6.14.6: Chapter Test

Contemporary Mathematics · LibreTexts

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    From LibreTexts, under CC BY 4.0, as the source states it; its equations are written in TeX, which the PDF shows typeset. This page at LibreTexts.

    Exercise \(\PageIndex{1}\)

    45 is what percent of 180?

    Exercise \(\PageIndex{2}\)

    Find 47% of 31. Round to two decimal places.

    Exercise \(\PageIndex{3}\)

    What is the sale price of a $90 shirt if there is a 25% discount for the shirt?

    Exercise \(\PageIndex{4}\)

    A small boutique buys purses for $27.50 per purse. What is the boutique’s retail price for the purses if they add a 90% markup?

    Exercise \(\PageIndex{5}\)

    What was the discount on a computer is the retail price was $1,200 and the sale price is $950? Round to two decimal places if necessary.

    Exercise \(\PageIndex{6}\)

    A 15% simple interest loan of $2,000 is taken out for 75 days. How much is owed when the loan is due?

    Exercise \(\PageIndex{7}\)

    What is the future value of a $15,000 investment made at 4.65% interest compounded yearly for 10 years?

    Exercise \(\PageIndex{8}\)

    Apply the 50-30-20 budget philosophy to a monthly income of $3,920.

    Exercise \(\PageIndex{9}\)

    $2,500 is deposited in an account that bears 5.25% interest compounded quarterly for 15 years. What is the return on investment for that investment? Round to two decimal places if necessary.

    Exercise \(\PageIndex{10}\)

    How much per month must be paid into an ordinary annuity so its future value is $150,000 after 10 years if the annuity earns 3.85% interest compounded monthly?

    Exercise \(\PageIndex{11}\)

    Bethanie’s employer matches up to 7% of annual salary for deposits into the company sponsored IRA. Bethanie earns $62,400 annually. She deposits $8,000 annually inter her IRA. How much does the company deposit in Bethanie’s IRA?

    Exercise \(\PageIndex{12}\)

    If $360 is deposited monthly in a mutual fund that is expected to earn 9.35% compounded monthly, how much will the mutual fund be worth after 23 years?

    Exercise \(\PageIndex{13}\)

    A $14,250, 4-year loan is taken out at 9.15% interest. What are the monthly payments for the loan?

    Exercise \(\PageIndex{14}\)

    Using the amortization table below, how much total interest has been paid after payment 20?

    A spreadsheet labeled as amortization schedule calculator. The sheet calculates the repayment for the loan amount of $17,500.00 for an interest rate of 8.25 percent annually and the monthly payment is $356.93. The factors include calculations such as month, payment, principal, interest, total, and interest and balance.

    Exercise \(\PageIndex{15}\)

    What is the maximum amount of federal subsidized and unsubsidized loans per year for an independent student in a graduate program?

    Exercise \(\PageIndex{16}\)

    Braden takes out a private student loan for $6,250 in his second year of his undergraduate IT program. He begins paying the loan after 39 months. If Braden’s interest rate was 8%, how much is his balance when he begins to pay off the loan?

    Exercise \(\PageIndex{17}\)

    The billing cycle for Therese’s credit card is July 7 to August 6 (31 days). The interest rate on the card is 17.9%. The balance on her card at the start of the billing cycle is $925.00. The table below has her transactions for the billing cycle. What is her balance due at the end of the cycle?

    Date Activity Amount
    7-Jul Billing Date Balance $925.00
    10-Jul Child Care $850.00
    10-Jul Gasoline $51.00
    12-Jul Food $135.50
    18-Jul Payment $750.00
    18-Jul Pizza $35.00
    18-Jul Gift $25.00
    21-Jul Food $121.75
    30-Jul Gasoline $47.50
    1-Aug Department store $173.00
    4-Aug Food $98.00
    Exercise \(\PageIndex{18}\)

    The cost of a car is $45,750. The residual price after 2 years is $28,822.50. What is the monthly depreciation for the car?

    Exercise \(\PageIndex{19}\)

    Find the payment for a 3-year lease on a car if the price of the car is $30,000, the residual price of the car is $20,000, and the APR is 8.5%.

    Exercise \(\PageIndex{20}\)

    What are the monthly payments, excluding escrow, for a 20-year mortgage for $131,500 at 5.15% interest?

    Exercise \(\PageIndex{21}\)

    What are the monthly payments, including escrow, for a 20-year mortgage for $131,500 at 5.15% interest, with property taxes of $3,170 per year and homeowner’s insurance of $715 every 6 months?

    Exercise \(\PageIndex{22}\)

    If a person earns $2700 gross on a paycheck, how much is taken out in FICA taxes?

    Exercise \(\PageIndex{23}\)

    Find the taxable income for a person who has $81,200 in earnings, $1,250 reported on a 1099-INT for a savings account, $5,400 reported on a 1099-MISC for a contract job they did, paid $5,250 in mortgage interest, paid $4,700 in property taxes, and has $4,200 in bond interest.

    Exercise \(\PageIndex{24}\)

    Find the federal income tax owed by a person filing single who has a taxable income of $114,750. Use the table below to determine the taxes.

    Bracket Lower Income Limit Upper Income Limit Tax Rate
    1 0 $10,275 10%
    2 $10,276 $41,775 12%
    3 $41,776 $89,075 22%
    4 $89,076 $170,050 24%
    5 $170,051 $215,950 32%
    6 $215,951 $539,900 35%
    7 $539,901   37%
    Exercise \(\PageIndex{25}\)

    If a person owes $20,000 in federal income tax, but qualifies for $4,000 in child tax credit and $8,000 for child and dependent care credit, how much federal tax does the person actually pay?

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