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Select the first three letters . . .

by Aleshia
(Mount Gay , West Virginia)











































Select the first three letters of your last name. Each letter has a numerical place value in the alphabet. Numerical place value of ALH
Multiply your sum by 1500. This is your yearly income for Week Four Discussion 1.
Please use the following monthly expenses: Car payment = $283.15, Car insurance = $72, Utilities (includes water and power) = $242.77, Internet = $32, and Cell Phone = $79.95.
You also have a yearly educational bill of $7980 which includes textbooks and classes.
Calculate your monthly income.
What percent of your monthly income is the car payment?
Subtract the sum of your monthly expenses. Use this value to calculate what percent of your income is now available to spend for food, clothing, and your rent or mortgage.
Use the plan at the bottom of page 538, “Mathematics in Our World Revisited,” to calculate the monthly mortgage payment established by your monthly income which is 28%

Assume you can afford a down payment equal to 25% of your yearly income. What is the total purchase price can you afford for a home? Would this amount allow you to purchase a home in the area where you live?

Comments for Select the first three letters . . .

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Jan 26, 2012
Calculate Mortgage Payment
by: Staff

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Part II


Subtract the sum of your monthly expenses.

$2,625 per month, monthly income

-$283.15 per month, Car payment

-$72 per month, Car insurance

-$242.77 per month, Utilities (includes water and power)

-$32 per month, Internet

-$79.95 per month, Cell Phone

--------------------------------------

$1,915.13 per month (monthly income after monthly expenses, without educational expenses)

If educational expenses are included:

$1,915.13 per month

-$665 per month, educational expenses
--------------------------------------

$1,250.13 per month (monthly income after monthly expenses, including educational expenses)

---------

Calculate what percent of your income is now available to spend for food, clothing, and your rent or mortgage.

[(Monthly income after payments)/(Monthly income)] * 100 = % available

Without including educational expenses

($1,915.13 /$2,625)*100 = 72.9573%

Available income is 73.0% of the monthly income.


Including educational expenses

($1,250.13 /$2,625)*100 = 47.624%

Available income is 47.6% of the monthly income.


Assume you can afford a down payment equal to 25% of your yearly income.

$31,500 * .25 = $7,875 down payment


What is the total purchase price you can you afford for a home?

Mathematics in Our World Revisited
How Much Can You Afford to Pay for a Home?



Experts suggest that a person can afford to pay 28% of his or her gross monthly income for a home mortgage.

Given this assumption and using Table 9-1 on page 435, you can figure out how much you can afford to pay for a home, as shown.

28% of gross monthly income = .28*$2,625 = $735
You can afford a monthly mortgage payment of $735.00.

Now to see what you can afford to borrow, look up the number corresponding to 7% and 25 years in Table 9-1 on page 435. It is 7.70. Set up an equation and solve for x.

7.70x = $735

X = $735/7.70 = 95.4545

You can afford a mortgage of

95.4545*1000 = $95,454.5

You can afford a mortgage of $95,454.50

Finally, add your down payment of $7,875

$95,454.5 + $7,875 = $103,329.5

Can purchase a home costing about $103,330


Would this amount allow you to purchase a home in the area where you live?

Mount Gay , West Virginia

Yes

According to zillow.com, there is one home currently for sale in Logan , West Virginia (zip code 25601) at a sale price of $75,000.


http://www.zillow.com/homes/Mount-Gay-,-West-Virginia_rb/




Thanks for writing.
Staff

www.solving-math-problems.com

Jan 26, 2012
Calculate Mortgage Payment
by: Staff

Part I

Question:

by Aleshia
(Mount Gay , West Virginia)


Select the first three letters of your last name. Each letter has a numerical place value in the alphabet. Numerical place value of ALH
Multiply your sum by 1500. This is your yearly income for Week Four Discussion 1.
Please use the following monthly expenses: Car payment = $283.15, Car insurance = $72, Utilities (includes water and power) = $242.77, Internet = $32, and Cell Phone = $79.95.
You also have a yearly educational bill of $7980 which includes textbooks and classes.
Calculate your monthly income.
What percent of your monthly income is the car payment?
Subtract the sum of your monthly expenses. Use this value to calculate what percent of your income is now available to spend for food, clothing, and your rent or mortgage.
Use the plan at the bottom of page 538, “Mathematics in Our World Revisited,” to calculate the monthly mortgage payment established by your monthly income which is 28%

Assume you can afford a down payment equal to 25% of your yearly income. What is the total purchase price can you afford for a home? Would this amount allow you to purchase a home in the area where you live?


Answer:

Select the first three letters of your last name. Add the three place values together.

ALH

A (1st letter), L (12th letter), H (8th letter)

1 + 12 + 8 = 21

Multiply your sum by 1500.

21 * 1500 = 31500

Yearly income: $31,500

Monthly expenses:

Car payment = $283.15 per month

Car insurance = $72 per month

Utilities (includes water and power) = $242.77 per month

Internet = $32 per month

Cell Phone = $79.95 per month

Yearly educational bill (includes textbooks and classes): $7980

$7980/12 = $665 per month


Calculate your monthly income.

(Yearly income)/(12 months) = $31,500/(12 months) = $2,625 per month


What percent of your monthly income is the car payment?

[(Monthly car payment)/(Monthly income)] * 100 = % car payment

($283.15/$2,625)*100 = 10.7867%

The monthly car payment is 10.8% of the monthly income

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Sep 04, 2015
guidence please
by: Anonymous

can you guide me according to the discussion 2?
1). In your own words, describe 2 main differences between classical and empirical probabilities.

2). Gather coins you find around your home or in your pockets or purse. You will need an even number of coins (any denomination) between 16 & 30. You do not need more than that. Put all of the coins in a small bag or container big enough to allow the coins to be shaken around. Shake the bag well and empty the coins onto a table. Tally up how many heads, and tails are showing. Do ten repetitions of this experiment, and record your findings every time. State how many coins you have and present your data in a table or chart. Consider just your first count of the tossed coins. What is the observed probability of tossing a head? of tossing a tail? Show the formula you used to reduce the answer to the lowest terms.

3). Did any of your ten repetitions come out to have exactly the same number of heads and tails? How many times did this happen?

How come the answer to the step above are not exactly 1/2 & 1/2?

What kind of probability are you using in this "bag of coins" experiment?

Compute the average numbers of heads from the ten tails (add up the number of heads and divide it by 10).

Change this to the average probability of tossing heads by putting the average number of heads in a fraction over the number of coins you used in your tosses.

Did anything surprising or unexpected happen in your results for this experiment?

Write the sample space for the outcome of tossing 3 coins using H for heads and T for tails.

What is the probability for each of the outcome?
Which kind of probability are we using here?
How come we do not need to have 3 actual coins to compute the probabilities for these outcomes?

Show your math work for every answer, and identify the answer with words.

Sep 06, 2015
coin probability
by: Staff

You can find a good discussion of the coin problem here:

http://www.solving-math-problems.com/math-probability.html


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