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# Wk2monday

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Lecture from Monday October, 3.

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### Wk2monday

1. 1. Agenda 10/3/11<br />1. Discuss HW<br />2. Review Items Sets and Formulas<br />3. Quiz<br />
2. 2. 3. Mrs. Allen is considering paying cash for the furniture. How much can she save by buying the furniture at Family Furniture rather than at Today’s furniture?<br />Family Furniture sells a set of living room furniture for \$1199. The store offers a \$100 rebate for paying cash. It will also sell the furniture for \$150 down and monthly installments of \$45 for 3 years. Today’s Furniture sells the same furniture for \$1279. The store offers no rebate for paying cash. It will sell the furniture for \$200 down and monthly installments of \$54 for 2 years.<br /><ul><li>Step 1: Find the difference between the stores.
3. 3. Step 2: Cash Price from Family Furniture:</li></ul> \$1199-\$100=\$1099<br />Price at Today’s<br /> Furniture: \$1279<br /><ul><li>Step 3: Subtract</li></ul> \$1279-\$1099= \$180<br /><ul><li>Step 4:Make Sense? </li></li></ul><li>4. What is the total price of the furniture from Family Furniture if it is purchased in installments?<br />Family Furniture sells a set of living room furniture for \$1199. The store offers a \$100 rebate for paying cash. It will also sell the furniture for \$150 down and monthly installments of \$45 for 3 years. Today’s Furniture sells the same furniture for \$1279. The store offers no rebate for paying cash. It will sell the furniture for \$200 down and monthly installments of \$54 for 2 years.<br /><ul><li>Step 1: Calculate the total cost of the furniture set from Family Furniture if paid in installments.
4. 4. Step 2: Down Payment: \$150</li></ul>Monthly Payment: \$45 <br /> Time Period: 3 years = 36 months<br /><ul><li>Step 3: Calculate amount from payments: \$45 × 36= \$1620</li></ul>Add the down payment:<br />\$1620 + \$150= \$1770<br /><ul><li>Step 4:Make Sense? </li></li></ul><li>5. What is the total price of the furniture purchased in installments from Today’s Furniture?<br />Family Furniture sells a set of living room furniture for \$1199. The store offers a \$100 rebate for paying cash. It will also sell the furniture for \$150 down and monthly installments of \$45 for 3 years. Today’s Furniture sells the same furniture for \$1279. The store offers no rebate for paying cash. It will sell the furniture for \$200 down and monthly installments of \$54 for 2 years.<br /><ul><li>Step 1: Calculate the total cost of the furniture set from Today’s Furniture if paid in installments.
5. 5. Step 2: Down Payment: \$200</li></ul> Monthly Payment: \$54<br /> Time Period: 2 years = 24 months<br /><ul><li>Step 3: Calculate amount from payments: \$54 × 24= \$1296</li></ul>Add the down payment:<br />\$1296 + \$200= \$1496<br /><ul><li>Step 4:Make Sense? </li></li></ul><li>6. Mrs. Allen decided to buy the furniture from the store with the lower total cost under the installment plan. How much money did she save?<br />Family Furniture sells a set of living room furniture for \$1199. The store offers a \$100 rebate for paying cash. It will also sell the furniture for \$150 down and monthly installments of \$45 for 3 years. Today’s Furniture sells the same furniture for \$1279. The store offers no rebate for paying cash. It will sell the furniture for \$200 down and monthly installments of \$54 for 2 years.<br /><ul><li>Step 1: Find the difference between the installment plans at each store.
6. 6. Step 2: Family Furniture Installment</li></ul> Plan: \$1770 <br /> Today’s Furniture: \$1496<br /><ul><li>Step 3: Subtract: \$1770-\$1496 = \$274
7. 7. Step 4:Make Sense? </li></li></ul><li>7. How much more does Family Furniture get for the furniture from a buyer who pays in installments than from a buyer who pays in cash? <br />Family Furniture sells a set of living room furniture for \$1199. The store offers a \$100 rebate for paying cash. It will also sell the furniture for \$150 down and monthly installments of \$45 for 3 years. Today’s Furniture sells the same furniture for \$1279. The store offers no rebate for paying cash. It will sell the furniture for \$200 down and monthly installments of \$54 for 2 years.<br /><ul><li>Step 1: Find the difference between installment and cash payments for Family Furniture.
8. 8. Step 2: Family Furniture Installment</li></ul> Plan: \$1770 <br /> Family Furniture Cash Price: \$1099<br /><ul><li>Step 3: Subtract: \$1770-\$1099 = \$671
9. 9. Step 4:Make Sense? </li></li></ul><li>8. If the work is done in 80 hours as planned, how much will the assistant get paid?<br />Steve is a builder. He tells the Smiths that he can build a garage for them for \$18,000. He estimates that, working with an assistant, he can complete the job in 80 hours. Steve pays his assistant \$18 an hour. Steve estimates that materials and expenses, not including his assistant’s wages, will cost him \$13,500.<br /><ul><li>Step 1: Find how much the assistant will get paid for 80 hours of work.
10. 10. Step 2: Assistant’s hourly wage: \$18</li></ul> Number of hours: 80<br /><ul><li>Step 3: Multiply: \$18 × 80 = \$1,440
11. 11. Step 4:Make Sense? </li></li></ul><li>9. Steve estimates were correct. How much was left for him after paying for materials, expenses, and his assistant?<br />Steve is a builder. He tells the Smiths that he can build a garage for them for \$18,000. He estimates that, working with an assistant, he can complete the job in 80 hours. Steve pays his assistant \$18 an hour. Steve estimates that materials and expenses, not including his assistant’s wages, will cost him \$13,500.<br /><ul><li>Step 1: Find how much Steve had after paying for materials, expenses, and his assistant.
12. 12. Step 2: Assistant’s wage: \$1,440</li></ul> Materials and expenses: \$13,500 <br />Estimate: \$18,000<br /><ul><li>Step 3: Add wage, material, expenses. \$1,440 + \$13,500 = \$14,940</li></ul>Subtract.<br />\$18,000 - \$14,940 = \$3,060<br /><ul><li>Step 4:Make Sense? </li></li></ul><li>Steve is a builder. He tells the Smiths that he can build a garage for them for \$18,000. He estimates that, working with an assistant, he can complete the job in 80 hours. Steve pays his assistant \$18 an hour. Steve estimates that materials and expenses, not including his assistant’s wages, will cost him \$13,500.<br />10. Although his assistant worked only 80 hours on the garage, Steve actually worked for 90 hours. Calculate his hourly wage.<br /><ul><li>Step 1: Find out how much Steve made.
13. 13. Step 2: Hours worked: 90</li></ul>Wage:\$3,060<br /><ul><li>Step 3: Divide to find his hourly pay.</li></ul>\$3,060 ÷ 90 = \$34<br /><ul><li>Step 4:Make Sense? </li>