14. You buy some living room furniture. The coffee table costs $189.99, the loveseat costs $249.95, the sofa costs $493.68, and 2 chairs cost $98.75 each. Sales tax is 7.25%. How much is your total purchase? (1 point)
$1,032.37
$1,213.13
$1,107.22
$1,131.12
16. Your parents purchase a computer for $1,257.00 plus 6% sales tax. They decide to finance it through the store’s 0% program for 6 months. The terms state that they pay nothing until the 6 months are over. When they receive the bill, they forget to pay it and are assessed a late fee of $45.00 plus the interest accrued to that point at a 16.75% APR. What is the accrued interest after 6 months? (1 point)
$109.02
$115.56
$223.18
$111.59
18. Your parents have $2,745.69 on a credit card with a 12.75% APR. They miss their minimum payment and there is a late fee of $29.00. How much is their balance at the beginning of the second month? (1 point)
$3,095.77
$2803.86
$3,128.46
$2,774.69
19. The total sale price for purchase at one store is $268.97. The total sale price at another store is $240.95. You have an additional 10% off coupon for the second store for purchases over $200.00. How much more would you save by shopping at the second store? (1 point)
$1.12
$32.12
$28.02
$52.12
21. The original cost of a pair of jeans is $26.49. You buy 3 pairs. The jeans are on sale for 25% off and there is a 4.75% sales tax. How much will you pay?
$62.43
$59.60
$83.24
$79.47
22. You have 105 cowry shells. If a dozen eggs (12 eggs) cost 10 cowry shells, how many eggs can you purchase? (1 point)
12 dozen
8 dozen
10 dozen
5 dozen
23. You buy 2 gallons of milk at $3.29/gallon, 4 gallons of ice cream at $3.59/gallon, and 5 lbs of strawberries at $0.72/lb. Food sales tax is 3.75%. What is your total cost? (1 point)
$24.54
$25.46
$33.74
$7.89
24. If you have 13% withheld for federal taxes, 9% for state taxes, and FICA is 7.65%, how much are your involuntary withholdings in all if your gross pay was $2,785.00 and your net income was $1,794.23? (1 point)
$990.77
$1,959.25
$825.75
$531.99
25. Your parents have a credit card with a balance of $2,748.56. The interest rate is 10.5% APR. A late payment fee of $40.00 is added to the principal if they pay after 6/1. They make a payment for $300.00 on 6/1. How much interest did they pay? (1 point)
$24.05
$288.60
$24.40
$297.00
26. You order an appetizer for $12.99, 2 entrees for $12.99 each, and a dessert for $4.29. The sales tax is 6% and you leave a 15% tip based on the bill with sales tax. What is the total cost of your restaurant outing?
$44.32
$50.97
$43.26
$52.74
27. You purchase 9.25 gallons of gasoline at $3.15/gallon. You also buy gum ($1.10) and windshield wiper fluid ($4.97). The state has a food tax of 4% and you give the clerk $30.00 cash. You pay the rest with your debit card. How much is charged to your debit card? $35.21
$5.21
$35.25
$5.25
28. Knowing that you use 275 KWH from 7 a.m.—7 p.m. and 265 KWH 7 p.m.—7 a.m., answer the following question using the chart below.
Constant Usage$0.06624/KWH
Daytimer (most usage between 7 a.m.—7 p.m.) As long as most power used is from 7 a.m.—7 p.m., then you receive a 20%
discount on power usage between 7 p.m.—7 a.m.
$0.06831/KWH
NightTimer (most usage from 7 p.m.—7 a.m.) If more than 50% of power usage is outside of 7 p.m.—7a.m., then you have
to pay the Daytimer rate for all power used between 7 a.m.—7 p.m.
$0.06445/KWH
How much have you paid on the NightTimer plan?
(1 point)$35.87
$34.80
$36.89
$35.77
29. Your parents’ original purchase price was $1,550.00 plus 7.25% sales tax. They enter into an agreement where the interest (11.75% APR) is waived for the first 12 months provided they make the required monthly payments; otherwise the interest is accrued from the date of purchase. They miss the first payment due date. The late fee is $29.00. How much is the interest? (1 point
$195.33
$16.27
$182.13
$15.18
30. Your parents have the following expenses. What should their monthly
estimated expenses be?
Expense Type
Cost
Rent (monthly)$967.43
Groceries (weekly)$113.00
Telephone (monthly) $64.44
Car payment (bi-monthly)$192.58
$1,336.17
$1580.16
$1,890.00
$1,680.24
31. Your parents make a purchase of $2,975.34 using a popular reward credit card that gives you 1% cash back. If the credit card has a 13.5% APR and you do not make a payment the first month, how much is the difference between the interest and reward? (1 point)
$29.75
$371.92
$3.72
$33.47
32. Your parent’s mortgage is $231,450 at a 4.65% APR. If they pay $2,236 toward the mortgage each month, how much of the second month's payment is applied toward the second month's principal? (1 point
$2,678.26
$4,437.34
$1,339.13
$1,344.32
33. You work 35 hours/week for 52 weeks and are given the option to be paid hourly or to go on salary. In which situation will you earn the most?
$32,000/year
$18.50/hour
$30,000/year with a 5% bonus
$17.50/hour and a $1,500 bonus at the end of the year
34. What is the total of your parents’ monthly fixed expenses?
ExpenseAmount
Rent$998.50
Groceries (bi-weekly)$195.40
Charge card$258.90
Cell phone$65.78
Name brand khakis for work (store brand optional)$34.95
1,713.98
$1,518.69
$1,748.13
$1,553.53
35. Your gross pay is $1,843.45. Your involuntary deductions are FICA (7.65%), federal withholding (9%), and state withholding (6.5%). How much are you allowed for housing and fixed expenses? (1 point)
$516.17
$663.64
$510.01
$396.68
36. Your parents have 3 credit cards. Each has its entire credit line used, and the credit limits are $1,800.00, $2,600.00, and $3,500.00. Paying off and closing which card would increase your parents' debt ratio the most? (1
$3,500.00 limit
$2,600.00 limit
$1,800.00 limit
The debt ratio remains the same.
37. You are making several purchases from the B-Better Electronics store. You can buy from this store online or in a physical store. You have a coupon for 20% off that can only be used in the physical store and a $20.00 off coupon that can only be used online. The sales tax of 7.5% only applies to the physical store. Shipping for the online store is a flat rate of $8.99 or free for purchases over $75.00. Using the information below, which way of purchasing would save you the most money?
Be sure to include in your response:
the steps you followed to complete your computations
the choice you made regarding which way to purchase the items.
the total cost of your purchases
The prices for the items if you buy them at the B-Better Electronics store:
ItemQuantityOriginal Price
Headphones1 pair$14.99/ea
DVDs4 DVDs$13.95/ea
CDs2 CDs$9.85/ea
Here are the prices for the items if you buy them from the online store:
ItemQuantityOriginal Price
Headphones1 pair$13.50/ea
DVDs4 DVDs$14.99/ea
CDs2 CDs$10.99/ea
38. Complete the following transactions and explain how they would appear in
yourregister.Your beginning balance on October 1 is $542.89 You pay Land Electric $43.90 on October 7. (Check #400)You deposit your paycheck on October 23 ($7.25/hour for 40 hours/wk for 2 weeks with deductions of FICA (7.65%), federal withholding (12%), and state withholding (8.75%).You buy $78.54 plus 6% sales tax in clothes from FitRight on October 24 using your debit card.
Be sure to include in your response:
the steps you followed to complete your computations.
the balance as of October 24
the process for entering the transaction in the registry
(6 points)
39. You are debating whether to buy a new computer for $1,360.00 with a discount of 10% and sales tax of 6.5% or a refurbished computer with the same equipment for $1,095.00 and sales tax of 5.75%. If a savings account earns a 3.75% APR, how much do you really save with a refurbished computer if you put the difference into the savings account for a year and calculate using the simple interest formula?
Be sure to include in your response:
• the answer to the original question
• the mathematical steps for solving the problem demonstrating mathematical
reasoning
(6 points)
40. Your parents have a credit card with a balance of $3,287.90 at an interest rate of 14.5% APR. They pay $1,200.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest?
Be sure to include in your response:
• the answer to the original question
• the mathematical steps for solving the problem demonstrating mathematical
reasoning