Compound and Simple Interest
Interest = Principal x Rate x Time
30% of Frank's income is taxed. Frank's income is $9,000. How much money does Frank pay in taxes?
$2,700
2,700
$2700.00
2,700.00
What is a surplus?
Income > Expenses
How much more does overtime pay than the regular full-time pay?
1.5 times
1.5
List the ways to get paid
Wages,Salary,Tip,Commission
What is the comparison between an account with simple interest vs. compound interest?
Simple interest grows constantly.
Compound interest grows exponentially.
22.5% of Randall's income is taxed. Randall's income is $57,000. How much does Randall pay in taxes?
$12,825
12,825
12,825.00
$12,825.00
Milly pays $45.27 per month on subscriptions. She has $4,000. How much does she pay in subscriptions for a year?
$543.24
543.24
Name the three ways to earn your paycheck?
Paycheck, Direct Deposit, Pay Card(Gift Card)
Broman has to go to the hospital and he has to pay the hospital bills. Is it a variable expense or a fixed expense?
Variable expense
Variable
Carlo makes a monthly contribution of $200 for 15 years at 3% interest rate. How much money does he save after the 15 year investment?
44,367.39
Michael has $77,777 in gross income. He pays 12.05% in federal income tax, 3.55% in state income tax, and 7.96% in FICA. What is his net income?
$59,452.74
59,452.74
Justin pays $555 for food each month. He earns $70,000 per year. How much does he pay for food each year?
$6,660
6,660
What is a 401(K)?
retirement savings plan sponsored by an employer?
The government of the United States earns $7,282,632,844,314 in revenue. The government spends 114% of that money. How much is the deficit of the government of the United States?
−$1,019,515,152,790
−1,019,515,152,790
Tony has an initial investment of $23,456.Tony has $65,898 as a monthly contribution. He does this investment for 20 years with an interest rate of 14%
$72,302,695.49
72,302,695.49
Sarah pays $34,527 in taxes. Her net income is 76% of her gross income. What is her gross income?
$119,275.10
119,275.10
Mia pays $11.11 on subscriptions per month, $22.22 on phone bill per month, and $33.33 on transportation costs per month.How much does she pay for all these expenses in a year?
$799.92
799.92
What should you do when you switch jobs?
Put 401(K) into Roth Ira
Use the new companys' retirement plan
Jeff's assets are worth $74,673,456^1.37. He owes 178543^1.98 in liabilities, What is his net worth?
$36,098,238,343.80
36,098,238,343.80
Joe has an investment of $60,000^2 for 29 years with a 27% interest rate. Anna has an investment of $99,999^2 for 45 years with a 12% interest rate. Who earns more from their investments.
Joe
Samantha gross income is $15,000 per month. She pays $3,546 in income taxes, and $1,065 in FICA. What percentage does she pay in taxes monthly?
30.74%
30.74
31%
31
Mark earns $1,234,567.89 per year. He pays 13.08% in general taxes. He also pays $5,000 for groceries each month. What percentage does the groceries count for the annual expenses?
27.09%
27.09
Tyler works for 38 hours per week. He works 15 hours overtime per week . He is paid $14.27 per hour for regular working hours. How much does he make in a year?
$44,893.68
44,893.68
The hardest question possible:
Patrick contributes $7,777^3 monthly for his investment. The investment lasts for 77 years with a 77% interest rate. How much money do you get in the 7.77 years into the investment.
9.18246949 × 10^30