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Warm up

Preliminary Activity. Notes. For Fun. Warm up. Activity. Summary Statistics. Back. Back. 1. Nato borrows $5500 to buy a car. The simple interest rate is 11.5% and he takes the loan over 4 years. Find: a) The interest on the loan b) the total to be repaid c) Nato's monthly repayment

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Warm up

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  1. Preliminary Activity Notes For Fun Warm up Activity Summary Statistics

  2. Back Back 1. Nato borrows $5500 to buy a car. The simple interest rate is 11.5% and he takes the loan over 4 years. Find: a) The interest on the loan b) the total to be repaid c) Nato's monthly repayment 2. Madeline takes out a loan to buy a car and she repays $6750 on a loan of $5200 taken over a period of 4 years. Calculate the simple interest rate. I = Prn I = 5500 x 0.115 x 4 I = $2530 2530 + 5500 = $8030 4 x 12 = 48 months 8030 ÷ 48 = $167.29 6750 - 5200 = 1550 = interest I = Prn 1550 = 5200 x r x 4 1550 = 20 800 x r 0.07451923 = r ∴ r = 7.45%

  3. Back Back Measures of Location: Measures of location are used to indication the middle or centre of a data set. ·The mean is the sum of all the scores divided by the number of scores. ·The mode is the score which occurs most often. ·The median is the middle score after the scores have been arranged in ascending order. The centre of a categorical data set is always described by the mode. The centre of a quantitative data set is usually described by the mean or the median. Outliers: An outlier is a very high or very low score that is clearly apart from the other scores. If an outlier is found to be a value obtained through incorrect measurement or observation and is not a typical score, it can be excluded. Measures of Spread: Measures of spread are used to indicate how spread out a data set is. ·Range = highest score - lowest score ·Interquartile range = upper quartile - lower quartile. The interquartile range is the range of the middle 50% of scores. The upper quartile is the median of the upper half of the scores and the lower quartile is the median of the lower half. ·Standard deviation = the square root of the average of the squared deviations from the mean. σn is the standard deviation of a population and σn - 1 is the standard deviation of a sample.

  4. Back Back Find the range and interquartile range of the two data sets and state which is the more appropriate measure of spread for each set. A: 1 2 3 3 4 7 8 B: 1 2 3 3 4 7 29 Solution: A: 1 2 3 3 4 7 8 Q1 Q2 Q3 Range = 8 - 1 = 7 Interquartile range = 7 - 2 = 5 B: 1 2 3 3 4 7 29 Q1 Q2 Q3 Range = 29 - 1 = 28 Interquartile range = 7 - 2 = 5 For set A, either the range or interquartile range could be used as the scores are fairly evenly spread. For set B, the interquartile range is the better measure of spread as it does not take the outlier score 29 into account.

  5. Back Back Complete questions 1-10 in 4-02.

  6. Back Back

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