Lesson Notes 5-2
Exploring Credit Card Use
A credit card purchase may cost more than it first appears, because of the interest
charged, the total payments, and the time to pay off the balance.
Credit cards usually have a minimum amount that must be paid e
Lesson Notes 5-5
Buy, Rent, or Lease?
When deciding whether to rent, buy (with or without financing), or lease, each situation
is unique. A cost and benefit analysis should take everything into account.
Costs include initial costs and fees, short-term cos
Lesson Notes 3-3
Mutually Exclusive Events
If, in an experiment, the events A and B have no common outcomes, we call events A
and B mutually exclusive. For example, if the experiment is rolling a die, and event A is
throwing an even number and event B is
Lesson Notes 3-1
Probability and Odds
Probability is the likelihood that an event can occur. To find it, we use the formula:
Probability = Number of times that it can occur
Total number of outcomes
Example 1: Determine the probability of drawing the follo
Lesson Notes 5-4
Solving Problems Involving Credit
Forms of credit include bank loans, lines of credit, credit cards, payday loans, and
dealership or in-store financing.
Many factors determine which credit option is best, such as the interest charged, the
Lesson Notes 6-1
Exploring the Graphs of Polynomial Functions
A polynomial function in one variable is a function that contains only the operations of
multiplication and addition, with real-number coefficients, whole-number exponents, and
two variables. T
Lesson Notes 5-1
Analyzing Loans
The large majority of commercial loans are compound interest loans, although simple
interest loans are also available. The cost of a loan is the interest charged over the term
of the loan. Technology can be used to determi
Lesson Notes 4-1
Simple Interest
Algebraic Pre-Requisites
Using your calculator and algebra skills, determine the value of x in the following
equations.
a) 72 = (x)(0.08)(4)
(b)
x = (8500)(0.05)(80/365)
c) 19.74 = (94)(x)(3)
(d)
3.7 = (222)(0.025)(x/12)
I
Lesson Notes 4-2
Compound Interest Part I
Last lesson you learned how to calculate simple interest. If you dont use the interest
earned, but rather keep it invested, new interest will be paid on the original amount and
on the interest. You earn interest o
Rearranging the last formula, we have CONDITIONAL PROBABILITY of Event B (or
Event A):
P(B A) =
P(AandB)
P(A B) =
P(A)
or
P(BandA)
P(B)
B
A
B
B
A
Example 1: Since
B
P(BandA)
P(A B) =
P(B)
a) If P(A and B) = 0.22 and P(B) = 0.79, P(A|B) =
b) If P(A|B) = 0.