5.4 Mathematical Models in Purchasing an Automobile

EQ: What are the two immediate benefits from completion of missing work?

Reviewing car payments and interest models

Prep work: Textbook: p269(1-3, 7, 9, 13-15)

5.4 Mathematical Models in Purchasing an Automobile

EQ: How much will your monthly car payment be if you have a down payment?

Notes: Look at Example 2 on p.234.

Prep work: Textbook: p238(19-23, 25, 26)

5.4 Mathematical Models in Purchasing an Automobile

EQ: How much will your monthly car payment be?

Notes: Example problems 7, 13 and 23 from p.238 were done in class.  Look at Examples #1 and 2 in text on page 233-234.

Prep work: Textbook: p238(7-18, 23, 24)

5.8 Mathematical Models in Personal Income

EQ: Can you pay the taxes from your paycheck?

Notes: How to read a tax table.  p260 Example 2 from text and Table 5-11.
Don’t forget that the phrase “the amount over” implies subtraction.

Prep work: Textbook: p264(9, 10, 16-20)  p267(1-3, 8)

5.8 Mathematical Models in Personal Income

EQ: Can you calculate your paycheck for a sales job?

Notes:
Straight Commission: Pay = (Commission Rate) * Sales
Base Salary plus Commission: Pay = Base Pay + (Commission Rate) * Sales
Base Salary plus Commission over a Minimum Sales Amount:
Pay = Base Pay + (Commission Rate) * (Sales Amount more than the Minimum)

Prep work: Textbook: p264(1-8, 11-14, 21)

5.2 Mathematical Models in Banking

EQ: What does it mean to compound continuously?

Notes: Continuous Compound Interest formula:  A = P e^(r * t)
A = Maturity (total amount P + I)   P = Principal    r = rate in decimal form
e = Euler’s number (2.718281828…)   t = time (years)

Prep work: Textbook: p225(27-30)  p216(9-10, 19-22)  p267(4-7, 9-13)

Retake Assignment (complete retest by 10/18):
p23(3-8, 17-27) p25(13-15) p47(1-7, 11-16, 21, 22) p49(8-12)
You also must complete at least 50% of the problems from all missing assignments.

5.2 Mathematical Models in Banking

EQ: Is compound interest good or bad?

Notes: Compound Interest formula:  M = P (1 + r/n)^(n*t)
M = Maturity (total amount P + I)   P = Principal    r = rate in decimal form
n = # of compoundings/year   t = time (years)

Prep work: Textbook: p225(21-26)

Retake Assignment (complete retest by 10/18):
p23(3-8, 17-27) p25(13-15) p47(1-7, 11-16, 21, 22) p49(8-12)
You also must complete at least 50% of the problems from all missing assignments.

5.2 Mathematical Models in Banking

EQ: What is simple interest?

Notes: I = P r t     Interest = Principle * rate * time
Don’t forget rate is always in decimal form, not percent.

Prep work: Textbook: p216(11-14) p225(1-16)

Retake Assignment (complete retest by 10/18):
p23(3-8, 17-27) p25(13-15) p47(1-7, 11-16, 21, 22) p49(8-12)
You also must complete at least 50% of the problems from all missing assignments.

5.1 Mathematical Models in the Business World

EQ: What does it take for a business to be profitable?

Prep work: Textbook: p216(15-18, 23, 24)

Retake Assignment: p23(3-8, 17-27) p25(13-15) p47(1-7, 11-16, 21, 22) p49(8-12)
You also must complete at least 50% of the problems from all missing assignments.

5.1 Mathematical Models in the Business World

EQ: How do you calculate a tip?

Notes on Taxes, Tips and Mark-up Models

Prep work: ME 5-1 Stations
Textbook: p216(1-8, 27-30)

Returned Chapter 1 Assessment

Retake Assignment: p23(3-8, 17-27) p25(13-15) p47(1-7, 11-16, 21, 22) p49(8-12)
You also must complete at least 50% of the problems from all missing assignments.