MAT 143 800B Final Exam Owens Spring 2015Name ___________________________1. (4 pts) Write a brief paragraph to explain the difference in linear growth and exponential growth, and give an example of each.

2. Use the graphs below to answer the following questions.

a) (2 pt) How does the population appear to be growing?

b) (2 pts) Explain how the construction of the graph gives a false impression regarding population growth. Be sure your answer includes how the mistake should be corrected. You may include a sketch if you like.

4. Tuition has been steadily increasing over the past decade. Use the Excel graph below to answer the following questions.

a) (2 pt) Interpret the slope of the trendline (equation given on graph!) in real world terms. (Think about how many decimals it would be reasonable to use if you were reporting this for a news organization.)

b) (2 pt) The data for 2013 is missing. Use the trendline given above to interpolate (estimate) the tuition for 2013.

c) (2 pt) Find the average rate of change from the 2001-02 school year to our current school year. The data points are (2002, 31) and (2014, 71.5).

d) (2 pt) Using the rate of change found above, write a linear equation expressing tuition as a function of time since 2002. Be sure to state what your variables represent

e) (2 pt) Use the equation found in part (d) to estimate the tuition for 2013 and 2015

f) (2 pt) Find the percent increase in tuition from 2002 to 2012 to one decimal place.

5. Answer each of the following questions. Use the formulas provided or websites posted on Blackboard throughout the semester to answer.

Future Value =

a) (2 pt) You have opened a savings account that pays 3.1% APR compounded quarterly. If you deposit $5000, what will the accumulated balance be in 10 years?

b) (2 pt) You have a credit card with an APR of 24%. What will your interest charge be this month on your unpaid balance of $450?

You have a 7-year car loan in the amount $17,000 with APR of approximately 10%. Your payments are $280 per month. Use the websites posted on Blackboard throughout the semester to answer.d) (2 pt) How much do you repay over the life of the loan? e) (2 pt) How much do you pay in interest over the course of the loan? f) (2 pts) For the car loan described above, there at least several distinct things ways to lower the total amount of interest you will pay. Describe two of them and be specific to this particular loan.

g) (2 pts) What are the two things you can do to improve your credit score?

6. Use the websites posted on Blackboard throughout the semester to answer the following questions.

a) (2 pt) You have a student loan of $5000 at an APR of 5%. If you want to pay it off in 5 years, what will your monthly payment be?

b) (2 pt) You can afford to pay $225/mo. for a car loan. If you want to pay off the car in 3 years and the best APR you can find is 7%, how much can you afford to borrow?

7. I recently paid nearly $4000 for two student tuitions to UNC Asheville while synchronously running out of the $30 Avon beauty cream that I have been using since I was 28 years old. I made an amazing discovery that the drugstore brand of hand lotion that is $6 a gallon works just as well. Suppose, at age 28, I made a calculated decision to invest the beauty cream budget instead of putting it on my face. One tiny pot of beauty cream lasts me about 2 months.

a. (3 points) Use the formula to calculate my earnings if I made a monthly deposit into my fund at an APR (beware! APR!) of 3.5% from the time I was 28 until I withdrew it at age 63.

Balance after t deposits =

b. (3 points) Compare your response in part A to the balance if I could have had the money up front and deposit the investment as a lump sum using the formula at the same rate compounding yearly:

Future Value =

8. a)2 points If you were to invest $10,000 at 6.75% interest, use the rule of 72 to determine how long it would take to have $20,000? Is this a good idea if you are saving for a new car?

b) 2 points What is the growth rate of a community whose population that is doubling every 17 years? Is that a lot?

9. (3 pts) Identify a mathematical concept that you have learned this semester that has made an impact on your personal choices.Your response must be specific and use quantitative data. For instance, a response thatyouare going to try to live within a budget will not earn many points because it is vague and does not use data to justify your decision.

10. (3pts) Many times this semester you have been asked to write a meaningful sentence about your quantitative results. What is the purpose of writing a meaningful sentence? What did you gain from it? How will you continue to use a similar strategy when engaging with quantity that you encounter in your life?