Name: Last ______________________ First_______________________ Section # _________
ID # __________________________________(at least the last 4 digits)
Signature Assignment Math 1315
1. Use Gauss-Jordan Elimination to solve the following system of equations . You must show all of
your work identifying what row operations you are doing in each step. Do not use a graphing
calculator in order to reduce the matrix or you will not receive credit for the problem..
2x – 4y + 6z = – 2
– x + 3y – 3z = 1
– x + 2y + 2z = -4
x = _________
y = _________
z = _________
3. Mike has $235,000 he wishes to invest in two rental properties. One yields 10% and the other
yields 12%. For safety he wants to split his investment between the two properties instead of
investing all of his money in the higher yielding rental property. If his goal is to achieve a total income
earned of $25,000 a year from these two properties, how much money should he invest in each
property. You must show your work illustrating how you calculated your answer in order to get credit
for this problem.
Amount invested in property yielding 10% ________________
. Amount invested in property yielding 12% ________________.
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a
20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is
compounded monthly to cover the remaining balance. All work must be shown justifying the following
Mortgage payment = _______________
B. How much total interest would you have to pay over the entire life of the loan.
Total interest paid = __________
C. Suppose you decided to pay for this house by taking out a fifteen year 3.04% fixed rate mortgage
instead of the thirty year 3.74% fixed rate mortgage. What would be your required monthly
mortgage payment for this 15 year mortgage assuming you still make the same 20% down
D. How much interest would you have saved by taking out the fifteen year fixed rate mortgage
instead of the thirty year fixed rate mortgage.
Interest saved = _______________
E. Taking the above data into account, write a short paragraph comparing what you feel are
the pros and cons of each type of mortgage.