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Interest and Principle Payment Calculator

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           DELAWARE TECHNICAL & COMMUNITY COLLEGE

Campus:                          WILMINGTON

Department:                      MATHEMATICS

Course Number and Name:          MAT 155 Mathematics of Finance

Pre-requisites:                  MAT 015 - Elementary Algebra

Course hours and Credits:        3:0:3

Course Description:              A study of the mathematics of buying and selling,
                                 personal finance, depreciation, inventory control,
                                 payroll, banking, annuities, business statistics, and
                                 applied problems.

Required Text:                   Miller/Salzman,     Business            Mathematics,
                                 Pearson/Addison Wesley, 2006.

Method of Instruction:           Classroom Lecture

Required Equipment:              Each student is required to have an electronic
                                 calculator capable of scientific calculations. The
                                 math department strongly recommends the TI 84
                                 PLUS calculator.

Core Course Performance Objectives:
At the end of this course, the student will be able to:
1. Solve application problems involving the mathematics of buying and selling.
2. Analyze problems involving personal finance.
3. Solve application problems involving depreciation.
4. Solve application problems involving inventory control.
5. Use principle of accounting mathematics to prepare financial statements and ratio
    analysis.
6. Solve application problems involving annuities and sinking funds.
7. Solve application problems involving insurance and securities.
8. Draw and analyze graphs, solve problems in business statistics with applications.
Measurable Performance Objectives:

1.    Review the fundamentals of the Mathematics of Finance.

      1.1    Perform basic operations using positive and negative rational numbers.
      1.2    Solve linear equations in one variable.
      1.3    Solve applications problems, including percents, using proportions.
      1.4    Solve application problems, including percents, using linear equations.

2.     Solve application problems involving the mathematics of buying and
        selling.

      2.1    Compute the net price, given the list price and a single trade discount.
      2.2    Compute the net price and the single discount equivalent, given the list
             price and a series of discounts.
      2.3    Compute the cash discount and the amount due given the invoice
             amount, the      invoice date, the payment date, and the terms of the
             invoice.
      2.4    Compute the selling price, markup, percent of markup or cost of an item,
             when the markup is based on cost.
      2.5    Compute the selling price, markup, or cost of an item, when the markup is
             based on selling price.
      2.6    Compute the markdown, percent of markdown, or the sale price of an
             item.
      2.7    Compute the turnover at cost and the turnover at selling price.
      2.8    Use EXCEL to calculate amounts of discount and net prices.

3.   Analyze problems involving personal finance.

      3.1    Compute simple interest problems: the interest, principle, time or rate of
             personal loans.
      3.2    Compute the exact and ordinary interest given the principle, rate and time
             of personal loan.
      3.3    Find the exact time and the approximate time between two given calendar
             dates for a personal loan.
      3.4    Prepare reconciliation of personal banking statements.


4.     Solve application problems involving depreciation.

       4.1   Compute the annual and total depreciation of an asset, using the straight
             line method.
       4.2   Compute the annual and total depreciation of an asset, using the
             declining balance method.
       4.3   Compute the annual and total depreciation of an asset, using the MACRS
             method.
5.   Solve application problems involving inventory control.

.    5.1   Compute the average inventory, when inventory is taken at cost.
     5.2   Compute the average inventory, when inventory is taken at selling price.

6.   Calculate gross and net pay for employees earning wages, salaries and
     commission.

     6.1   Compute monthly and weekly gross earnings, given the amount of the
           annual salary.
     6.2   Compute hourly rate given weekly, biweekly, semi-monthly or annual
           salary.
     6.3   Compute gross earnings, given the salary, the overtime rate, and the
           number of hours worked.
     6.4   Compute gross earnings, given the rate of commission and net sales.
     6.5   Compute gross earnings, given the piecework rate and the amount of
           production.
     6.6   Compute various types of deductions including: Federal Withholding Tax,
           FICA (Social Security Tax), State and/or Local Withholding Tax.
     6.7   Compute net pay.

7.   Solve application problems involving annuities and sinking funds.

     7.1     Compute the discount and the proceeds for a non-interest bearing note.
     7.2     Compute the maturity value, the discount, and the proceeds for an
            interest-bearing note.
     7.3     Compute the amount, discount rate, or time for an interest-bearing note.
     7.4     Compute the compound amount, the compound interest, and the present
            value, using the compound interest formula and the compound interest
            tables.

8.   Draw and analyze graphs.

     8.1     Construct a frequency distribution from a data set.
     8.2     Construct a bar graph, picture graph, line graph, component part graph,
            histogram, and frequency polygon from a given set of data.
     8.3     Construct a bar graph, picture graph, line graph, histogram, pie chart and
            frequency polygon from a given set of data on a computer using EXCEL.
     8.4     Interpret pictorial and tabular representation of data.


9.   Solve problems in business statistics with applications.

     9.1    Calculate and interpret the mean, median, mode, and mid-range.
     9.2    Calculate and interpret the range.
Evaluation Criteria:

       Students will demonstrate proficiency on all Measurable Performance
Objectives at least to the 75% level. The grade will be determined using the College
Grading System.

                                    92 – 100 = A
                                    83 – 91 = B
                                    75 - 82 = C
                                     0 – 74 = R

Students should refer to the Student Handbook for further information on Academic
Standing Policy, Academic Honesty Policy, Student Rights and Responsibilities and
other policies relevant to their academic progress.

				
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