- You MUST show all of your work to receive any credit. If you have questions about showing work, please ask. Your work must be shown in a very neat presentation that is easily followed.
Part 1. Be sure to clearly show all of your steps to each solution.
You are planning to purchase a house that will require some renovations.
- You will have a $400,000 mortgage for 20 years at the rate of 4.25%. What will your monthly payment be?
- If you take the full term of the loan, how much interest will you have paid?
- You decide to do some remodeling. You are looking at borrowing $7500 at the simple interest rate of 2% per year. You want to pay a maximum of $600 interest. How long will the loan need to be to meet this maximum interest of $600.00?
- If you decide to put a $3000.00 bonus from your employment in a savings account that pays 2% interest compounded monthly, how much interest would you have earned after 4 years?
Part 2
A group of friends start a walking program. The chart below shows each member’s self-reported walking time in January 2022.
| Person | Minutes Walking in January 2022 |
| YOU | 350 |
| B | 525 |
| C | 400 |
| D | 600 |
| E | 150 |
| F | 550 |
| G | 300 |
| H | 540 |
| I | 425 |
| K | 700 |
Answer the following questions based on this data. Be sure to show all of your work for each question.
- What was the mean walking time for the group in January 2022? If your answer is a decimal round to the nearest hundredth.
- By what percent did YOU exceed or fall below the mean in January 2022? Express your answer rounded to the nearest hundredth.
- What was the median walking time in January 2022?
Part 3
Here is data for a statistics class:
| Final Grade | Women | Men |
| A | 6 | 5 |
| B | 7 | 8 |
| C | 4 | 3 |
| D | 2 | 1 |
| F | 0 | 1 |
Answer the following questions based on the above data for the math class. Be sure to show all of your work for each question.
- If one person is randomly chosen to participate in a focus group, what is the probability that the person will be a student who earned an A in the class?
- A group of 6 students from this class is going to be randomly chosen to test a new video. In how many ways can the 6 students be chosen?
- What is the probability that the random choice of the 6 students ( from b. above) will result in a group of all women being chosen?
Part 4
For this part, you will find it helpful to use a Venn diagram. You may submit a Venn diagram or thoroughly explain how you reached each answer.
In a math 105 class of 34 students, a survey showed that 20 students used the ALEKS e-text at least once, 7 used a video at least once, and 5 used both the e-text and a video at least once.
- How many students used only the e-text?
- How many students used neither the e-text nor the videos at least once?
