Math Week 3 Critical Thinking: Mathematical Explorations
Option #1: Consumer Mathematics #1
Question #1 – Simple Interest
Jack borrowed money to finance his new business. Private investors offered Jack $28,000 of the $35,000. To make up the difference, Jack secured a small business, simple interest loan. Jack’s loan was structured as an installment loan that required him to pay $297.50/month for 30 months. Calculate the amount financed, total installment price, the finance charge, and the interest rate.
Question #2 – Annuity Payment
Jason is saving money for a down payment on a racing bicycle. He needs $2,000 in one year to make his down payment and is investing in an annuity yielding an annual interest rate of 4% compounded monthly. If the annuity requires that Jason make monthly investments, what annuity payment must Jason make to save enough for his bicycle down payment?
Question #3 – Mortgage Financing
Zoe purchased a $129,000 home with 30-year term, 6% rate mortgage. At closing she paid a $10,000 down payment, requiring her to purchase private mortgage insurance (PMI) at a cost of $25 per month. Calculate Zoe’s monthly mortgage plus PMI payment.
Requirements:
Show all your work so that the instructor clearly sees how you solved the problem.
Make sure your final answer is clear and visible.
Paper must be written in 3rd person.
Your paper should be about 4-5 pages in length or longer (counting the title page and references page) and cite and integrate at least one credible outside source. The CSU-Global Library(Links to an external site.)Links to an external site. (Links to an external site.) is a great place to find resources. Your textbook is a credible resource.
Include a title page, introduction, body, conclusion, and a reference page.
The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.
The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment.
The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.
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