Outcome 1&2
Twitch earns $275 per week. What is his annual salary?
$14,300
Amy got her first job in 1990. In that year, the government took out 7.45% of each income for Social Security and Medicare, until the person made $51,300. If Amy earned $41,340 in 1990, how much did she pay to social security and Medicare?
$3079.83
Harry is trying to get a personal loan to remodel his house. He has a gross monthly income of $3200. What is his debt to income ratio? Is the bank likely to give him money? The table is a list of his debts expenses each month.
Car Loan $200
Credit Card $50
Mortgage $900
Business $250
43.75% No
Simple Interest
SI = P x R x T
Charles deposits $1,000 into his savings account that earns 3% simple interest. If he leaves his money in the account for 5 years what is his total balance?
$1150
Find (A) (this is the ending balance)
A = P(1 + r/n)nt
Craig deposits $1275 in an account that earns interest at a rate of 3.85% compounded weekly. What is his ending balance after 4.5 years?
$1516.09
Tanner’s annual salary is $42,144. What is his bi-weekly salary?
$1620.92
Ben earned $65,000 for the year. In that same year, Social Security tax was 8.05%, to the maximum income of $45, 000. How much Social Security did he pay?
$3622.50
Hayden is trying to get a credit card. He has a monthly income of $4500. Is the bank likely to give him money? The table is a list of his debt expenses.
25.87% Yes
SI = P x R x T
James deposits $580 into his savings account that earns 5.25% simple interest. If he leaves his money in the account for 20 years what is his total balance?
$1189
A = P(1 + r/n)nt
Craig deposits $1000 in an account that earns interest at a rate of 4% compounded monthly. What is his ending balance after 3 years?
$1127.27
Casey currently earns an annual salary of $54,234. He is considering a job offer with an annual salary of 63,555. What is the difference in monthly pay for the two jobs?
$9321
In 1978, the Social Security and Medicare rate combined was 6.05%, up to $17,700 earned. Ten years later, the percent had increased to 7.51% and the maximum taxable income had increased to $45, 000. If a person earned $31,000 in 1978, and $65,000 in 1988, what was the difference in the Social Security and Medicare taxes paid?
$2313
Alex is trying to get a car loan to purchase a new car. She has a gross monthly income of $5500. What is her debt to income ratio? Is the bank likely to give her money? The table is a list of debt expenses each month.
Student Loan $235
Credit Card $75
Mortgage $1075
Personal Loan $50
26.09% Yes
T = SI/(PxR)
Tina deposits $510 into her savings with an interest rate of 4.17%. How long will it take for her to earn $75 in simple interest?
3.53 years or about 3 1/2 years
A = P(1 + r/n)nt
Craig deposits $2050 in an account that earns interest at a rate of 2.75% compounded daily. What is his ending balance after 6 years?
$1737.29
Bethany’s regular hourly wage is $10 per hour. If she works overtime she earns time and a half. What is Bethany’s overtime rate?
$15
Darby was in the market for A/C. A new central air unit cost $1995 for her size house. The other option is using window units. A window unit costs $205. If each window unit cools one room, and Darby has 7 rooms, how much will she save going with window units?
$506
Chase Bank charges a fee of $20 for every transaction That overdrafts an account. Drew had $547 in his account on September 20th. Over the next couple of days, he made withdrawals for the following amounts . . .
$279.15, $330.40, $259.63, $231, $560
How much will he pay in overdraft fees?
$80
P = SI/(RxT)
How much principal would you have to deposit to earn $1000 simple interest in ten years at a rate of 5.21%?
$1919.39
Finding Principal (the amount first deposited)
A = P(1 + r/n)nt
Jaden account earns 5% interest compounded quarterly. He has had his money invested for 10 years. How much did he initially deposit if his current account balance is $10,000?
$6097.56
James earns $17 dollars per hour. He regularly works 40 hours per week. When he works overtime he gets time and a half his regular rate. What is his pay if he works 50 hours?
$935
Eleanor was looking to save money and make her home more energy efficient. She heard about LED light bulbs, but wanted to calculate the actual cost per year before buying them. Eleanor found that incandescent bulbs cost $0.01 per hour in electricity, while LEDs cost $0.0022 per hour. If the average home has 65 light bulbs and has their lights on for 4 hours per day, what is the savings for 1 year for Eleanor to switch all her light bulbs to LEDs?
$351.22
Dodge City Bank charges a fee of $29 for every transaction that overdrafts an account. Fritz had $104.32 in his account. Over the next couple of days, homemade withdrawals for the following amounts . . .
$26, $20, $49, $32.17, $79
How much will he owe the bank after he realizes he has overdrawn his account?
$139.85
R = (SI x 100) / (PxT)
Kay deposits $15,000 into her savings account. She wants to have $45,000 in her account so she can buy a car in 7 years. What rate would she need?
28.57%
Finding Principal (the amount first deposited)
A = P(1 + r/n)nt
George's account earns 4.21% interest compounded bi-monthly. He has had his money invested for 10 years. How much did he initially deposit if his current account balance is $14,000?
$927.15