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Concept explainers
This activity is a group research project intended for four or five people. Present your research in a seminar on the history of interest and banking. The seminar should last about 30 minutes. Address the following questions: When was interest first charged on loans? How was lending money for a fee opposed historically? What is usury? What connection did banking and banking and interest rates play in the historic European rivalries between Christians and Jews? When and where were some of the highest interest rates charged? What were the rates? Where does the word in interest come from? What is the origin of the word shylock? What is the difference between usury and interest in modern times? What is the history of a national bank in the United States?
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Chapter 8 Solutions
Thinking Mathematically (6th Edition)
- A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.6% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p = 1 3 versus…arrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never-you will continue to be in debt; (e) don't know; and (f) prefer not to answer. A USE SALT (a) Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and a = 0.05 to test the appropriate hypotheses. (Hint: See Example…arrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.1% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p =…arrow_forward
- A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and ? = 0.05 to test the appropriate hypotheses. The paper also reported that 37.2%…arrow_forwardFrom some financial statistics, it is found that the monthly average electricial charges was 2,460 and S.D. Rs. 120. The monthly average direct wages was Rs. 42,000 and S.D. Rs. 1,200. State which is the more variable with proper reasons.arrow_forwardCity Rent ($) Mortgage ($) Atlanta 840 539 Chicago 1062 1002 Detroit 823 626 Jacksonville, Fla. 779 711 Las Vegas 796 655 Miami 1071 977 Minneapolis 953 776 Orlando, Fla. 851 695 Phoenix 762 651 St. Louis 723 654arrow_forward
- How much would Olga's semiannual premium be for a five-year term insurance policy with a face value of $330,000, based on Table 19-1 and Table 19-2 from your text? She turned 26 years old on her last birthday. (Round your answer to the nearest cent.) O $215.36 O $243.67 O $430.72 O $487.34arrow_forwardMoney markets are markets for Foreign stocks. Consumer automobile loans. U.S. stocks. Short-term debt securities. Long-term bonds.arrow_forwardDesigns by Jared is a t-shirt company that sells custom designed items such as shirts, totes, jackets, etc. Typically t-shirts aremarked up 90% based on cost, but Jared adjusts his prices throughout the year to reflect seasonal needs.a) If Jared purchases t-shirts for $3.24 a piece and the lettering costs $2.75 on average, what would be the regular selling price,assuming a 90% markup based on cost? b) If Jared thinks a 75% markup on cost is more appropriate for vehicle decals, what would be the selling prices on a decal that costsJared $178 to make? Jared also runs a special on hats around the holidays. His special is 50% off a custom hat if the customer buys three custom mugs orinsulated cups. Hats cost Jared $6.55 total to make, which includes purchase and printing costs.c) What would be the total price of purchasing a hat (assuming a 90% markup based on cost) if the customer did not purchase anymugs/cups? d) What would be the total price of the purchase if a customer purchased three…arrow_forward
- Susan and Toby created a list of their monthly household expenses, as shown below. Mortgage: $1,960.00 Monthly Bills: $1,680.00 Entertainment and Food: $840.00 Savings: $1,120.00 Which hourly wage, working 40 hours a week for 4 weeks, meets these expenses? O A. $46.67 OB. $37.33 OC. $31.11 OD. $35.00arrow_forwardAccording to "The Sociology of Health, Illness, and Health Care" by Weitz. What is Medicare? O The same thing as Obama Care O Government assisted programs for newborns and zygotes. O a federally funded insurance program for disabled and elderly people. O Medical programs that assist people who make less than 25k a year.arrow_forwardOn its website, the Statesman Journal newspaper (Salem, Oregon, 2005) reports mortgage loan interest rates for 30-year and 15-year fixed-rate mortgage loans for a number of Willamette Valley lending institutions. Of interest is whether there is any systematic difference between 30-year rates and 15-year rates (expressed as annual percentage rate or APR) and, if there is, what is the size of that difference. The following table displays the 30-year rate and the 15-year rate for each of nine lending institutions. Also given is the difference between the 30-year rate and the 15-year rate for each lending institution. Use the table to compare the 30-year rates and the 15-year rates. Also, calculate the average of the differences between the rates. (Input the amount as positive value. Round your answer to 4 decimal places.) Lending Institution Blue Ribbon Home Mortgage Coast To Coast Mortgage Lending 30-Year 15-Year Difference 3.536 4.420 -0.884 5.281 4.492 0.789 Community Mortgage Services…arrow_forward
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education
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