Name. Date, ; 3 cat tats SQ. Transportation Costs (or Trucker’s Dilemma) “*""Gciege Math 1050 Coles Alpe Project, Maton Deca A truck doing 260 miles over @ Mia ntersate aa constant rate of 50 miles per hour ets 7 mils othe allo, Fuel costs $3.50 per fall. For each mile per hour increase in speed the truck loses a tenth of & tile per gallon i ts mllage. Devers get $27.50 per hour In wages and fied cots for running the truck fimount to $11.22 por hour. What constant speed (between 50 mph and the speed limi of 65 mp should the track dive otlnimtze the total east ofthe rp? Prt To ses problem ike this, itis a good ien sat with calculating an ata example. We wll en by finding the tora cost if the tek i driven 0 miles pero. The cost is made up of wo component: the fel cost andthe time ost. Be sure to ince the goats wit each valve below. A Let's aout by finding ow lng the ep wil ake “The ent of time required forthe pis (Donor rw) , Now, withthe know, how mach wilt costo py the diver nd run the ack) “The mont need wo pay the diver and mun he ck 101 ound nearest cen.) (. Next determing a7 miles per gallon fr 260 mies, how meh fal wil be required. “The amount of fe egies (Do rtrd. Leave as ration) , With te amount of ul known, how much wil the Fe oso mak the 260 les? ‘Te costofthe util | (Row nearest com) , Finally we cn find the TOTAL eos. “Te ttl ont forthe pis (Round nearest cen)Put I: Te preceding process shoul have lumina the asc procedure we wil se od theta oso ip. ex we wil ind he tal cortf the ck is even a 6S miles pr hou. AS in Part nln the mss with each vale, A Let's find how long the ip wil ae, ‘Te length of tne requied oe he ps. 'B Nov, with his time known, bow mach wil cost pay the diver an run the rk? (Bo nt rund “The amount nade wpa the diver and run he tucks (Round nears cen.) CC. Next to begin determining the lcs, we nse in the mileage (miles pe gallon of fet) when the tuck ‘navn 65 mls pe ou. (Do nt round) ‘The mileage a 65 mies per hour is. ', With te fet mileage known, how mcf willbe node forthe 260 mies? et “The amount of fel egies Sb (Donor ound, Leave asa fraction) , With the amount of fe! known, how mach wil he fet cost to maketh 260 mies? The cost ofthe tetis (Round 19 nearest cent) , Finally we cn find he TOTAL cost “Te tal cost forthe pis, (Round to nearest cen.)Parl, We shoud nw have a god process fr termining the total costo i fo any rate of speed eter than ce quo $0 mils per oar. Next wo create a Total Cost fnetion using X asthe unknown rat in miles pe ow. Simplify your answers and remember ticle units. As you work srowph each ep, est your answers y pln In 50 mph and shen 65 mph and comparing wih resus from pars Fan A. Lets find how long te rp wil tks. ‘Te length of time regi forthe ep 'B Now with his ime know, how much wil ios to pay the diver and ran the truck? "The amount of money needed to pay the driver and run the tuk is C. Neve. oben determining the fuel cst, me need in the mileage (ries pe allo off) when th ack {seavelling tX miles pe our ‘The mileage at X mies pr hours ‘Win the fuel mileage known, how much fel wil be needed forthe 260 miles? “Te amount of fuel equied ie = oN) . With he amount of el known, how mach wil he fuel cost © maketh 260 miles? “The costo the fli, , Now we can ind the TOTAL cost function. Expos your function 2s COX) = ‘TOTAL Tin Cost Fonction is(6. Theat thing we sould do is eri hat his isthe oret ston by evaluating at 0 mph and 6S mph to seciftwe gett sae values we have previously computed c165)= art. Assaming the functions modeling come, you ne to calcul the minum cost. Graph he Cos Faction dfn its minimum point. Sketch yar graph ere: Have the lower Ie point epesent (50315). You may we a _rphing ltt elp you nd the minimum pin. MPH Reflective Witing: How dd this project chang he way you think abot real-world math applications? Wit at east one ‘ortgraph ting what eas changed and why. Next sus how th math il hat you apple in his projec wl [pact ter clases yon wl ken your choo career? Point specie pas of the projet and your own process in ‘completing dt ght have application fo ter lass.Sale Lake mas Math 1050 Mortgage Project, i name isteure ie Due date: In this project we will examine «home loan or morgage. Asiume that you lave found a home forsale and have agred to a purchase price of 201,000, Down Payment: You ae going to make 210% down payment on the house. Determine the ‘mount of your down payment an the balance to finance Down Payment 0100 _ Monger Amows, {201900 Part |; 30 year Mortgage ‘Monthy Payment: Calculate the monthly payment fra 30 yeer loan rounding up othe nearest cent) by using the flloeng formula. Show your work. [PMT is the monthly lan Payment, Pi the mortgage amount. rs te anal percent rate forthe loan decimal, and Yis the namber of years to payoff the loan.) Fr the 30 year loan use an annual intrest rate of| 975% “Monthly Payment for 8 30 year mortgage 04 ‘Note that this monthly payment covers ony the interest andthe principal onthe loan. I doesnot ‘over aay insurance or taxes on the property. ‘Amortization Schedule: In order to summarize all he information regarding the amortization of, ‘lon, construct a schedule that Keeps tack of the payment number, te principal pai, the Interest, and the unpaid balance, A spreadsheet program i an excelent tol to develop ansmorization schedule, We can use a fee amortization spreadsheet onthe web, ‘The web address is: hiun/imyn.bstwhisslnsamortzaionamorize.iml. Enter he amount ofthe lan, ie. the selling price mins the down payment, the Interest rate, andthe appropriate ‘numberof years. Check the box to show the schedule Amortization Schedule monthly payment fr 8 30 year mortgage 0% (ote: if this more than 2 or 3 cents differen ftom your ealullfon, check your numbers!) “otal intrest paid ver 30 yeaa! 6% 2° Total amount pai) a+ TL [Notice that he amount ofthe payment that goes towards the principal nd the mount that goes towards the interest ae not constant. What do you abserve about each of these values? Re the principal Amount gues up the iMiert 4 5 dom [Number of first payment when more of payment goes toward principal than interest | 44 ‘As already mentioned, thse payments are for principal and interest only. You will also have ‘monthly payments forme insurance and property taxes. In ation, iis helpful to have ‘money lef over fr thse ide luxuries like electricity, runing water, and food. As wise home ‘owner, you decide that your monthly principal and inicrest payment should no exceed 35% of {your monthly take-home pay. What minimum monthly take-home pay should you have in order {moet this goal? Show your work for making this calculation. Minimum monthly take home pay= Viele AM11s also important note that your net or take-home pay afer taxes) i ess than your gros pay (before taxes). Assuming that your net pay s 73% of your gross pay, what minimum gross ‘annual salary wil ou need to make to have the monthly net salary stated above? Show your ‘work for making this calclation, Tomei HGAS= 3 Minimum gross annual salary= “1S, “1160 Ile art I: Selling the House ets suppose tha after ving in the house for 10 years, you want to sel, The economy experiences ups and downs, but in general the valve of eal estate increases over time. To ‘aleulate the vale of an investment such a5 eal esate, we use continuously compounded interest. Find th valu ofthe home 10 oars after purchase assuming continuous interest eof 4% ‘Usethe ll purchase pce asthe pricpal. Show Your wok or wah A=pe"t(oou fare ‘Value of ome 10 years after purchase 1 ®O “HeAssuming that you can sll the house for this moun, use the following infomation to calculate your gains or loses: Salting price of your house Original down payment LG. (90 Mortage paid over the ten years |g, L013 ‘The principal balance on your lon afer ten years ‘Do you gin or lose money ver the 10 years? How much? Show your amounts and summarize your ress 140 6So4e ~ 16% 337.1 2] Gamep "Using the same purchase pice and down payment, we wil investigate a 15 year mortgage ‘Monthly Payment: Calculate the monthly payment fr 215 year loan (ounding up tothe ‘nearest con) by using the following formula. Show your work! [PMT i the monly loan Payment, Ps tbe mortgage amount, rs the annual percent rate forthe loan in decimal and Yi the number of years o pay off the loan] Forte 15 yea loan use an annual interest ate of 47%. pur ee Gay” PMT= 0-400 (‘242 ‘Monthly Payment fora 15 year mortzage ~ )\"105 40