In our readings, we studied Craig's decision to buy a car. Craig knows the following two Excel commands that he used during the Quantitative Reasoning Process: PMT(rate, nper, PV, FV) FV(rate, nper, pmt, PV) In step3 of the Quantitative Reasoning Process, quantitative tools, Craig used the following command in Excel: =PMT(0.04/12, 7*12, -5000, 0) The Excel output for this command was $68.34. Which of the following best describes what this output represents? 1 If Craig saves $405.85 per year in an account paying 0.04% interest he will be able to buy a $5000 car in 84 years. 2 If Craig saves $68.34 per month in an account paying 4% interest he will be able to buy a $5000 car in 7 years. 3 The monthly payment on a car loan of $5000, with an interest rate of 0.04% for 84 months, will be $68.34. 4 The monthly payment on a car loan of $5000 with an interest rate of 4% for 7 years will be $68.34. 5 The monthly payment on a car loan of $5000, with an interest rate of 0.33% for 7 years, will be $68.34 times 12 (or $820.08 per month).
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
In our readings, we studied Craig's decision to buy a car. Craig knows the following two Excel commands that he used during the Quantitative Reasoning Process:
PMT(rate, nper, PV, FV)
FV(rate, nper, pmt, PV)
In step3 of the Quantitative Reasoning Process, quantitative tools, Craig used the following command in Excel:
=PMT(0.04/12, 7*12, -5000, 0)
The Excel output for this command was $68.34. Which of the following best describes what this output represents?
| 1 |
If Craig saves $405.85 per year in an account paying 0.04% interest he will be able to buy a $5000 car in 84 years. |
|
| 2 |
If Craig saves $68.34 per month in an account paying 4% interest he will be able to buy a $5000 car in 7 years. |
|
| 3 |
The monthly payment on a car loan of $5000, with an interest rate of 0.04% for 84 months, will be $68.34. |
|
| 4 |
The monthly payment on a car loan of $5000 with an interest rate of 4% for 7 years will be $68.34. |
|
| 5 |
The monthly payment on a car loan of $5000, with an interest rate of 0.33% for 7 years, will be $68.34 times 12 (or $820.08 per month). |
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