Finance Test Revisions and Grades Assignment (Counts as a lab in addition to possible bonus points for the test)

Here are some answers to help you while you are working on your test 1 revs. I want everyone to understand their mistakes. Please come into office hours for help or post questions. You should redo anything that you had points taken off of, and anything that say s "ok for your..." (which means that you have the correct process, but the wrong answer due to a different part). You will turn in your original stapled to your revised work with the grades assignment completed also. I would be happy to make sure that your revisions are correct and complete. Here are some select answers only - your job is to show the work and explain for all the answers that do not have a check next to them on your paper.

Problem 1
b) address why the periodic payment formula is appropriate to use here.
e) address why the lump sum formula is appropriate to use here.
h) You should address why it makes sense that 20,000 can grow to 396,645.88 (use the length of time, the rate, and relate to similar problems we've seen on compound interest...)

Problem 2
b)You should address why the loan payment formula is appropriate to use here.
f) Notice that part d) divided by 120 would yield an answer smaller than what you obtain in part e) and that if the calculation was done this way, it would mean that the interest was the same each and every month over the life of the loan. You should relate this to the problems and address why this is not the case.
g)437.88 (Hint: see the similar calculation from the condo lab and our class work on the student loan statement)
i) You should address why it makes sense that when you pay extra each month, you end up paying less interest (514.12 as opposed to the original 952), using your knowledge of how loans work.
k) You should explain why the loan payment formula is appropriate to use in this case.

Problem 3 See the relevant web reading entitled "What is Math" that was a homework reading for the Monday before the test and was listed on the review sheet. Summarize one of the parables in your own words.

Grades Assignment Goal Since we are beginning statistics, it is a good time for you to figure out your class average so far. You will use information from WebCT and the grading policy from the syllabus to do so. First re-read the entire syllabus.
Participation Average 15% Satisfactory baseline participation is given 12/15 but there are things you can do to raise or lower this grade.
  1. quiz 1________ quiz 2________ quiz 3________ From the main WebCt page, click on the "grades and tracking info" link. Click on "grades". Write down both quiz grades.
    Cross out the lowest quiz grade, since the lowest quiz is dropped. Is your quiz average an A?
  2. Have you been reading any messages from Dr. Sarah at least once a week? Dr. Sarah can track this on WebCT. Note that you should check the main web page before each class.
  3. Have you been turning in and receiving checks or checkpluses on assignments that are not graded numerically?
  4. Have you been participating in class and lab activities and adding to a professional classroom environment?
Re-read the section from the syllabus on participation activities and based on this and on the above, give yourself a
Part A: participation average out of 15________ (recall that baseline participation is 12/15.)
3 Major writing assignments 25% The Ben F writing assignment is the first of these.
Numerically graded lab projects average 25%
Write down all of your lab project grades from WebCT. (From the main WebCt page, click on the "grades and tracking info" link. Click on "grades") If you see the assignment on the WebCT "grades", but see --- or if you don't see the assignment header, than I haven't posted that assignment yet but will soon.
lab1 ____ lab2_____ lab3_____ lab4_____
Now cross out the lowest lab (just one!), and then take an average of the labs that remain. (ie add up the lab grades that remain, and then divide by the number of those labs that remain).
Part B: lab average out of 25______________
Major topic exam and presentations 20%
  • Test 1 Grade________
    Part C: Test 1 Grade out of 20________ (take your grade, divide by the total number of points, and then multiply by 20 to get the grade out of 20).
    Final 15% We don't have this at the moment.
    Add up parts A, B and C _______.
    Since this is out of a total possibility of 60 points, divide this by 60 and then multiply by 100 to obtain your
    Part D: ________.
    Attendance Grading Scheme Department policy mandates that missing more than 8 credit hours of official and/or unofficial absences during the course (careful - each class is 1.5 credit hours and each lab is 2 credit hours!) will result in a grade of F. Save your absences for emergencies! If the university is open and you miss a class, then that counts as an absence. If you must be late to a class, or must leave early, then do still attend, although you can expect that the portion of the class that you miss will be deducted from your attendance allowance. You will receive (-#credit hours of absences + 3.5) added on to (or subtracted from) your final average.
  • From the main WebCt page, click on the "grades and tracking info" link. Click on "grades".
  • Write down the number of credit hours of absences that you have so far_____
    Part E: Calculate (-credit hours of absences +3.5) _________
    This will be positive if you have less than 3.5 credit hours of absences, and negative if you have more than 3.5 credit hours of absences.
    If all of your writing assignments and lab projects are turned in on time AND you have received at least 50% credit for all work, and you have turned in all but 3 of the other homework assignments on time, then fill in 1.5 into Part F. Otherwise you do not receive the on-time credit and so you should fill in 0 into Part F.
    Part F:______
    Course Average Take Part D, and add Parts E (which might be a negative number), along with Part F to it. This forms your Part G: Course Average at the Moment: _____
    Time outside of class
    Part G On average, how many hours per week are you spending outside of class on this course? ________
    As a general rule of thumb for mathematics classes, on average, you can expect to spend about 2-3 hours outside of class per week reviewing material and class notes, 3-6 hours outside of class per week for homework assignments, and about 1 hour outside of class per week on checking the main web page and bulletin board. If you find that you are spending fewer hours than these guidelines suggest, you can probably improve your grade by studying more. If you are spending more hours than these guidelines suggest, you may be studying inefficiently; in that case, you should come see me.