360
.
During a one-year period, somebody insured by this health insurance has the expenses shown to the right. Complete parts (a) and (b) below.
Expenses
Total Cost
Feb. 18: Office visit
$150
Mar. 26:Emergency room
$720
Apr. 23: Office visit
$150
May 14: Surgery
$6 comma 500
July 1: Office visit
$150
Sept. 23: Emergency room
$950
- Determine the person’s health care expenses for the year with the insurance policy.
The person’s health care expenses with the insurance policy are $6595
.
(Type a whole number.)
- Determine the person’s health care expenses for the year without the insurance policy.
The person’s health care expenses without the insurance policy are $8620
.
Calculate the amount of money you’ll have at the end of the indicated time period.
You invest $1000
in an account that pays simple interest of 7
%
for 20
years.
The amount of money you’ll have at the end of 20
years is $2400
.
Find the annual percentage yield (APY) in the following situation.
A bank offers an APR of 6.6
%
compounded daily.
The annual percentage yield is 6.82
%.
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account.
A $17 comma 000
deposit in an account with an APR of 4.75
%.
The balance in the account after 1
year is approximately $17826.99
.
(Round to the nearest cent as needed.)
The balance in the account after 5
years is approximately $21557.27
.
(Round to the nearest cent as needed.)
The balance in the account after 20
years is approximately $43957.06
.
(Round to the nearest cent as needed.)
The APY for the account is approximately 4.86
%
Use the savings plan formula to answer the following question.
Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 6 %
.
How much should you deposit monthly to accumulate $83 comma 000
in 13
years?
You should invest $352.52
each month.
Compute the total and annual returns on the described investment.
Six
years after buying 50
shares of XYZ stock for $40
per share, you sell the stock for $ 2900.
The total return is 45
%.
(Do not round until the final answer. Then round to one decimal place as needed.)
The annual return is 6.4
%.
(Do not round until the final answer. Then round to one decimal place as needed.)
Consider a home mortgage of $200 comma 000
at a fixed APR of 6
%
for 20
years.
- Calculate the monthly payment.
- Determine the total amount paid over the term of the loan.
- Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
- The monthly payment is $1432.86
.
(Do not round until the final answer. Then round to the nearest cent as needed.)
- The total amount paid over the term of the loan is $343886.4
.
(Round to the nearest cent as needed.)
- Of the total amount paid, 58.2
%
is paid toward the principal, and 41.8
%
is paid for interest.
(Round to one decimal place as needed.)
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs.
You need a $140 comma 000
loan.
Option 1: a 30-year loan at an APR of 7
%.
Option 2: a 15-year loan at an APR of 6.5
%.
Find the monthly payment for each option.
The monthly payment for option 1 is $931.42
.
The monthly payment for option 2 is $1219.55
.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Find the total amount paid for each option.
The total payment for option 1 is $335311.2
.
The total payment for option 2 is $219519
.
(Use the answers from the previous step to find this answer. Round to the nearest cent as needed.)
Compare the two options. Which appears to be the better option?
A.
Option 2 is the better option, but only if the borrower can afford the higher monthly payments over the entire term of the loan.
B.
Option 2 will always be the better option
C.
Option 1 will always be the better option.
D.
Option 1 is the better option, but only if the borrower plans to stay in the same home for the entire term of the loan.
A man
earned wages of $41 comma 700
,
received $1700
in interest from a savings account, and contributed $3400
to a tax-deferred retirement plan. He
was entitled to a personal exemption of $2700
and had deductions totaling $5470
.
Find his
gross income, adjusted gross income, and taxable income.
His
gross income was $43400
.
(Simplify your answer.)
His
adjusted gross income was $40000
.
(Simplify your answer.)
His
taxable income was $31830
.
(Simplify your answer.)
Use the marginal tax rates in the table below to compute the tax owed in the following situation.
Marco
is married filing separately
with
a taxable income of $67 comma 600
.
Tax Rate
Single
Married Filing Separately
10%
up to $8,925
up to $8,925
15%
up to $36,250
up to $36,250
25%
up to $87,850
up to $73,200
28%
up to $183,250
up to $111,525
33%
up to $398,350
up to $199,175
35%
up to $400,000
up to $400,000
standard deduction
$6100
$6100
exemption (per person)
$3900
$3900
The tax owed is $12829
.
(Simplify your answer. Round to the nearest dollar as needed.)
You are in the 25 %
tax bracket. The apartment rents for $ 1500
per month. Your monthly mortgage payments would be $2200
,
of which an average of $1900
per month goes toward interest during the first year. Determine whether renting or buying is cheaper in terms of monthly payments during the first year. Assume you are itemizing deductions.
Is it cheaper to own or to rent?
It is cheaper to rent
.
It is cheaper to own
.