Microsoft Word - Task #2 2011



NAME:

DATE:

%WHEN DO WE EVER USE PERCENTS? %

Instructions: You must complete 3 out of the 4 following tasks, your choice.

You may also complete a paragraph detailing the tasks. Please turn in with your choice menu.

Scoring Guide:

|Task | |Description | |Score |

| | | | | |

|Task # 1 | |Dining Out | |/20 |

| | | | | |

|Task # 2 | |Buying a Car | |/20 |

| | | | | |

|Task # 3 | |Shopping for a Bargain | |/20 |

| | | | | |

|Task # 4 | |Getting a Loan | |/20 |

| | | | | |

|TOTAL | | | |/60 |

Task 1: Dining Out

Your parents are taking you out to dinner to congratulate you on your terrific second marking period grades. They want you to pick a restaurant from the three below and make reservations for three people. You should quickly browse each menu and choose one. Select one drink, one appetizer, one dinner item, and one dessert for each person in your party. Add the total of the items together and add 7% sales tax to subtotal. Then, using the subtotal, calculate how much tip is needed if the waiter gets 15% of your bill.

Applebees’ Restaurant Chili’s Restaurant Olive Garden

Add $1.90 for each drink Add $2.00 for each drink Add $2.10 for each drink

Chosen Restaurant: ______________________________________

| | | |

|Item |Description |Price |

| | | |

|Drink | | |

|Appetizer | | |

|Dinner | | |

|Dessert | | |

| | | |

| | | |

|Drink | | |

|Appetizer | | |

|Dinner | | |

|Dessert | | |

| | | |

| | | |

|Drink | | |

|Appetizer | | |

|Dinner | | |

|Dessert | | |

| | | | |

|Subtotal | |

|Tax | |

|Tip | |

|Total | |

Explain which restaurant will be the least expensive:

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Choose a Car

Task 2: Buying a Car

You have just turned 17 and you got your license. Your grandparents surprised you and said they would help out with payments. Your job is to find a car and a car loan from a bank. Once you find all the information needed, calculate the tax, interest, and monthly payments.

Vehix (search for new or old cars) Carmax (search for cars by name/make/model)

|Vehicle Chosen ‐ Company |Description of the vehicle |Cost of the Car |

| | | |

Choose a Loan

Go to Bank Rates website. Click “Search” under “Find an Auto Loan Rate”. Select your location.

Then choose a 48 or 60 month option for the number of months and chose a bank rate.

Which bank did you choose?

What is the bank’s interest rate for new cars?

Calculate the Cost

|Vehicle Cost |Percent of Tax |Amount of Tax |Total Cost |

| | | | |

| |7 % | | |

Calculate the Interest

|Principal (with Tax) |Interest Rate |Time |Amount of Interest |

| | | | |

*****Total Cost of the Car including the loan interest = ******

Questions:

1. How much are your monthly payments (remember to use the loan time frame)?

2. If your grandparents agreed to make the first 10 payments, how much would be left to pay?

Task 3: Shopping for a Bargain

In order to increase your math grade, you asked Miss Andorko for her family’s Christmas wish list. You need to take the list and compare prices from two companies form the list below and calculate the final price.

Walmart Department Stores Discount: 10% off every order Shipping Charges: Add 12%

Target Department Stores Discount: 9% off every order Shipping Charges: Add 11%



Discount: 12% off every order

Shipping Charges: Add 13%

|Department |Item |Store: |Store: |

| | | | |

|Book |The Hunger Games Trilogy Box Set by Suzanne Collins | | |

| | | | |

|DVD Movie |The Twilight Saga: Breaking Dawn, Part 1 DVD | | |

| | | | |

|Electronics |“Just Dance 3” for Nintendo Wii | | |

| | | | |

|Home/Luggage |US Traveler New Yorker 4-Piece Luggage Set in Blue | | |

| | | | |

|Electronics |Nikon CoolPix S3100 in Silver | | |

| | | | |

| |Sub Total | | |

| | | | |

| |% Discount | | |

| | | | |

| |Amount of Discount | | |

| | | | |

| |Sale Price | | |

| | | | |

| |Amount of Tax (Add 8% Tax) | | |

| | | | |

| |Total Price | | |

| | | | |

| |% Shipping |% |% |

| | | | |

| |Amount of Shipping Costs | | |

| | | | |

| |Final Price | | |

The best company to purchase all items:

Task 4: Getting a Loan

Your parents are looking to put an addition onto the house. They need some help looking around the area banks for the best home improvement loan rates. The cost of the new

bedroom has been estimated at $20,000. Go to each bank and calculate how much will the loan

cost including interest after 10 years (120 months) of repayment.

| | |

|US Bank‐ Go to “Home Equity” under “Loans and Lines”, enter zip code, loan amount, |PNC Bank – Go to “Learn More” under “Home Equity”. Click “Get Rates Now”. Type in|

|and say that your mortgage is $250,000 on a house worth $350,000. Then find your |zip code, click “Get Rates”, then “How Much Will my Loan Payments be?” Enter the |

|rate. |loan amount and months to pay it off. Then find the rate. |

| | |

|Wells Fargo – Go to “Home Equity” under “Loans”. Enter loan amount, zip code, and |TD Bank – Go to “Home Equity Loans” under “Personal Banking”. Enter loan amount, |

|say that your mortgage is $250,000 on a house worth $350,000. Click “Get your |zip code, and say that your mortgage is $250,000 on a house worth $350,000. Click |

|Rates”. Scroll down to “Principle Payment Option”, change the term to 10 years, and|“Calculate your Payment”. Look at Home Equity Loan, change the term to 10 years |

|recalculate. Find your rate. |and recalculate. Find your rate. |

| | | | | |

| |US Bank |PNC Bank |Wells Fargo |TD Bank |

| | | | | |

|Loan Amount |$20,000 |$20,000 |$20,000 |$20,000 |

| | | | | |

|Interest Rate | | | | |

| | | | | |

|Time (years) |10 |10 |10 |10 |

|Amount of Interest | | | | |

|(I = prt) | | | | |

| | | | | |

|Total Loan Amount | | | | |

Your Choice for Bank:

Taking the Total Loan Amount, split up the amount over 120 months. What would be your monthly payment?

BONUS: Using this bank information, how much would the monthly payments be if the same loan was for 180 months?

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