Final Exam Study Guide
 

Course topics from before the midterm that you need to know for the final exam:

• Know the difference between absolute and relative Numbers.

Percentages and Rates

• Compute a rates per 1, per 100 which is the same as %, per 1000,  per 1,000,000, etc.
• Do "percentage of" (Part Over Whole) problems  part/whole = %
• Do Times More Than problems  larger/smaller
• Do Percentage Change/Comparison problems  (new - old)/old = % and y = P*(1 +/- r)

 Basic Excel Skills

• Sort data
• Enter formulas
• Compute rates for a list of data per 1, per 1000, …
• Compute percentage of (or part over whole) for a list of data
• Compute percentage change for a list of data
• Auto-sum using the Σ key

Graphing/Mapping Skills

• Make a map using the DePaul Mapping Tool
• Make pie charts, bar/column graphs, and x-y scatter plots
• Know when each type of graph is appropriate for a given data set
• Include appropriate titles giving all essential information
• Label axes correctly
• Use appropriate legends (or delete them if unnecessary)
• Describe graphs in words

Linear Functions and Trendlines

• Add a trendline to an x-y scatter plot (putting both the equation and the R²-value on the graph)
• Use the forecasting feature in Excel to make predictions
• Use the equation of the trendline to make predictions
• Discuss your confidence in a prediction making reference to all three points discussed in class (R²-value, how close prediction is to given data, and common sense)
• Add data to an existing graph to create a localized trendline  

Consumer Price Index

• Convert a price into another year’s currency in order to make a comparison. (In other words do a CPI calculation by hand).
• Convert a list of prices or dollar amounts into constant dollars.
• Understand the difference between nominal and constant dollars.
• Be able to describe the difference between graphs of nominal and constant dollars.

Exponential Functions

• Use the growth/decay formula in Excel to show how a given quantity increases or decreases exponentially (The formula is New Value = Previous Value * (1 ± r), where r is the % rate of growth written in decimal form. It is 1 + r if the rate is increasing, and 1 - r if the rate is decreasing).

Successive Percentage Change

• Find the overall percentage increase or decrease when two or more successive percentage changes are given in the problem.

Savings Accounts

• Know the difference between APR and APY.

• Calculate savings account balances for savings accounts that are compounded annually, quarterly, and monthly.

• Calculate the APY for savings accounts that are compounded annually, quarterly, and monthly.

• Be able to calculate balances in prior years if the balance in a later year is given (see, for example, question 5 in in-class activity 12).

Loans

• Calculate monthly payments for fixed rate, fixed duration loans with the PMT function.

• Set up amortization tables.

• Calculate the total amount you end up paying on fixed rate, fixed duration loans.

• Calculate the total interest you end up paying on fixed rate, fixed duration loans.

Credit Cards

• Calculate minimum payments (e.g., 2% of the balance, but no less than $25).

• Calculate credit card payments with the PMT function.

• Know the difference between flat payments, minimum payments, and payments calculated with the PMT function.

• Set up amortization tables for credit cards.