Math 123 Fall 2018 Dr. Lily Yen Quiz 3 Show all your work Name: Number: Signature: Score: /21 Problem 1: Answer the questions. Write out steps for each. a. Convert the fraction one and three quarters...

40 min quiz on topic - Consumer Mathematics with 8 or 10 questions but no more than 10. Here is the sample attached


Math 123 Fall 2018 Dr. Lily Yen Quiz 3 Show all your work Name: Number: Signature: Score: /21 Problem 1: Answer the questions. Write out steps for each. a. Convert the fraction one and three quarters into a percent. b. Find 35 % of 250. c. If you want to give 24 jelly beans from a pile of 80 jelly beans, what percentage should you give? d. 98 is 49 % of what number? e. When you ordered 200-dollar worth of food and drinks in Les Verses in Montreal, how much in taxes do you need to pay? Hint: Québec has a 15 % service tax. Score: /5 Problem 2: Solve for the indicated variable. a. Solve for I in m = P+I n b. Solve for x in (1.1)x = 5. Provide accuracy to two decimal places. c. Solve for r in A = P (1 + r)t Score: /7 Problem 3: Baby Nathanael was born in May this year. During the summer, his parents won a lottery worth over ten million dollars. Suppose they would like to put aside part of their winnings for Nathanael’s university education in a guaranteed investment certificate (GIC) at 2.5 % compounded semi-annually. They would like to have at least $60 000 from the entire GIC (interest plus principal) by the time Nathanael is ready for university in September the year he turns eighteen. How much should they have invested in this GIC for him before September of this year? Score: /3 Problem 4: Suppose you are given the principal of $12 400 you still owe in your home theatre system last month at an annual interest rate of 12 %. Suppose the minimum monthly payment is computed based on the finance charge plus 2 % of principal. Find this month’s minimum payment due. Score: /3 Problem 5: A new Tesla costs $100 000. Suppose you take out an add-on interest loan for 3 years at an annual interest rate of 5 %, what will be your monthly payments? Also find the finance charges per month. Score: /3 Page 2 Math 123 81-1s1rebwx.pdf Chapter 8: Consumer Mathematics 8.1 Percents, Taxes, and Inflation What does % mean? Remember that percent is literally translated as divided by 100, so you just need to turn given fractions into another fraction with 100 as its denominator, or vice versa. 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In the last entry of the table, you noticed that 1/3 was a problem because you can’t divide it perfectly. When you can’t divide perfectly, then a fraction will turn into repeating decimals because You need a data bank of repeating decimals. Find 1/3, 1/6, 1/7, 1/9, and 1/11 as decimals. Now try to fill the following. fraction decimal percent 2 5 0.06 28% 0.6 7 20 31 Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily Yen Lily