Saturday, May 2, 2020

Answers to quiz 6

The formula is: deaths/population x 100,000, no parentheses
State                    pop. (nearest 100,000)     deaths                  rate per 100,000
California              39,500,000                    1,809                            5      
Texas                   29,000,000                    690                               2      
Florida                  21,500,000                    1,154                            5      
New York              19,500,000                    17,638                          90     
Pennsylvania          12,800,000                    1,716                            13     
Illinois         12,700,000                    2,125                            17     
Ohio                     11,700,000                    799                               7      
Georgia                 10,600,000                    1,026                            10     
North Carolina        10,500,000                    342                               3      
Michigan               10,000,000                    3,567                            36     
(10 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: $87,500
If you borrow $50,000 at 5% and have a fifteen year loan, what is the monthly payment?              Answer: $486
If you borrow $50,000 at 5% and have a ten year loan, what is the total you will pay back?  Answer: $75,000
If you borrow $50,000 at 5% and have a ten year loan, what is the monthly payment?          Answer: $625
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: $120,000
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: $154,286      
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: $180,000
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: $160,000      

No comments: