1. At the beginning of September a credit card has a balance of $400. The card...

 

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1. At the beginning of September a credit card has a balance of $400. The card has an annual interest rate of 21%, and during September the following adjustments were made on the account: September 5: payment - $100 September 7: returned $15 Cap September 18: charge - $70 Sunglasses September 23: charge - $48 Movie Tickets Use the unpaid balance method to find the finance charge at the end of the month of September: Show all numbers that you used to make your calculations: Previous Month's Balance (+) Finance Charge (+) Purchases (+) Returns (-) Payments (-) Total amount owed Finance charge for next month 2. At the beginning of September a credit card has a balance of $400. The card has an annual interest rate of 21%, and during September the following adjustments were made on the account: September 5: payment - $100 September 7: returned $15 Cap September 18: charge - $70 Sunglasses September 23: charge - $48 Movie Tickets Use the average daily balance method to compute the finance charge that will appear on the next statement. Show all numbers that you used to make your calculations: Day Balance Sum the third column Divide the sum by the number of days in the month: This will be your average daily balance: Use this number and put it into this I PRT formula to get the finance charge for the month Number of days Balance * 3. Which method in this case is better for the person using the credit card? (Look at your answers to numbers 1 and 2 to answer this question) 4. If you take out an add-on loan for $1500 for 2 years at an annual interest rate of 6.5%, what will be your monthly payments? Step 1: First calculate the interest: I = Prt Step 2: Add interest to the purchase price: Step 3: Find the payment: Percentiles: Use Statkey Suppose you want to know how you stand among all the students in your class who took the midterm test. We can use percentiles to help us. A percentile is the percentage of test scores that are less than a given x-score. That is, the percentile corresponding to an x-score is the area under the normal curve to the left of the x-score. For example, Barney's classmate received an 84 on the midterm test. The percentage of students who received a grade less than 84 is the classmate's percentile, or relative position, in the class. This percentage is represented by the following shaded area. 60 65 70 75 80 85 90 95 100 5. Calculate the percentile for the student who scored an 84 Recall that the mean for his class was 80. The standard deviation of the test scores in Barney's section was 6.7( round to the nearest percent). 6. Another student in Barney's class received a grade of 75. What is his percentile? (round to the nearest percent) 7. In a national survey, it was determined that the number of hours high school students watch television per year is approximately normally distributed. If the mean is 1500 hours, and the standard deviation is 100 hours. a. If a high school student watches 1650 hours a year, what percentile is this student in? (round to the nearest percent). b. If a student is in the 80th percentile, how many hours a year does this student watch? This one is challenging! Round to the nearest hour. 1. At the beginning of September a credit card has a balance of $400. The card has an annual interest rate of 21%, and during September the following adjustments were made on the account: September 5: payment - $100 September 7: returned $15 Cap September 18: charge - $70 Sunglasses September 23: charge - $48 Movie Tickets Use the unpaid balance method to find the finance charge at the end of the month of September: Show all numbers that you used to make your calculations: Previous Month's Balance (+) Finance Charge (+) Purchases (+) Returns (-) Payments (-) Total amount owed Finance charge for next month 2. At the beginning of September a credit card has a balance of $400. The card has an annual interest rate of 21%, and during September the following adjustments were made on the account: September 5: payment - $100 September 7: returned $15 Cap September 18: charge - $70 Sunglasses September 23: charge - $48 Movie Tickets Use the average daily balance method to compute the finance charge that will appear on the next statement. Show all numbers that you used to make your calculations: Day Balance Sum the third column Divide the sum by the number of days in the month: This will be your average daily balance: Use this number and put it into this I PRT formula to get the finance charge for the month Number of days Balance * 3. Which method in this case is better for the person using the credit card? (Look at your answers to numbers 1 and 2 to answer this question) 4. If you take out an add-on loan for $1500 for 2 years at an annual interest rate of 6.5%, what will be your monthly payments? Step 1: First calculate the interest: I = Prt Step 2: Add interest to the purchase price: Step 3: Find the payment: Percentiles: Use Statkey Suppose you want to know how you stand among all the students in your class who took the midterm test. We can use percentiles to help us. A percentile is the percentage of test scores that are less than a given x-score. That is, the percentile corresponding to an x-score is the area under the normal curve to the left of the x-score. For example, Barney's classmate received an 84 on the midterm test. The percentage of students who received a grade less than 84 is the classmate's percentile, or relative position, in the class. This percentage is represented by the following shaded area. 60 65 70 75 80 85 90 95 100 5. Calculate the percentile for the student who scored an 84 Recall that the mean for his class was 80. The standard deviation of the test scores in Barney's section was 6.7( round to the nearest percent). 6. Another student in Barney's class received a grade of 75. What is his percentile? (round to the nearest percent) 7. In a national survey, it was determined that the number of hours high school students watch television per year is approximately normally distributed. If the mean is 1500 hours, and the standard deviation is 100 hours. a. If a high school student watches 1650 hours a year, what percentile is this student in? (round to the nearest percent). b. If a student is in the 80th percentile, how many hours a year does this student watch? This one is challenging! Round to the nearest hour.