Problem #1:
Every month your parents probably receive a mortgage statement that shows their loan balance and some specifics about the loan like the monthly payment and monthly interest rate. They are not quite sure how many months they have left before the loan is paid off. You can develop an amortization table that shows them the exact month that their loan is paid off. The ending balance might be a few cents (not exactly zero) but it should only be pennies off. Create an amortization table using the following information:
Loan Balance: 147,964.65
Monthly Payment: 1,580.17
Interest Rate:
6.5%
Do you have any way to check your results?
Problem #2:
Of the two world population datasets from http://exploringdata.cqu.edu.au/datasets.htm#wrld_pop, which one lends itself best to exponential growth. Do an exponential regression on this data and write the equation using Equation editor. Also, write the equation so that you can find out what time the world will have a certain population.
Problem #3:
Consider the following two cold medicines tested for acetaminophen. Test the claim that the mean amount of acetaminophen is the same for both medicines. What is your conclusion? Explain. In particular, state your NULL Hypothesis, perform the appropriate Hypothesis test, state your conclusion.
Brand A 472 487 506 512 489 503 511 501 495 504 494 462 Brand B 562 512 523 528 554 513 516 510 524 510 524 508
Problem #4:
The NCAA is considering ways of speeding up the end of college basketball games. In a recent NCAA tournament, the last two minutes of 60 games took the following times to complete (in seconds):
756 587 929 871 378 503 564 1128 693 748 448 670 1023 335 540 853 852 495 666 474 443 325 514 404 820 915 793 778 627 483 861 337 292 1070 625 457 676 494 420 862 991 615 609 723 794 447 704 396 235 552 626 688 506 700 240 363 860 670 396 345Note: Data was reported in USA Today
a) In both Excel and SPSS, find the mean, median, mode, standard deviation, minimum, and maximum values for the given data. Paste these results into a Word document.
b) Create a histogram of the given data.
c) Do these times indicate that something should be done to speed up the last two minutes of the game? Support your answer as best you can.