Types of Credit and Modeling Functions
If a salesperson at a car dealership says, “I can offer you 4.5% on $25,000 for 5 years.” What do each of those numbers mean?
4.5% is the interest rate
$25,000 is the loan amount
5 years is the loan term
Why would a lender look at your credit report?
To determine the risk associated with lending you money
What is a 10% down payment on $46,750 car loan?
$4,675.00
Which strategy would you use to calculate the following prompt: How many different pizza orders could be made if you are able to pick 1 type of cheese from 3 options, 1 type of meat from 5 options, and 1 type of vegetable from 4 options? (Fundamental Counting Principle, Permutation, or Combination)
Fundamental Counting Principle
Solve the following logarithmic equation: log6(x) +5=7
x=36
Write an equation representing the relationship between your payment, principal, and interest.
Payment = Principal + Interest
Find the 5 number summary for the following numbers. {2, 13, 15, 16, 18, 21}
Min= 2
Q1=13
Median= 15.5
Q3=18
Max=21
Why would you want to pay off an auto loan or mortgage off before the term ends?
to pay less interest on your loan
For people with a first, middle, and last name, how many different possible monograms are there?
26*26*26 = 17576
Solve the following exponential equation: 3x-2=35
x=3
Use the Compound Interest Formula to calculate the following.
Zally is saving money in a savings account. She starts with a principal amount of $2,000. She has an interest rate of 0.27% and has been saving for 5 years compounded annually. If she adds no money how much will she have saved after 5 years? Round to the nearest cent.
$2, 027. 15
How do I find the Interquartile Range?
Subtract Quartile 1 and Quartile 3
What are the most common lengths of mortgages?
15 years or 30 years
In a bag of 10 marbles with 6 red and 4 blue, how would you calculate the probability of picking a red marble followed by a red marble without replacement?
6/10*5/9
Calculate how much money you would have in 12 years if you invest $5,000 in an account with an average growth rate of 4%.
$8, 005.16
Janice has a loan balance of $45,000 that is compounded quarterly at a rate of 4.2%. Assuming that she makes no payments on the account, what will her balance be in 2 years? Round your answer to the nearest cent.
$51, 009.18
What does the median represent in any 5 number summary
The middle value of the data set
You are buying a new Chevy Equinox for $42,000. the dealership is offering a cash allowance of $1,500 and an APR of 2.8% if you make a 10% down payment. Calculate the loan amount you would need.
$36,300
If P(A) = 0.17, P(B) = 0.25, and P(A and B) = 0.04, calculate P(A or B).
P(A or B) = 0.38
Calculate how much money you would have in 6 years if you invest $7,000 in an account with an average growth rate of 6.8%.
$10,387.85
Catherine has a loan balance of $30,000 that is compounded monthly at a rate of 4.5%. Assuming that she makes no payments on the account, how much interest will she have after 4 years? Round your answer to the nearest cent.
$5, 904.43
Name 2 Factors that increase a credit score
(Any two)
- on time payments
-Credit Utilization
-Length of Credit History
-Mixed tupes of credit
Given a semi monthly take home pay of $1,600. If it is recommended to not spend over 28% of your monthly take home pay on your mortgage what should your monthly mortgage budget be?
$896
If your premium is $120, your deductible is $1,800, and your coverage limit is $25,000, how much will you pay for a claim of $26,000?
$2,800
Write and solve an exponential equation for the following scenario: You have $15 initially and the value doubles every year. After x amount of years you will have $7680. Solve for the x amount of years.
15*2x=7680
x+9