Math 1102 Take-Home Final Due by 2:30PM on 12/09
This take-home final is to be completed entirely in MS Excel, including your
free responses along the way. You should have ONE Excel file ready to
upload containing two sheets (one for each question). Label your sheets
Problem 1 and Problem 2.
You goal is to keep things organized so it is easily viewed and there is a flow
of work.
For parts 1a, 1e, 2a, and 2c you will need to make use of the merge and
text wrap tools in order to have space for the free response. Do not simply
type your answer in one cell, your answers should be in a range of cells. See
the image below for an example of the format for answering a free response
question.
You Excel file needs to be uploaded with the file name,
FIRSTNAME LASTNAME 1102THFINAL
for example,
If at any point you have questions, please contact me directly.
1
Math 1102 Take-Home Final Due by 2:30PM on 12/09
1. When purchasing a home, you are offered an APR of 4.3% for a loan
within $240,000 and $300,000.
(a) Explicitly describe a unique example of taking out a fixed rate
mortgage installment loan for 30-years (i.e., how much is your
mortgage and what will your monthly payment be).
(b) Create an amortization table with the following headings: payment number, monthly payment, amount of monthly payment
applied towards interest, amount of monthly payment applied towards remaining balance, remaining balance, and equity. This
table should include all payments for the term of the mortgage.
(c) Create an accompanying chart which includes the remaining balance and the equity through the term of the mortgage. Appropriately labeled and large enough to view on its own.
(d) In your spreadsheet make use of the SUM function to find how much
money you would have paid at the end of your mortgage.
(e) Discuss what you see in the chart, imagine your audience only
gets to see the chart and not the table. You could imagine you
are presenting this chart to someone who has not taken this course
yet.
2. Consider an American Express (AMEX) credit card that you have just
been approved for that charges an APR of 25.15%. On the day of
approval you decided to buy groceries and household items that totaled
in a charge of $187.52. The credit card requires a minimum payment
of 5% of the balance.
(a) Describe a scenario of your further purchases made for the next
5 months and assume that you will make payments on the card
greater than the minimum required payment during these 5 months
(i.e., write up your own example). Your balance at the end of
month 5 should exceed $650 (refer to part (b)).
(b) Create a table in Excel to catalog your situation using the headings: month, previous balance, payments, purchases, finance charge,
and new balance.
(c) With your credit card balance at the end of month 5, you decide
2
Math 1102 Take-Home Final Due by 2:30PM on 12/09
to make no further purchases on the card and to pay only the
minimum required payment from now on. How many months
(from when you began paying only the minimum payment) will
it take for your balance to be under $200? Discuss/explain your
solution, if you used logs, include the calculation in an appropriate
cell, if you are going to use a table, include the table, etc.
3
