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The probability

The probability

Maria and John have been married for 2 years and just learned that they are pregnant.

1.         They have been renting a small apartment but decide to purchase a house.

They find one that is selling for $375,000.

They decide to make a 20% down payment

They are considering 2 financing options:

Option 1:         a 3.4% interest 30-year mortgage:   

Option 2:        a 2.9% interest 15-year mortgage:

Answer the following questions showing all your work to reach each answer.

 

A.Which option will result in a lowermonthly payment if they take the full term of the mortgage?

B. Which option will result in the most total interest if they take the full term of the mortgage?

 

Answer the questions showing all your work to reach each answer

2.         They decide to shop for furnishings for the new house.  They choose items that amount to $1,600.00.  The store has 2 simple interest optionsfor purchasing:

Option 1: 20% down payment and financing at 6.4% simple interest per year for 2 years.

Option 2:  no down payment and financing at 6.5% simple interestfor 3 years.

Answer each of the following questions separately, showing all your work to reach each answer.

 

A.  Which option will result in smaller total finance charge? 

B.    Which option will result in the smaller monthly payment?

C.    If they decide to defer any purchases and take a $1,600 bonus that Maria will be getting from work and invest it at 2.5% per year simple interesthow longwill it need to be invested to earn $250 interest

D.   If they decide to defer any purchases and invest the $1600.00 bonus at 1.5% interest compounded every month, how much interest will they earn in 3 years?

3.         Maria and John have decided that once they live in a house, they want to have a pet. They go to an animal shelter and find several pets that they would love to take home. There are 8 Siamese cats, 12 common cats, 6 German Shepherds, 5 Labrador Retrievers, and 11 mixed-breed dogs. Since they can’t decide, they place all the adoption cards in a container and draw one.

Answer each of the following questions separately, showing all your work to reach each answer.

A.        What is the probability that they select a cat?

B.        What is the probability that they selecteither a common cat ora Labrador Retriever dog?

C.        What is the probability that if they select a dog, that it isnota mixed breed?

D.        What are the odds in favor ofandagainstchoosing a Siamese cat?

4.         Before the baby is born, John and Mary want to take a vacation to Gatlinburg, TN. They can travel in January or August.  They do some research about the weather in January and in August in 2018.  Using the information below answer the following questions.

 

Answer each of the following questions separately, showing all your work to reach each answer

A.        In which month was the difference between the mean high temperature and the mean low temperature smaller? Show all your calculations to support your answer.

B.        In which month was the difference between the median high temperature and the median low temperaturelarger? Show all your calculations to support your answer.

 

Day High (°F) Low (°F)  
1 jan 2018 27.0 12.0
2 jan 2018 18.0 3.0
3 jan 2018 26.1 3.0
4 jan 2018 33.1 15.1
5 jan 2018 21.9 6.1
6 jan 2018 23.0 6.1
7 jan 2018 26.1 3.9
8 jan 2018 35.1 5.0
9 jan 2018 37.0 27.0
10 jan 2018 46.9 30.9
11 jan 2018 64.9 30.9
12 jan 2018 64.0 48.0
13 jan 2018 61.0 25.0
14 jan 2018 25.0 18.0
15 jan 2018 27.0 15.1
16 jan 2018 44.1 19.0
17 jan 2018 39.0 10.9
18 jan 2018 16.0 3.9
19 jan 2018 32.0 3.0
20 jan 2018 45.0 12.0
21 jan 2018 50.0 28.9
22 jan 2018 60.1 30.0
23 jan 2018 64.0 36.0
24 jan 2018 52.0 30.0
25 jan 2018 45.0 24.1
26 jan 2018 50.0 23.0
27 jan 2018 54.0 24.1
28 jan 2018 59.0 42.1
29 jan 2018 51.1 41.0
30 jan 2018 48.9 27.0
31 jan 2018 35.1 19.9

Day High  (°F) Low (°F)                                                              
1 aug 2018 75.9 64.0
2 aug 2018 68.0 64.9
3 aug 2018 70.0 64.9
4 aug 2018 78.1 64.0
5 aug 2018 79.0 64.0
6 aug 2018 82.0 64.0
7 aug 2018 80.1 64.9
8 aug 2018 82.0 64.9
9 aug 2018 82.0 64.9
10 aug 2018 79.0 62.1
11 aug 2018 77.0 62.1
12 aug 2018 75.9 64.9
13 aug 2018 79.0 62.1
14 aug 2018 79.0 61.0
15 aug 2018 78.1 60.1
16 aug 2018 80.1 61.0
17 aug 2018 84.0 60.1
18 aug 2018 84.0 66.0
19 aug 2018 75.9 66.0
20 aug 2018 75.0 64.9
21 aug 2018 82.0 66.0
22 aug 2018 78.1 66.0
23 aug 2018 73.0 60.1
24 aug 2018 73.0 54.0
25 aug 2018 77.0 53.1
26 aug 2018 78.1 60.1
27 aug 2018 80.1 60.1
28 aug 2018 81.0 63.0
29 aug 2018 82.9 63.0
30 aug 2018 81.0 64.0
31 aug 2018 79.0 64.9

 

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