The Final Exam

       This exam is worth 12 percent toward your final grade in the course. ·        The exam is available on the first day of week 8. ·        You may take as long as you like on this exam, but you must complete and submit to your LEO classroom assignment folder by 11:59 pm on the Tuesday of the last day of class. ·        The online text will be a valuable resource as you work on these problems. ·         Please submit your work in the LEO assignment folder in one of these ways:   o   typed and saved as a single file   OR neatly handwritten, scanned, and saved as a single file. Be sure that the pages are right-side-up and in order.                 *** Please note that ONE single file is required. ***     ·         You MUST show all of your work to receive any credit. If you have questions about showing work, please ask. If you fail to show work and only provide the final answer, you will not receive points even if that answer is correct. PLEASE clearly indicate what your answers are either.   ·         The Final Exam is open book and open notes.  You may refer to your textbook, notes, and online classroom materials, but you may not consult with anyone in person or online.  You may not use any online service to solve any of the problems.     The following statement must be signed and dated:   I have completed this Final Exam myself, working independently and not consulting with anyone except the instructor nor with any online source except ALEKS.  I have neither given nor received help on this problem set.     Name:                                                             Date     Maria and John have been married for 2 years and just learned that they are pregnant.   1.      They have been renting a small apartment but decide to purchase a house. The selling price is $400,000. They will make a 20% down payment.   They are considering 2 financing options:   Option 1:         3.0% interest 30-year mortgage:     Option 2:         2.75% interest 15-year mortgage:   Answer the following questions showing all your work to reach each answer.   A. Which option will result in a lower monthly payment if they take the full term of the mortgage?  What will that monthly payment be?   B. Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?     2.  They decide to shop for furnishings for the new house.  They choose items that amount to $3600.00.  The store has 2 fixed installment loan options for purchasing:   Option 1: 20% down payment and financing at 6% simple interest per year for 3 years.   Option 2: no down payment and financing at 6.35% simple interest for 4 years.   Answer each of the following questions separately, showing all your work to reach each answer.   A.    Which option will result in smaller total finance charge? What will that total finance charge be?   B.     Which option will result in the smaller monthly payment? What will that monthly payment be?   C.     They decide to defer any purchases and invest a $3600 bonus that Maria will be getting from work in a savings account.  The interest rate is 1.6% compounded every month.  How much interest will they earn in 3 years?    D.    They decide to defer any purchases and loan the $3600 bonus to a needy relative at 2.5% simple interest per year.  How long will the term of the loan need to be if they want to earn $400 in interest (assuming the loan is not paid off early).       3.      Maria and John have decided that once they live in a house, they want to have a pet. They go to an animal shelter and find several pets that they would love to take home. There are 30 cats, 4 German Shepherds, 10 Labrador Retrievers, and 22 mixed-breed dogs. Since they can’t decide, they place all the adoption cards in a container and draw one.    Answer each of the following questions separately, showing all your work to reach each answer. A.        What is the probability that they select a cat?  B.        What is the probability that they select either a German Shepherd or a Labrador Retriever?  C.        What is the probability that if they select a dog, that it is not a mixed breed? D.        If they decide to purposely choose 2 of the 36 available dogs rather than randomly choosing any 2, how many combinations of 2 dogs are possible?   4.      Use the following information from June 17, 2020 to answer the questions below.   County  Total Cases  New London 1,217 Fairfield 16,475 Windham 579 Hartford 11,405 Litchfield 1,467 Middlesex 1,259 New Haven 12,185 Tolland 895     A.  Based on the data from 6/17/20, which county has the total number of cases closest to the mean of these 8 data values?   B.     Based on the data from 6/17/20, what is the median for these 8 data values?   C.     Which measure from the 6/17/20 data – mean or median – would be the most appropriate number to describe the total number of cases by county.  Explain why using what you know about the properties of the mean or median.   D.    Suppose you decide to draw a pie chart to represent the data from 6/17/20. [Note: you do not actually have to draw a pie chart for this exam] There will be 8 segments – each one representing a county. Each segment of your pie chart will represent the percentage of total cases on 6/17/20 accounted for by that county (i.e., County X represents X% of the total cases for all 8 counties combined). Name the percentage for each of the 8 counties.   E.     Based on the data from 6/17/20, which county is at the 75th percentile for total number of cases by county.   F.      Based on the data from 6/17/20, what is the percentile rank for New London?

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