Quiz 6

Name: ___________________ 
Math for Liberal Arts – Math 15

Quiz 6                            20 points

Put answers in spaces provided.

(10 points) Here are the populations of the ten most populous states and the number of COVID-19 deaths they have reported as of April 28, according to covidtracking.com. Find the rate per 100,000, rounding to the nearest whole number.

The formula is: deaths/population x 100,000, no parentheses

State                    pop.                    deaths                  rate 

California           39,500,000          1,809                   ____

Texas                   29,000,000            690                   ____

Florida                  21,500,000           1,154                ____

New York              19,500,000           17,638             ____

Pennsylvania          12,800,000          1,716               ____

Illinois         12,700,000            2,125                   ____

Ohio                     11,700,000             799               ____

Georgia                 10,600,000             1,026          ____

North Carolina        10,500,000             342           ____

Michigan               10,000,000             3,567         ____

====

(5 points) If you have the rate r, the number of years y and the amount of the loan A.

The total you will pay back is given by

Total = A * (1 + r*y)

The monthly formula is

Monthly = Total/(12 * y)

Make sure to use the parentheses.

Round answers to the nearest dollar.

If you borrow $50,000 at 5% and have a fifteen year loan, what is the total you will pay back?

Answer: ____________________

If you borrow $50,000 at 5% and have a fifteen year loan, what is the monthly payment?

Answer: ____________________

If you borrow $50,000 at 5% and have a ten year loan, what is the total you will pay back?

Answer: ____________________

If you borrow $50,000 at 5% and have a ten year loan, what is the monthly payment?

Answer: ____________________

====

(5 points) If you know your monthly pay payment Monthly, the number of years to pay the loan back and the rate, the maximum amount you can borrow is given by

Amount = Monthly * 12 * y / (1 + r*y)

Round the answers to the nearest dollar.

If you can afford to pay $1500 a month and you can get a ten year loan at 5%, what is the largest amount you can borrow?

            Amount: _____________________        

If you can afford to pay $1500 a month and you can get a fifteen year loan at 5%, what is the largest amount you can borrow?

            Amount: _____________________        

If you can afford to pay $1500 a month and you can get a twenty year loan at 5%, what is the largest amount you can borrow?

            Amount: _____________________        

If you can afford to pay $2000 a month and you can get a ten year loan at 5%, what is the largest amount you can borrow?

            Amount: _____________________