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