Percent
Simple Interest
Compound Interest
Income Tax
Loans
Annuities
100
Bruce’s hourly wage increased from $15.50 to $18.60. What rate of increase does this represent?
20%
100
You deposit $572.34 in an account that pays 4.5% interest. How much interest do you earn after 6 years?
$154.53
100
Gina deposited $1500 in an account that pays 4% interest compounded annually. What will the total balance be in 2 years?
$1622.40
100
Use the 2021 marginal tax rates in the table to compute the tax owed by the person with the given filing status and taxable income.
single with a taxable income of
$57,000
The tax owed is $8288.50
100
A local developer is selling homes for $330,000 with a required down payment of 5%. Find the amount of the required down payment and the mortgage to be financed.
a. $16500
b. $313500
100
a. Use the appropriate formula to find the value of the annuity.
b. Find the interest.
Periodic Deposit $2000 at the end of each year
Rate: 5.5% compounded annually
Time: 15 years
a. The value of the annuity is $44,817. (Do not round until the final answer. Then round to the nearest dollar as needed.)
b. The interest is $14,817.
200
Gas prices decreased this week from $4 per gallon to $3.80 per gallon. What rate of decrease does this represent?
5%
200
Sara puts $4,000 into an investment yielding 5% annual simple interest; she left the money in for five years. How much interest does Sara get at the end of those five years?
$1,000.00
200
The Garcias have $12,000 in a savings account. The bank pays 3.5% interest on savings accounts, compounded annually. Find the total balance after three years.
$13304.61
200
Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit.
single with a taxable income of $20,000
and a $2500 tax credit
The tax owed is $-299.00
200
John and Jennifer Blake are purchasing a $2,450.00 6-burner gas stove with an installment loan that has an APR of 12%. The store financing requires a 15% down payment and 12 monthly payments. Find the (a) monthly payment using the formula, then (b) total amount repaid, and (c) finance charge.
a) $217.56
b) 2610.72
c) $160.72
200
a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit: ?
Rate : 4% compounded annually
Time: 19 years
Financial Goal : $130.000
a. The periodic deposit is $4699.
b. $89,281 of the $130,000 comes from deposits and $40,719 comes from interest.
300
For every car you sell, you get a 6% commission. If your total sales for the month are $125,650. What is your commission?
$7539
300
A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much interest will you earn in two years?
$525.00
300
The Fresh and Green Company has a savings plan for employees. If an employee makes an initial deposit of $1000, the company pays 8% interest compounded annually. If an employee withdraws the money after five years, how much is in the account?
$1469.33
300
Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.
A taxpayer earned wages of $196,500, received $1500 in interest from a savings account, and contributed $19,100 to a tax-deferred retirement plan. She had itemized deductions totaling $24,220. The standard deduction is $12,550 for her filing status.
Her gross income was $198,000.
Her adjusted gross income was $178,900.
Her taxable income was $154,680.
300
Harry Mills obtained a $4,500 installment loan at an APR of 8%. He must repay the loan in 36 months. Find the (a) monthly payment using the formula, then (b) total amount repaid, and (c) finance charge.
a) $140.85
b) $5070.60
c) $570.60
300
a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit: $? at the end of each month
Rate: 7.25% compounded monthly
Time: 45 Years
Financial Goal: $1,000,000
45
years
$1,000,000
a. The periodic deposit is $244.
b. $131,760 of the $1,000,000 comes from deposits and $868,240 comes from interest.