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Pick a problem:
Find a problem in your life that you can solve using the consumer math that you learned in this unit. Most of us have home, car, or education loans for which we sometimes need to calculate payments or time required to repay. Many also have savings accounts or other investments and want to calculate growth in value over a period of time.
Solve the problem:
Use the consumer math learned in this unit to solve your problem. The better you use the appropriate mathematics to correctly solve the problem, the more points you will earn.
Present the problem and your solution to the others in the class:
Post a message in the application discussion forum for this unit. In your message, describe the problem and how you solved it. Use the equation editor as necessary to show the mathematical operations. The better you communicate, the more points you will earn. If you enjoy and know how to use multimedia, such as video, audio, and graphics, you may use those as well, but this is not required.
View and respond to the applications submitted by your classmates.
Pick two of your classmates’ applications that were particularly helpful to you. Write a response to each, explaining in a paragraph or two why their applications helped you better understand the mathematics for this unit or better understand how the mathematics for this unit could be used outside of class.
Last summer my husband and I purchased a new washer and dryer. The store was running a sale, so for the both of them they were asking for $1475. We paid $550 up front, and agreed to pay the rest of the balance a 4% add-on rate for the next 2 year.
Amount to be financed = $1475 – $650 = $825
Amount to repaid = P (1 + rt)
= $825 (1 + 0.04 x 2)
Monthly payment = $891/24 = 37.12
Total cost of purchase = $650 + 891 = 1541
According to these calculations we paid $66 more than the original cost.
Statement of the problem
One bank nearby advertises a savings account with an annual interest rate of 1%, compounded monthly. Another bank, all the way across town, advertises a savings account with an annual interest rate of 1%, compounded daily.
I have $5000 to invest, and I will not touch my savings for 5 years. I remember from Math 230 that compounding more frequently gives a higher total return on my investment. Is it worth the extra time and distance to go to the bank across town? For the purpose of this problem, let’s assume that neither bank offers online services, or that I prefer to deal with my banker in person.
Solution of the problem
The formula for compound interest is:
where amount after n compounding periods:
initial amount invested:
annual interest rate:
number of compounding periods per year:
For the nearby bank:
For the across town bank:
Other Topics: mortgages, loans, credit cards
Create a new thread in the Finance forum in the Discussion Board to complete this assignment.
This assignment is required and worth up to 20 points.
Grading CriteriaPoints Possible
The problem:Is it a real-life problem?
Is it challenging, not trivial?
Is it a unique problem instead of a copy of a classmate’s posting?
The strategies:Are one or more general problem solving strategies used?
Are the strategies correctly identified?
The presentation:Is the problem explained well?
Are the problem solving strategies explained well?
Are the appropriate terms used?
Your responses:Did you post at least two responses?
Did you explain how the examples helped you better understand the math in this module?
Did you ask questions for clarification or make suggestions on how to change or improve the original application posting or any other follow-up postings?
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