SMC Finite Math Midterm Name______

Odyssey, 3rd, 5.1-5.4, 2.1-2.4 Version 1 Section______

Date October 30, 1998 Page 4

Vocabulary: define the following terms:

Periodic rate--

Annual yield--

Points--

The cardinality of a set--

Odds of an event—


Exercises: show all work carefully and circle the letter corresponding to your final answer. Note: On finance questions, if your answer is with a dollar of so of one of the answers, circle that answer.

1. You visit the commercial exhibits at the fair where a salesperson tries to sell you a thing that looks like a vacuum cleaner but is actually supposed to convert your ordinary bathtub into a luxurious Jacuzzi. This thing costs $999.99. The salesperson says that you can put $99.99 down now, and finance the remainder over 30 months at 12.5% add-on interest. How much would your monthly payments be?

a. / $281.25
b. / $9.37
c. / $98.44
d. / $39.38
e. / $1181.25
f. / other______

2. Ralph and Joanne buy a doublewide mobile home on owned land from Brenda for $42,900.00. In lieu of a 20% down payment, Brenda agrees to take 10% at the time of purchase, and the remaining 10% in 3 years. Ralph and Joanne agree to make monthly interest-only payments to Brenda at a rate of 10.25% in the meantime.

a. How much are the monthly interest only payments?

a. / $36.64
b. / $1319.75
c. / $73.29
d. / $8653.29
e. / $37.85
f. / other______

b. What is the total income that Brenda will receive from all parts of the down payment?

a. / $9716.80
b. / $34539.87
c. / $9899.04
d. / $8689.92
e. / $8580.00
f. / other______

3. Find the future value of $23,500.00 at 8 ¼ % compounded quarterly for 6 ½ years.

a. / $9797.55
b. / $39956.65
c. / $184583.72
d. / $40101.57
e. / $34701.44
f. / other______

4. a). Mable Marble wants to set up a TDA for her retirement. If she has $110.00 taken out of her biweekly paychecks and puts it into an ordinary annuity which earns 8.5% interest, how much will she have when her annuity comes to term in 45 years?

a. / $3197473.34
b. / $1503801.38
c. / $134323.81
d. / $5010,25
e. / $1498901.12
f. / other______

Problems 5, 6 and 7 involve the following: you buy a house for $210,000.00, putting 20% down and taking out a 30-year simple interest amortized loan for the rest at 9%. The APR for the loan is 9 ¼ %. Find the following:

5. The size of your monthly payments.

a. / $807.22
b. / $789.77
c. / $1351.77
d. / $1382.09
e. / $37.85
f. / other______

6. The estimated amount of the prepaid finance charges.

a. / -$3769.31
b. / -$2121.33
c. / $9899.04
d. / $3686.60
e. / $2075.46
f. / other______

7. What the unpaid balance will be 10 years from now.

a. / $150242.00
b. / $150905.60
c. / $86599.40
d. / $106710.70
e. / $86231.79
f. / other______

8. List all subsets of {1,2,3}. Circle any that are improper.

Ans: ______

9. A recent market research survey of 500 married couples yielded the following information:

248 own a VCR

314 own a microwave oven

166 own both a VCR and a microwave oven

What percent of these couples own a VCR or a microwave oven? Sketch a Venn diagram

illustrating this information.

a. / 79.2 %
b. / 33.3 %
c. / 562
d. / 41.9 %
e. / 1.12 %
f. / other______

10. You are given that U = {0,1,2,3,4,5,6,7,8,9}, A = {1,3,5,7} and B = {1,2,3,4}.

a. / {2,4}
b. / {5,7}
c. / {7}
d. / {2,3,4}
e. / other______

11. Evaluate 12C8

a. / 495
b. / 1.8203 x 10-27
c. / 1958400
d. / .000084175
e. / other______

12.  The state of Vermont wants to have license plates with three letters followed by three digits. The three letters have to come from the letters in “VERMONT”, and can be repeated. The digits must be non-zero and can not be repeated. How many different license plates are possible?

a. / 153090
b. / 250047
c. / 11907
d. / 172872
e. / other______

13.  Five cars park in spaces labeled #1 through #6. The cars are colored black, gray, pink, white, and yellow. The pink car must park in space #3. The black and yellow cars must be next to each other, and the gray car can not be next to the white car. Which space (besides #3) can the white car not park in?

a. / 1
b. / 2
c. / 4
d. / 5
e. / 6