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Aufmann - Quantitative Reasoning 1/e (Homework)

James Finch

Math - Developmental, section A, Fall 2019

Instructor: Dr. Friendly

Current Score : 33 / 48

Due : Monday, December 30, 2030 23:59 EST

Last Saved : n/a Saving...  ()

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Question
Points
1 2 3 4 5 6 7 8 9 10
14/16 0/4 –/1 –/1 –/3 3/3 9/9 1/5 1/1 5/5
Total
33/48 (68.8%)

  • Instructions

    Aufmann's Discovering Mathematics: A Quantitative Reasoning Approach with WebAssign, written by Richard Aufmann and published by Cengage Learning, is designed for today's Quantitative Reasoning course. By focusing on topics relevant to students and helping them develop critical-thinking skills they can apply beyond the course, this solution provides students with exactly what they need, in an approachable, engaging, and streamlined format. Customizable for use inall teaching models—from lecture, hybrid, or fully online to flipped and active learning environments—Discovering Mathematics: A Quantitative Reasoning Approach will empower you to accomplish all your course objectives.

    Question 1 is an excellent example of a project. Note that the answer keys to later parts of the project are calculated using the free-responses given by students at the beginning of the assignment, allowing for a true open-ended project experience.

    Question 2 demonstrates the ability to grade student answers rounded to a given number of decimal places.

    Question 3 is an example of an application style problem.

    Question 4 features a table with randomized values.

    Question 5 is an example of an application style problem with multiple parts that build on one another.

    Question 6 demonstrates how short answer statements can be graded automatically.

    Question 7 features a table that students must complete.

    Question 8 has multiple parts with the last part demonstrating a free-response style answer that may be graded by the instructor.

    Question 9 demonstrates how answers given as a percent can be graded.

    Question 10 requires the student to first give numerical responses and then analyze their results by answering multiple-choice questions. This demo assignment allows many submissions and allows you to try another version of the same question for practice wherever the problem has randomized values.

Assignment Submission

For this assignment, you submit answers by question parts. The number of submissions remaining for each question part only changes if you submit or change the answer.

Assignment Scoring

Your last submission is used for your score.

1. 14/16 points  |  Previous Answers AufQR1 6.Lab.001. My Notes
Question Part
Points
Submissions Used
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
–/1 1/1 –/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1
0/100 2/100 0/100 1/100 1/100 1/100 1/100 1/100 1/100 4/100 2/100 4/100 3/100 3/100 2/100 1/100
Total
14/16
 

Dream vs. Reality: Financing a Car

  • Overview

    We all have a dream car, but just how practical is it to own? For this project, you will find the monthly payments and interest on a dream car and those on a more practical choice. You will then compare your results to see which option best fits your budget.
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2. 0/4 points  |  Previous Answers AufQR1 6.1.013. My Notes
Question Part
Points
Submissions Used
1 2 3 4
0/1 0/1 0/1 0/1
1/100 1/100 1/100 1/100
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0/4
 
$8,000 is borrowed for 110 days at a 6% interest rate. Calculate the maturity value by the exact method and by the ordinary method. (Round your answers to two decimal places.)
exact method    $
ordinary method    $


Which method yields the greater maturity value?
    

Who benefits from using the ordinary method rather than the exact method, the borrower or the lender?
    
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3. –/1 points AufQR1 6.2.022. My Notes
Question Part
Points
Submissions Used
1
–/1
0/100
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–/1
 
You deposit $7,200 in a 2-year certificate of deposit (CD) earning 2.3% annual interest compounded daily. At the end of the 2 years, you reinvest the compound amount plus an additional $7,200 in another 2-year CD. The annual interest rate on the second CD is 2.8%, compounded daily. What is the compound amount when the second CD matures? (Ignore leap years. Round your answer to the nearest cent.)
$
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4. –/1 points AufQR1 6.4.009. My Notes
Question Part
Points
Submissions Used
1
–/1
0/100
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–/1
 
A credit card bill for $856.30 was due on July 15. The next due date was August 15. The table below shows purchases and payments made during that time.
Date Purchase
or payment 		Date Purchase
or payment
7/19 115.59 8/6 127.09
7/24 29.09 8/7 60.05
7/25 110.56 8/7 107.50
7/26 35.97 8/8 141.30
7/26 53.54 8/8 51.91
7/27 86.36 8/9 142.14
7/29
−500.00
 		8/10 48.24
7/30 29.02 8/11 85.70
8/4 72.91 8/13 144.49
8/5 21.67 8/14 105.68
Calculate the finance charge based on the average daily balance and an annual interest rate of 21.5%. (Round your answer to the nearest cent.)
$
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5. –/3 points AufQR1 6.4.014. My Notes
Question Part
Points
Submissions Used
1 2 3
–/1 –/1 –/1
0/100 0/100 0/100
Total
–/3
 
Suppose Olivia has $7,020 in credit card debt on the VB credit card which has annual interest rate of 18.7%. Olivia is considering transferring her debt to the LA credit card that offers 0% interest for 18 months.
(a)
If Olivia makes a payment of $390 per month on the VB credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: You are trying to find the future value of a debt that has a present value of $7,020. Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.)
$
(b)
If Olivia makes a payment of $390 per month on the LA credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.)
$
(c)
How much lower is the balance due after 18 months on the LA credit card? Note: Some credit card companies may charge a transfer fee which will affect the benefit of a 0% introductory rate. Assume that there is not a transfer fee. (Round your answer to the nearest cent.)
$
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6. 3/3 points  |  Previous Answers AufQR1 6.5.015. My Notes
Question Part
Points
Submissions Used
1 2 3
1/1 1/1 1/1
2/100 2/100 1/100
Total
3/3
 
Keith has two student loans. One is a loan of $15,000 at an APR of 6% for 11 years; the second is a loan of $21,000 at an interest rate of 7% for 9 years. Keith is considering consolidating the loans and has found a bank that will loan him $36,000 for 10 years at an annual interest rate of 6.5%. If Keith is trying to pay off the loans and pay the least amount of interest, should he take the consolidation option? (Assume Keith makes a monthly payment for each loan. Round your answers to the nearest cent.)
The total interest paid on the unconsolidated loans is $ Correct: Your answer is correct. seenKey

12,890.96

 , and the total interest paid on the consolidated loan is $ Correct: Your answer is correct. seenKey

13,052.73

 , so Keith Correct: Your answer is correct. seenKey

should not

 take the consolidation option.
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7. 9/9 points  |  Previous Answers AufQR1 6.6.019. My Notes
Question Part
Points
Submissions Used
1 2 3 4 5 6 7 8 9
1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1
1/100 1/100 1/100 1/100 1/100 2/100 1/100 1/100 2/100
Total
9/9
 
A cloud storage engineer purchased a new car for $27,690. Complete the table below to determine the cost of owning the car for the first year of ownership. Assume the car has an average fuel efficiency of 28 miles per gallon. (Round your answers to the nearest cent.)
License and registration 0.75% of purchase price $ Correct: Your answer is correct. seenKey

207.68
Sales tax 6.25% of purchase price $ Correct: Your answer is correct. seenKey

1,730.63
Down payment 15% of purchase price $ Correct: Your answer is correct. seenKey

4,153.50
Depreciation 21% of purchase price $ Correct: Your answer is correct. seenKey

5,814.90
Fuel cost driving
14,000 miles 		Average cost of gasoline:
$2.77 per gallon 		$ Correct: Your answer is correct. seenKey

1,385.00
Yearly payment 4-year loan at 3.75% on purchase price
less a 15% down payment 		$ Correct: Your answer is correct. seenKey

6,345.63
Insurance $715 $ Correct: Your answer is correct. seenKey

715.00
Maintenance $362 $ Correct: Your answer is correct. seenKey

362.00
Total $ Correct: Your answer is correct. seenKey

20,714.33
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8. 1/5 points  |  Previous Answers AufQR1 6.7.022. My Notes
Question Part
Points
Submissions Used
1 2 3 4 5
–/1 –/1 –/1 1/1 –/1
0/100 0/100 0/100 1/100 0/100
Total
1/5
 
A bank is offering 30-year home loan annual rates of 5.275% with 0 points or 4.875% with 1 point. Suppose Bryon is considering a loan amount of $250,000.
(a)
If Bryon chooses the second loan, how long will it take, in months, to recoup the additional cost in points? (Round your answer up to the nearest month.)
months
(b)
If Bryon keeps the house for 30 years, how much interest will he save with the second option? Remember to include the points he paid. (Round your answer to the nearest cent.)
$
(c)
Suppose Bryon takes the difference in monthly payments for the two loans and deposits that amount into an account that earns 3.5% annual interest compounded monthly. Use the formula for the present value of an ordinary annuity to find the present value of the account. (Round your answer to the nearest cent.)
$
(d)
Is the amount from part (c) more or less than the discount points paid for the second option?
     Correct: Your answer is correct.
(e)
Explain why the answer to part (d) is important.

This answer has not been graded yet.

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9. 1/1 points  |  Previous Answers AufQR1 6.8.001. My Notes
Question Part
Points
Submissions Used
1
1/1
2/100
Total
1/1
 
A dog trainer expects to earn an annual interest rate of 3.4% on an investment of $23,000. If the current rate of inflation is 1.9%, what is the real rate of return (as a percent) on the investment? (Round your answer to the nearest hundredth of a percent.)
Correct: Your answer is correct. seenKey

1.47

 %
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10. 5/5 points  |  Previous Answers AufQR1 6.7.018. My Notes
Question Part
Points
Submissions Used
1 2 3 4 5
1/1 1/1 1/1 1/1 1/1
1/100 1/100 1/100 1/100 1/100
Total
5/5
 
A restaurant manager has the option of a 30-year loan of $413,000 at an annual interest rate of 3.95% or the same interest rate but on a loan for 15 years.
(a)
Calculate the monthly payment for each loan. (Round your answers to the nearest cent.)
30-year $ Correct: Your answer is correct. seenKey

1,959.84

 15-year $ Correct: Your answer is correct. seenKey

3,044.57
(b)
Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)
$ Correct: Your answer is correct. seenKey

157,518.77
(c)
The term of the 15-year loan is one-half the term of the 30-year loan. Is the monthly payment for the 15-year loan twice that of the 30-year loan?
     Correct: Your answer is correct.
(d)
Is the interest savings for the 15-year loan more or less than one-half of the interest paid on the 30-year loan?
     Correct: Your answer is correct.
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