Task 2: Interest in Finance
Interest is a concept familiar to most people: every credit card in existence has a term called
annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a
credit card that has a minimum payment each month equal to the interest owed. Can you
figure out how much the interest rate is based on this amount?
The formula for simple interest is
where / is the amount you will pay in interest,
is the rate at which interest will accrue, P is the principal (amount borrowed), and m is the
number of times the interest is applied.
a. To solve for the interest rate of your credit card, you need to understand which variables in
the above formula you have. If your minimum monthly payment is $22 on the $1,000 credit
card bill, which variables do you know the values of?
Type your response here:
b. Manipulate the formula so it will calculate the interest rate you are paying instead of the
amount of money you are paying.
Type your response here:

Simplify (2^5/3^2)^4 a. 2^20/3^8 b. 2^9/3^8 c. 8^5/12^2 d. 2/3^2

Timmy uses 1 1 2 cups of sugar for every 2 gallons of lemonade he makes. how many cups of sugar would timmy use if he makes 13 gallons of lemonade?

(c) compare the results of parts (a) and (b). in general, how do you think the mode, median, and mean are affected when each data value in a set is multiplied by the same constant? multiplying each data value by the same constant c results in the mode, median, and mean increasing by a factor of c. multiplying each data value by the same constant c results in the mode, median, and mean remaining the same. multiplying each data value by the same constant c results in the mode, median, and mean decreasing by a factor of c. there is no distinct pattern when each data value is multiplied by the same constant. (d) suppose you have information about average heights of a random sample of airline passengers. the mode is 65 inches, the median is 72 inches, and the mean is 65 inches. to convert the data into centimeters, multiply each data value by 2.54. what are the values of the mode, median, and mean in centimeters? (enter your answers to two decimal places.) mode cm median cm mean cm in this problem, we explore the effect on the mean, median, and mode of multiplying each data value by the same number. consider the following data set 7, 7, 8, 11, 15. (a) compute the mode, median, and mean. (enter your answers to one (1) decimal places.) mean value = median = mode = (b) multiply 3 to each of the data values. compute the mode, median, and mean. (enter your answers to one (1) decimal places.) mean value = median = mode = --