Assignment 1 - Saving Money
Assignment 2 - Borrowing Money
Assignment 3 - Set Theory and Logic
Assignment 4 - Counting Methods
Mixed
100
What is the formula for calculating the amount for Simple Interest?
Interest for simple interest = PRT
The amount = P + PRT or P (1+RT)
100
Little Johnny is borrowing $5000 for a rate of 2.5% compounding monthly for 2 years. What value should his n be if he'd like to calculate his monthly payment using the financial app?
n = 2x12 = 24
100
What does a 'Universal Set' mean?
It's the whole set, such as the whole population
100
Do we use nPr or nCr when counting combinations where order matters?
nPr
100
Estimate how long Little Johnny's investment to double if he invests $2000 in a savings account that compunds 2.5% annually?
72/2.5 = 28.8 years
200
How much will Little Johnny receive if he invests $ 5,000 in a government bond with simple interest of 15% that matures in 5 years?
8750
200
Little Johnny bought a car for $35000 and accepted the mortgage option from the dealer, which would compound monthly with an interest rate of 12%. If he's paying $1000 every month, how long would it take Little Johnny to finish the payment?
n = 43.29 months
or the 44th month
200
Little Johnny likes to cook himself a nice meal when he has time during the weekend. Make a conditional statement for him.
If it's the weekend, then Little Johnny cooks.
OR
If Little Johnny cooks, then it's the weekend.
200
nPr or nCr?
There are 12 fruits in the shop and you need to buy 4 different kinds of fruits for a party
nCr since order doesn't matter
200
Little Johnny's portfolio grows from $5,000 to $18,000. What is the rate of return?
Rate of return = interest earned/total investment
= (18000-5000)/5000
= 2.6 = 260%
300
What would the future value be if Little Johnny invested $5000 in Bank of America with an interest rate of 2% compounding for 8 years?
$5858.30
300
Little Johnny wants to buy a house that costs $480,000. If he wants to pay the house off in 15 years, how much will his monthly payment be if the bank is offering an interest rate of 8% compounding semi-annually on his mortgage?
Semi-annual payment = 27758.44758...
monthly payment would be 4626.41
300
In a Venn diagram, if n(A)=10, n(B)=15, and the universal set is 20, what is n(AnB)?
5
300
nPr, nCr or repetition?
How many ways can you place a pile of 10 books on a shelf that contains 3 Jane Austin's books and 3 William Shakespeare's books?
Repetition
10!/(3!3!) = 100800 ways
300
What is the inverse of this conditional statement
'If Little Johnny goes to school, then it must be a weekday'
If it's not a weekday, then Little Johnny does not go to school'
400
When will Little Johnny's investment double if he invests $8000 in a foreign investment with 8% interest rate compounding quarterly?
To find when the investment doubles, we will use the Rule of 72
72/8 = 9 years
400
A loan of $8,000 is taken out at an annual interest rate of 5%, compounded monthly, for 3 years.
a) What is the amount owed at the end of 3 years?
b) How much interest was paid in total?
a) $9292.80
b)$1292.80
400
In a Venn diagram, if n(A)=8, n(B)=12, 2 outside Set A and Set B, and the universal set is 20, what is n(AnB)?
2
400
How many combinations can a lock with 2 letters and 3 digits form?
a) with repetition
b) without repetition
a) 26 x 26 x 10 x 10 x 10 = 676000
b) 26 x 25 x 10 x 9 x 8 = 468000
500
Little Johnny's friend told him about a new investment opportunity that will give him a 20% interest rate compounded semi-annually if he pays $20,000 every compounding period for 3 years. How much will Little Johnny get back in 3 years?
$154,312.20
500
You are considering two credit card options for a $3,000 purchase that you plan to pay off over 12 months.
Option A:
Annual interest rate: 18%, compounded monthly
Annual fee: $50Option B:
Annual interest rate: 15%, compounded monthly
Annual fee: $100
Which option will cost less overall after 12 months? Show all calculations.
Total for A = $3586.80 (rounded) + 50 (annual fee) = 3636.80
Total for B = 3482.40 (rounded) + 100 (annual fee) = 3582.40
Option B would be better unless option A offers other things such as cash back, air points, etc.
500
In a survey of 100 students, 40 take Math (M), 30 take Science (S), 25 take History (H); 10 take M & S, 8 take S & H, 5 take M & H; and 3 take all three. Find how many students take only Math, only Science, or only History?
Step 1: Identify students taking exactly two subjects
Math and Science only:
10−3=7
- Science and History only:
8−3=5 - Math and History only:
5−3=2
Step 2: Calculate students taking only one subject
Only Math:
40−(7+2+3)=28
- Only Science:
30−(7+5+3)=15 Only History:
25−(2+5+3)=15
500
How many ways can 8 boys and 9 girls be selected for a drama of 4 children if they need no more than 2 boys?
The choices can be: 1 Boy and 3 Girls or 2 Boys and 2 Girls or NO boys
8C1x9C3 + 8C2x9C2+9C4 = 1806