Consumer Mathematics Scenario Problems - This unit contains a great deal of information to help you become a better consumer. For this CP, choose two of the following five scenarios and respond with a written response. Remember, you will need to support your responses with accurate and complete mathematical reasoning. This is a fancy way of saying to show your work! Use your phone camera to embed images of your work into your writing (Google Drive and Docs work great for this by the way! Google Docs also allows you to export to PDF to submit your work on here.) This will also serve as the only time for you to earn extra credit for the course. For each scenario beyond the required two to which you respond, I will award up to 10 bonus points. This means you can earn up to 130/100 on this CPI. Use the rubric below to review your work before submitting it to make sure you're turning in the best product that you can. Scenar. 1 - The dishwasher in your kitchen at home just stopped working. You'll need to research online to find a replacement for purchase. Once you find a replacement, calculate its final price after 6% sales tax. Then use what you know about simple interest loans to compare the two offers below. Determine the following: The amount of interest you would pay, the total amount you would pay back, and monthly payment (divide the total amount by the number of months of the loan). Decide which of these you will choose and why. Support your decision with an explanation. Loan 1 -5% interest for 4 years Loan 2-2% interest for 2 years Scenario 2 - You want to build a deck on the back of your house for entertaining After some research, you find that you will need to borrow $18,000 from the bank with the following terms: 5-year loan at 2.4% interest compounded quarterly. Calculate the total amount you would pay back to the bank. Use this to calculate your monthly payment. Scenario 3 - At the time of their birth, you decide to open a savings account to save for your child's college education. After some research, you decide to base your savings plan on the data you found on collegetuitioncompare.com which suggests that an average year of college in Kentucky consists of: $6000 in tuition, $1321 in books and supplies, and room/board cost of $12,137. Determine the following: (a) The average total cost of tuition, books/ supplies, and room/board for a year of college in KY, (b) how much it would cost to attend for four years, and (c) the amount of money you would need to invest per month at 6% interest compounded quarterly to have enough to pay for four years of college for your child. (d) How much interest would the account earn in 18 years? Scenario 4 - It's time to buy a new car! This one is very straight forward. Go to your favorite car company's website and find the total price of a car of your choosing. Calculate the total price of the car after a $200 documentation fee and 6% sales tax. Once you have the total, calculate your monthly car payment and the total amount you would pay back for both loan options below. Decide which of these two loans you would choose. Support your decision with an explanation. Lcan 1 - 60-month loan at 4.9% financing Loan 2 - 48-month loan at 0.9% financing Scenario 5 - You've decided to buy a house in a neighborhood of your choosing. Go to realtor.com or zillow.com and find a house to buy (it can be anywhere!). Calculate the monthly payment using either the formula or a mortgage table given the following mortgage terms: 30-year term, 4.5% APR, 10% down payment Directions for submission: Your final submission must be in either Microsoft Word (.doc), PDF (.pdf), or Google Docs format. If you choose .doc or .pdf, submit the file in Canvas in the appropriate dropbox. If you use Google Docs, either download the completed document as a PDF and submit it or create a shareable link and submit that in the Canvas dropbox (as a comment). If you have any questions about how to do this feel free to ask. Below is the rubric with which I will be grading your work. Use it to your advantage as you put together your final product. Consumer Mathematics Scenario Problems - This unit contains a great deal of information to help you become a better consumer. For this CP, choose two of the following five scenarios and respond with a written response. Remember, you will need to support your responses with accurate and complete mathematical reasoning. This is a fancy way of saying to show your work! Use your phone camera to embed images of your work into your writing (Google Drive and Docs work great for this by the way! Google Docs also allows you to export to PDF to submit your work on here.) This will also serve as the only time for you to earn extra credit for the course. For each scenario beyond the required two to which you respond, I will award up to 10 bonus points. This means you can earn up to 130/100 on this CPI. Use the rubric below to review your work before submitting it to make sure you're turning in the best product that you can. Scenar. 1 - The dishwasher in your kitchen at home just stopped working. You'll need to research online to find a replacement for purchase. Once you find a replacement, calculate its final price after 6% sales tax. Then use what you know about simple interest loans to compare the two offers below. Determine the following: The amount of interest you would pay, the total amount you would pay back, and monthly payment (divide the total amount by the number of months of the loan). Decide which of these you will choose and why. Support your decision with an explanation. Loan 1 -5% interest for 4 years Loan 2-2% interest for 2 years Scenario 2 - You want to build a deck on the back of your house for entertaining After some research, you find that you will need to borrow $18,000 from the bank with the following terms: 5-year loan at 2.4% interest compounded quarterly. Calculate the total amount you would pay back to the bank. Use this to calculate your monthly payment. Scenario 3 - At the time of their birth, you decide to open a savings account to save for your child's college education. After some research, you decide to base your savings plan on the data you found on collegetuitioncompare.com which suggests that an average year of college in Kentucky consists of: $6000 in tuition, $1321 in books and supplies, and room/board cost of $12,137. Determine the following: (a) The average total cost of tuition, books/ supplies, and room/board for a year of college in KY, (b) how much it would cost to attend for four years, and (c) the amount of money you would need to invest per month at 6% interest compounded quarterly to have enough to pay for four years of college for your child. (d) How much interest would the account earn in 18 years? Scenario 4 - It's time to buy a new car! This one is very straight forward. Go to your favorite car company's website and find the total price of a car of your choosing. Calculate the total price of the car after a $200 documentation fee and 6% sales tax. Once you have the total, calculate your monthly car payment and the total amount you would pay back for both loan options below. Decide which of these two loans you would choose. Support your decision with an explanation. Lcan 1 - 60-month loan at 4.9% financing Loan 2 - 48-month loan at 0.9% financing Scenario 5 - You've decided to buy a house in a neighborhood of your choosing. Go to realtor.com or zillow.com and find a house to buy (it can be anywhere!). Calculate the monthly payment using either the formula or a mortgage table given the following mortgage terms: 30-year term, 4.5% APR, 10% down payment Directions for submission: Your final submission must be in either Microsoft Word (.doc), PDF (.pdf), or Google Docs format. If you choose .doc or .pdf, submit the file in Canvas in the appropriate dropbox. If you use Google Docs, either download the completed document as a PDF and submit it or create a shareable link and submit that in the Canvas dropbox (as a comment). If you have any questions about how to do this feel free to ask. Below is the rubric with which I will be grading your work. Use it to your advantage as you put together your final product