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Name Student ID # Class Section Instructor Math 1030 Summer 2007 EXAM Dept. Use Only Exam Scores Problem Points Score 1. 20 2. 20 3. 20 4. 20 5. 20 TOTAL Show all your work and make sure you justify all your answers. Math 1030 Exam 1. Suppose you owe ten thousand dollars in debt to a crdit card company. If they charge an APR of 8 percent how much do you have to pay per mounth if you want to pay o your debt in 3 years and in 5 years. Discuss the advantages and disadvantages of paying o your debt in 3 verus 5 years. 1 2. You have the option of buying your dream house or an old run down house. Your dream house costs 500,000 dollars and the run down house costs 145,000 dollars. If you can get a 25 year xed rate loan at 7 percent APR what would be your monthly payment on each house, and the total amount of money you pay over 25 years. If there is 500 dollar closeing cost and 10 percentage points nd the total closing cost on each house. Discuss the advantages of buying the run down house. If someone where to buy to more expensive house how much more is the dream house worth to them? (You should also be comfortable with the problems on the quiz). 2 3. Sketch the graph of y = 5x 1. Label x intercepts and y-intercepts. 4. be familar with the problem that appeared on your quiz with the movie theater. 3 5. Find the equation of a line that passes through the points (1,1) and (5,10). 4 6. solve the following equations for x. (a) 2log(xy) + y 10 = 0 (b) log (x + y ) + y 3 (c) 10xy+x+y y 10 = 0 99 = 0 5 7. Do the following problems. You may use the rule of 70 is it is valid to use it. (a) If ination of 20 percent a year how long before your money is worth half of it's value today. (b) If the birth rate of a population is 15 percent a year and the death rate is 14 percent a year what is the growth rate of the population, doubling time, and equation for the size of the population if there are 50,000 creatures. 6