MATH120: Final Exam Questions and Answers 2024

_________ (or equity) gives you a share of ownership in a company. - correct answer-- Stock ________________ are expenses that Congress must vote on each year and that the President must sign into law. - correct answer--Discretionary outlays _________________ is interest paid only on the original investment and NOT on any interest added at later dates. - correct answer--Simple interest ____________________ is a measure of how widely data values are spread out about the center of a distribution. - correct answer--Variation A ________________ is a deceptive argument in which the conclusion is not well supported by the premises. - correct answer--fallacy A box contains 20 chocolates, but only 2 of them are the dark chocolate you like. When we say that the probability of drawing one of the dark chocolates at random is 0.1, what type of probability are are we stating? - correct answer--a theoretical probability A home mortgage of $150,000 has a fixed APR of 5% for 15 years. Calculate the monthly payment needed to pay off the loan. - correct answer--$1186.19 A hose fills a hot spring pool at a rate of 5.6 gallons per minute. How many hours will it take to fill a 450-gallon hot tub? - correct answer--1.34 hours A loan that you pay off with equal regular payments is called a(n) ________ (or amortized loan). - correct answer--installment loan A low-risk strategy for the lender of a loan is a(n) _______________, in which the interest rate you pay changes whenever prevailing rates change. - correct answer-- adjustable rate mortgage (ARM) A store is having a "25% off" sale. How does an item's sale price compare to its original price? - correct answer--75% of its original A(n) _______________ makes a case for a specific conclusion from more general premises. - correct answer--deductive argument According to the figure, the equilibrium price and quantity are (Supply and Demand) - correct answer--P = $20; Q = 600