WebAssign Printed Access Card for Harshbarger/Reynolds' Mathematical Applications for the Management, Life, and Social Sciences, 12th Edition, Multi-Term
12th Edition
ISBN: 9781337630542
Author: Ronald J. Harshbarger, James J. Reynolds
Publisher: Cengage Learning
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Chapter 8, Problem 19RE
To determine
To calculate: The expected value
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The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.)
Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments.
(a) Find the monthly payment required to amortize each of these loans over the life of the loan.
option A $
option B $
(b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?
The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.)
Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments.
(a) Find the monthly payment required to amortize each of these loans over the life of the loan.
option A $
option B $
(b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?
Given: Circle J
2
What is the value of y?
A. 38
C.
68
B. 50
D. 92
Chapter 8 Solutions
WebAssign Printed Access Card for Harshbarger/Reynolds' Mathematical Applications for the Management, Life, and Social Sciences, 12th Edition, Multi-Term
Ch. 8.1 - Determine whether the following experiments...Ch. 8.1 - Prob. 2CPCh. 8.1 - Determine whether the following experiments...Ch. 8.1 - Prob. 4CPCh. 8.1 - 1. Suppose a fair die is rolled 18 times.
(a) What...Ch. 8.1 - 2. Suppose a fair coin is tossed 12 times.
(a)...Ch. 8.1 - 3. If the probability of success on each of 6...Ch. 8.1 - Prob. 4ECh. 8.1 - 5. Suppose a fair coin is tossed 6 times. What is...Ch. 8.1 - Prob. 6E
Ch. 8.1 - 7. A fair die is rolled 12 times. What is the...Ch. 8.1 - Prob. 8ECh. 8.1 - Prob. 9ECh. 8.1 - Prob. 10ECh. 8.1 - 11. Suppose a pair of dice is thrown 4 times. What...Ch. 8.1 - Prob. 12ECh. 8.1 - 13. Suppose the probability that a marksman will...Ch. 8.1 - Prob. 14ECh. 8.1 - Prob. 15ECh. 8.1 - 16. Testing A multiple-choice test has 10...Ch. 8.1 - 17. Management The manager of a store buys marine...Ch. 8.1 - Prob. 18ECh. 8.1 - Prob. 19ECh. 8.1 - Prob. 20ECh. 8.1 - Prob. 21ECh. 8.1 - 22. Employee benefits In a certain school...Ch. 8.1 - Prob. 23ECh. 8.1 - Prob. 24ECh. 8.1 - Prob. 25ECh. 8.1 - Prob. 26ECh. 8.1 - 27. Sports A baseball player has a lifetime...Ch. 8.1 - Prob. 28ECh. 8.1 - Prob. 29ECh. 8.1 - Prob. 30ECh. 8.1 - 31. Testing A quiz consists of 10 multiple-choice...Ch. 8.1 - Prob. 32ECh. 8.1 - Prob. 33ECh. 8.2 - Prob. 1CPCh. 8.2 - Prob. 2CPCh. 8.2 - Prob. 3CPCh. 8.2 - Prob. 4CPCh. 8.2 - Prob. 1ECh. 8.2 - Prob. 2ECh. 8.2 - Prob. 3ECh. 8.2 - Prob. 4ECh. 8.2 - Prob. 5ECh. 8.2 - Prob. 6ECh. 8.2 - Prob. 7ECh. 8.2 - Prob. 8ECh. 8.2 - Prob. 9ECh. 8.2 - Prob. 10ECh. 8.2 - Prob. 11ECh. 8.2 - Prob. 12ECh. 8.2 - Prob. 13ECh. 8.2 - Prob. 14ECh. 8.2 - Prob. 15ECh. 8.2 - Prob. 16ECh. 8.2 - Prob. 17ECh. 8.2 - Prob. 18ECh. 8.2 - Prob. 19ECh. 8.2 - Prob. 20ECh. 8.2 - Prob. 21ECh. 8.2 - Prob. 22ECh. 8.2 - Prob. 23ECh. 8.2 - Prob. 24ECh. 8.2 - Prob. 25ECh. 8.2 - Prob. 26ECh. 8.2 - Prob. 27ECh. 8.2 - Prob. 28ECh. 8.2 - Prob. 29ECh. 8.2 - Prob. 30ECh. 8.2 - Prob. 31ECh. 8.2 - Prob. 32ECh. 8.2 - Prob. 33ECh. 8.2 - Prob. 34ECh. 8.2 - In Problems 33-36, find the mean and standard...Ch. 8.2 - Prob. 36ECh. 8.2 - Prob. 37ECh. 8.2 - Prob. 38ECh. 8.2 - Assume all data are sample data.
39. Cell phones...Ch. 8.2 - Prob. 40ECh. 8.2 - Prob. 41ECh. 8.2 - Prob. 42ECh. 8.2 - Prob. 43ECh. 8.2 - Prob. 44ECh. 8.2 - Prob. 45ECh. 8.2 - Prob. 46ECh. 8.2 - Prob. 47ECh. 8.2 - Prob. 48ECh. 8.2 - Prob. 49ECh. 8.2 - Prob. 50ECh. 8.2 - Prob. 51ECh. 8.2 - Prob. 52ECh. 8.2 - Prob. 53ECh. 8.2 - Prob. 54ECh. 8.3 - 1. Consider a game in which you roll a the and...Ch. 8.3 - Prob. 2CPCh. 8.3 - Prob. 3CPCh. 8.3 - 4. A fair cube is colored so that 4 faces are...Ch. 8.3 - Prob. 1ECh. 8.3 - Prob. 2ECh. 8.3 - Prob. 3ECh. 8.3 - Prob. 4ECh. 8.3 - Prob. 5ECh. 8.3 - Prob. 6ECh. 8.3 - Prob. 7ECh. 8.3 - Prob. 8ECh. 8.3 - Prob. 9ECh. 8.3 - Prob. 10ECh. 8.3 - Prob. 11ECh. 8.3 - Prob. 12ECh. 8.3 - Prob. 13ECh. 8.3 - Prob. 14ECh. 8.3 - Prob. 15ECh. 8.3 - Prob. 16ECh. 8.3 - 17. Suppose an experiment has six possible...Ch. 8.3 - Prob. 18ECh. 8.3 - 19. Five slips of paper containing the numbers 0,...Ch. 8.3 - Prob. 20ECh. 8.3 - 21. A die is rolled 3 times, and success is...Ch. 8.3 - Prob. 22ECh. 8.3 - Prob. 23ECh. 8.3 - Prob. 24ECh. 8.3 - Prob. 25ECh. 8.3 - Prob. 26ECh. 8.3 - 27. Suppose a pair of dice is thrown 900 times....Ch. 8.3 - Prob. 28ECh. 8.3 - Prob. 29ECh. 8.3 - 30. Expand
Ch. 8.3 - Prob. 31ECh. 8.3 - Prob. 32ECh. 8.3 - Prob. 33ECh. 8.3 - Prob. 34ECh. 8.3 - Prob. 35ECh. 8.3 - Prob. 36ECh. 8.3 - 37. Raffle A nonprofit organization sells chances...Ch. 8.3 - 38. Lottery A charity sells raffle tickets for $1...Ch. 8.3 - 39. Gambling Suppose a student is offered a chance...Ch. 8.3 - Prob. 40ECh. 8.3 - Prob. 41ECh. 8.3 - Prob. 42ECh. 8.3 - Prob. 43ECh. 8.3 - Prob. 44ECh. 8.3 - Prob. 45ECh. 8.3 - Prob. 46ECh. 8.3 - Prob. 47ECh. 8.3 - 48. Cancer research Suppose it has been determined...Ch. 8.3 - 49. Voting A candidate claims that 60% of the...Ch. 8.3 - Prob. 50ECh. 8.3 - Prob. 51ECh. 8.3 - Prob. 52ECh. 8.3 - 53. Quality control A certain calculator circuit...Ch. 8.3 - Prob. 54ECh. 8.3 - Prob. 55ECh. 8.3 - 56. Quality control The probability that a...Ch. 8.3 - 57. Oil drilling Suppose that when an oil company...Ch. 8.3 - Prob. 58ECh. 8.4 - 1. The mean of a normal distribution is 25, and...Ch. 8.4 - Prob. 2CPCh. 8.4 - 3. For the normal distribution with mean 70 and...Ch. 8.4 - Prob. 1ECh. 8.4 - Prob. 2ECh. 8.4 - Prob. 3ECh. 8.4 - Prob. 4ECh. 8.4 - Prob. 5ECh. 8.4 - Prob. 6ECh. 8.4 - Prob. 7ECh. 8.4 - Prob. 8ECh. 8.4 - Prob. 9ECh. 8.4 - Prob. 10ECh. 8.4 - Prob. 11ECh. 8.4 - Prob. 12ECh. 8.4 - Prob. 13ECh. 8.4 - Prob. 14ECh. 8.4 - Prob. 15ECh. 8.4 - Prob. 16ECh. 8.4 - Prob. 17ECh. 8.4 - Prob. 18ECh. 8.4 - Suppose a population of scores x is normally...Ch. 8.4 - Prob. 20ECh. 8.4 - Prob. 21ECh. 8.4 - Prob. 22ECh. 8.4 - Prob. 23ECh. 8.4 - Prob. 24ECh. 8.4 - Prob. 25ECh. 8.4 - Prob. 26ECh. 8.4 - Prob. 27ECh. 8.4 - 28. Find the number A that satisfies for the...Ch. 8.4 - Prob. 29ECh. 8.4 - Prob. 30ECh. 8.4 - 31. Growth The Fish Commission states that the...Ch. 8.4 - Prob. 32ECh. 8.4 - Prob. 33ECh. 8.4 - 34. Mating calls The durations of the mating calls...Ch. 8.4 - Prob. 35ECh. 8.4 - 36. Testing The Scholastic Aptitude Test (SAT)...Ch. 8.4 - 37. Mileage A certain model of automobile has its...Ch. 8.4 - Prob. 38ECh. 8.4 - 39. Blood pressure Systolic blood pressure for a...Ch. 8.4 - Prob. 40ECh. 8.4 - Prob. 41ECh. 8.4 - Prob. 42ECh. 8.4 - Prob. 43ECh. 8.4 - Prob. 44ECh. 8.4 - Prob. 45ECh. 8.4 - Prob. 46ECh. 8.4 - Prob. 47ECh. 8.5 - Prob. 1CPCh. 8.5 - Prob. 2CPCh. 8.5 - Prob. 1ECh. 8.5 - Prob. 2ECh. 8.5 - Prob. 3ECh. 8.5 - Prob. 4ECh. 8.5 - For the binomial experiments in Problems 5-18,...Ch. 8.5 - Prob. 6ECh. 8.5 - Prob. 7ECh. 8.5 - Prob. 8ECh. 8.5 - Prob. 9ECh. 8.5 - Prob. 10ECh. 8.5 - Prob. 11ECh. 8.5 - For the binomial experiments in Problems 5-18,...Ch. 8.5 - Prob. 13ECh. 8.5 - Prob. 14ECh. 8.5 - Prob. 15ECh. 8.5 - Prob. 16ECh. 8.5 - Prob. 17ECh. 8.5 - Prob. 18ECh. 8.5 - Prob. 19ECh. 8.5 - Prob. 20ECh. 8.5 - Prob. 21ECh. 8.5 - Prob. 22ECh. 8.5 - Prob. 23ECh. 8.5 - Prob. 24ECh. 8.5 - Prob. 25ECh. 8.5 - Prob. 26ECh. 8.5 - Prob. 27ECh. 8.5 - Prob. 28ECh. 8.5 - Prob. 29ECh. 8.5 - In the following problems, use a normal...Ch. 8.5 - Prob. 31ECh. 8.5 - Prob. 32ECh. 8.5 - Prob. 33ECh. 8.5 - Prob. 34ECh. 8.5 - Prob. 35ECh. 8.5 - Prob. 36ECh. 8.5 - Prob. 37ECh. 8.5 - Prob. 38ECh. 8 - 1. If the probability of success on each trial of...Ch. 8 - Prob. 2RECh. 8 - 3. If a die is rolled 4 times, what is the...Ch. 8 - Prob. 4RECh. 8 - Prob. 5RECh. 8 - Prob. 6RECh. 8 - Prob. 7RECh. 8 - Prob. 8RECh. 8 - Prob. 9RECh. 8 - Prob. 10RECh. 8 - Prob. 11RECh. 8 - Prob. 12RECh. 8 - Prob. 13RECh. 8 - Prob. 14RECh. 8 - Determine whether each function or table in...Ch. 8 - Prob. 16RECh. 8 - Prob. 17RECh. 8 - Prob. 18RECh. 8 - Prob. 19RECh. 8 - Prob. 20RECh. 8 - Prob. 21RECh. 8 - Prob. 22RECh. 8 - Prob. 23RECh. 8 - Prob. 24RECh. 8 - Prob. 25RECh. 8 - Prob. 26RECh. 8 - Prob. 27RECh. 8 - Prob. 28RECh. 8 - Prob. 29RECh. 8 - Prob. 30RECh. 8 - Prob. 31RECh. 8 - Prob. 32RECh. 8 - Prob. 33RECh. 8 - Prob. 34RECh. 8 - Prob. 35RECh. 8 - Prob. 36RECh. 8 - Prob. 37RECh. 8 - Prob. 38RECh. 8 - 39. Sampling Suppose of a population opposes a...Ch. 8 - Prob. 40RECh. 8 - 41. Disease One person in 100,000 develops a...Ch. 8 - Prob. 42RECh. 8 - Prob. 43RECh. 8 - Prob. 44RECh. 8 - Prob. 45RECh. 8 - 46. Fraud A company selling substandard drugs to...Ch. 8 - Prob. 47RECh. 8 - Prob. 48RECh. 8 - Prob. 49RECh. 8 - Prob. 50RECh. 8 - 51. Net worth Suppose the mean net worth of the...Ch. 8 - 52. Testing The length of time it takes to...Ch. 8 - Prob. 53RECh. 8 - Prob. 54RECh. 8 - Prob. 55RECh. 8 - Prob. 56RECh. 8 - Prob. 1TCh. 8 - Prob. 2TCh. 8 - Prob. 3TCh. 8 - Prob. 4TCh. 8 - Prob. 5TCh. 8 - Prob. 6TCh. 8 - 7. If the variable x is normally distributed, with...Ch. 8 - Prob. 8TCh. 8 - Prob. 9TCh. 8 - Prob. 10TCh. 8 - Prob. 11TCh. 8 - Prob. 12TCh. 8 - Prob. 13TCh. 8 - Prob. 14TCh. 8 - Prob. 15TCh. 8 - Prob. 16TCh. 8 - Prob. 17TCh. 8 - Prob. 18TCh. 8 - Prob. 19TCh. 8 - Prob. 20TCh. 8 - Prob. 21TCh. 8 - Prob. 22TCh. 8 - Prob. 1EAGP1Ch. 8 - Prob. 2EAGP1
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