Name ______
Tuesday, 5/29 - Review questions on wages, hours, earnings, and piece rate work.
1) Tim worked 40 hours in a week and was paid $476.80. What was Tim’s average pay per hour to the nearest cent?
2) An annual salary of $19,580 is equal to how much per month? (round to the nearest hundredth)
3) With a monthly salary of $2,565, what is the yearly gross?
4) Joe worked 51 ½ hours last week and gets paid $9.40 per hour and time and ½ for overtime hours. What is his gross pay?
5) John earns $4.85 per hour plus tips. One week he worked 30 hours and earned $98.80 in tips. He kept 85% of the tips. Find his gross pay for the week. (Round to the nearest cent)
6) If a meal cost $26.80 and you leave a 15% tip, how much would you leave the waiter?
7) Mark earns $.72 for each part he finishes at work. This past week he completed the following number of parts per day: 46, 63, 57, 42, and 58. Of these 7 were defective, how much did he earn during the past week?
8) A salesman earned $282, $296, $278, and $270 each week for four weeks. What amount will he need to earn the fifth week in order to have a final average salary of $305 for the five weeks?
9) David, a salesman, was paid a salary of $450 per month, plus a 4% commission on all sales over $1,600.00. Last month, his sales amounted to $4,800. What were his total earnings for the month?
10) Dale is paid a salary of $500 a month plus commission. He is paid 6 % commission on all sales, and an additional 3% commission on all sales over $10,000. Last month he sold $13,000 worth of goods. What was his gross pay?
11) The Smith Chair Factory usually works 8 hours a day, Monday through Friday. Workers get time and ½ for work over 8 hours per day. Olivia Bond works for Smith Chair and is paid a regular hourly rate of $13.46. One week she worked these hours: Monday, 4; Tuesday, 8 ½; Wednesday, 12; Thursday, 11; Friday, 9. During the week Olivia worked ______hours regular time, and ______hours overtime. Her total earnings for the week were $______.
Name ______
Wednesday, 5/30 - Review questions on taxes
1) Jake earned $1,200 a week but had 7.65% taken out for FICA and $100.00 taken out for union dues. What was his net income?
2) Jared earns $8.50 per hour regular time pay and works a 40-hour week. His overtime pay is time-and-a-half. Jared pays 25% of his gross on taxes. If Jared works a 48-hour week, what is his net pay?
3) Ashley works a 40-hour week at $8.50 an hour with time and a half for overtime. Last week she worked 50 hours. From her earnings, her employer deducted FICA tax at a rate of 7.65% and income tax of $65.00. Her employer also deducted $45.66 for health insurance and $31.00 for union dues. What is her net pay?
Name ______
Thursday, 5/31 - Exam Review Questions on Counting Days, Interest and Checking Accounts
1) What is the exact number of days from August 14 to November 17?
2) What is the maturity date of a 6-month note dated March 31?
3) Write 7 as a percent.
4) What part of 60 is 38? Show your answer as a fraction in simplest form.
5) A penalty of 8 months’ interest at 8 ½ % must be paid on an early withdrawal of $3,225 from a certificate account. What amount is the penalty?
6) Figure banker’s interest on a 90-day note for $1,800 at the banker’s rate of 7 ¾ %.
7) A savings account paid 6.5% simple interest. Find the amount of interest that $5,000 earned in 9 months. Round to the nearest cent.
8) Joe put $3,500 in a savings account that paid 6 ¾ % interest compounded semiannually. Find the interest earned in 1 year.
9) What is the interest on $5,900 at 9% for 90 days? (use exact days)
10) The ending balance on a bank statement is $398.73. The ending balance in a check register is $494.01. There are outstanding deposits of $108.75, 29.70, an outstanding check of $48.92, and a service fee of $5.75. What is the actual amount in the account?
11) Mr. Smith had $6,782 in the bank. After withdrawing some of his money, he had $4,807 left. How much did he withdraw?
12) Mitch just bought a car for $2,000. He has a one-year loan with 8½%. What will his monthly car payment be? (which includes the car and the interest.)
13) What is just the interest for a $2,400 loan that is compounded semi-annually for 1 ½ years?
14) What date is a promissory note due if it is dated on Sept. 17 for 165 days?
15) The ending balance on a bank statement is $705.63. The ending balance in a check register is $255.77. There are outstanding checks of $410.56, $75, $123.45, an outstanding deposit of $150.90, and a service fee of $8.25. What is the actual amount in the account?
16) Viola’s bank pays 6% annual interest on savings accounts, compounded quarterly. On October 1 she made a deposit of $1,600 to her savings account, which already had a balance of $300. If she makes no other deposits or withdrawals to the account for 1 year, her account balance will be
- $______at the end of the year.
- Earned interest is $______.
Please use the chart below
PERIODS / 1 ¼ % / 1 ½ % / 2 % / 5% / 6% / 8% / 9%Annual 1 / 1.012500 / 1.015000 / 1.020000 / 1.050000 / 1.060000 / 1.080000 / 1.090000
2 / 1.025156 / 1.030225 / 1.040400 / 1.102500 / 1.123600 / 1.166400 / 1.188100
3 / 1.037971 / 1.045678 / 1.061208 / 1.157625 / 1.191016 / 1.259712 / 1.295029
4 / 1.050945 / 1.061364 / 1.082432 / 1.215506 / 1.262177 / 1.360489 / 1.411582
5 / 1064082 / 1.077284 / 1.104081 / 1.276282 / 1.338226 / 1.469328 / 1.538624
6 / 1.077383 / 1.093443 / 1.126162 / 1.340096 / 1.418519 / 1.586874 / 1.677100
7 / 1.090850 / 1.109845 / 1.148686 / 1.407100 / 1.503630 / 1.713824 / 1.828039
8 / 1.104486 / 1.126493 / 1.171659 / 1.477455 / 1.593818 / 1.850930 / 1.992563
9 / 1.118292 / 1.143390 / 1.195093 / 1.551328 / 1.689479 / 1.999005 / 2.171893
10 / 1.132270 / 1.160541 / 1.218994 / 1.628895 / 1.790848 / 2.158925 / 2.367364
11 / 1.146424 / 1.177949 / 1.243374 / 1.710339 / 1.898299 / 2.331639 / 2.580426
12 / 1.160754 / 1.195618 / 1.268242 / 1.795856 / 2.012197 / 2.518170 / 2.812665
Name ______
Friday, 6/1 - Exam Review Questions on Credit Cards, Cash Advances, Fractions, % Increase and Decrease
1) Agnes ordered 350,000 machine parts. The cost of the parts was $68,000.00. What is the cost per part? (Round to nearest tenth)
2) Find 160% of 198.
3) What is 4/5 less than $360?
4) The unpaid balance in an account was $365. A payment of $60 was made. The finance charge rate is 1.5% per month of the balance after payment. What is the new balance?
5) Add: 38 7/8
1/2
1/6
+ 17 2/3
6) What is 16 2/5 divided by 3 1/4/?
7) What is 8 1/3 – 4 4/5
8) Express 36½ as an improper fraction.
9) Which fraction is larger, 5/6 or 7/8?
10) A partner received 5/8 of the year’s profits of $124,000. What was his share?
11) Joel made 28 bikes in 12 hours, how many bikes can he make in 36 hours?
12) Write 48/12 as a mixed number in lowest terms.
13) What is the percent increase from 460 to 640?
12) Andy spent an average of 240 minutes a day on homework. The circle graph shows the average percent of minutes spent on each subject. How much time was spent studying Math (round to nearest minute)?
13) The previous balance on Delaney Shuba's credit card is $454.87. He made $100 payment, $410 in new purchases and his periodic finance charges are $5.32. His minimum payment is 3 % of his current balance, rounded to the nearest whole dollar. What is the minimum payment?
14) Ursula Johnson borrowed $650 on a cash advance from her credit card company. She was charged a daily periodic rate of 0.053% for the 25 days she had the cash advance. She was also charged a 3% cash advance fee. What was the total amount Ursula had to pay back?
Name ______Period ______
Monday 6/4 - Exam Review Questions on Loans
and Installment Payments
Using bankers days and exact days, please calculate simple interest for the following:
Bankers DaysExact Days
InterestInterest
- $3,000.00 at 5.25 % for 40 days______
- $8,640.00 at 13 ¾ % for 240 days______
Find the due date for each of the following notes. (Assume February has 28 days.)
Date IssuedTimeDue Date
3. March 313 months ______
4. April 14 75 days______
Find the number of days from . Number of Days
5. January 5 to March 12______
6. February 23 to May 5______
- Joe borrowed $1,900 at 8 ½% for 30 months, a.) How much interest was he charged AND b.) How much did he have to pay after the 30 months?
- Ben borrowed $360 from a finance company and repaid the loan in 18 monthly payments of $25.40 each. What was the finance charge?
- John signs a three-month note for $1,000 bearing exact interest at 15% per year. How much must he repay after the three months?
- Rhonda can buy a big screen TV for $2,500 cash or pay $300.00 down and 18 monthly installments of $135.00. What is her installment price of the TV, AND by what percent would her installment price be greater than the cash price? (Do not round the percentage)
- Veronica could buy a computer for $2,600 or purchase it on an installment plan with $200 down and $76.20 a month for 36 months. What is the finance charge she would pay by buying it on the installment plan?
- A prepayment penalty of .6% interest must be paid on a loan that has a balance of $2,333.07. What is the final payment? (Helpful reminder…final payment includes what is owed plus one months interest)
- Calculate the exact interest from June 13 to August 15 on $6,200 at 9%.
- Brenda has a 2-year, $2,500 car loan at 9%. After paying on the loan for 3 months, Brenda has a balance of $2,211.46. She decides to pay off the loan with the next payment. How much will she have to pay?
- Hector borrowed $2,400 on a one-year simple interest installment loan at 12% interest. The monthly payments were $213.24. Find the amount of applied to interest, amount applied to the principal and the new balance for the first monthly payment.
- Paula borrowed $10,500 at 8.5% for 5 years. Her monthly payment was $215.42. She did not pay off the loan early. How much did she pay back to the lender?
- Sue Smith paid $877.50 interest on a loan of $18,000 for 6 months. Find the rate of interest she paid. (Round to the nearest tenth of a percent)
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Tuesday 6/5 - Exam Review Questions on Buying a House and Buying a Car
1. To buy a house priced at $252,000 a 16% down payment is needed. How much cash is needed to buy the house?
2. What is the property taxes on the following?
Market Value = $90,000
Assessed Rate = 40%
Tax Rate $ 31.00 per $1,000
3. Ed Jones earns $725 per week. What is the greatest amount he should borrow for a home using the guideline of 2 ½ times annual income.
4. Rose Colbert is buying a home that costs $168,000. She made an 11 ¾ % down payment. What is the amount of the loan after the down payment?
5. Mr. Douglas saw a house that he wanted to purchase. The house was valued at $145,000. The real estate agent told him that he needed to put a 11% cash down and the closing costs were $1,035.00. How much money did he have to bring with him to “close or buy” the house?
6. A contractor building a house submitted the following expenses to the buyer:
a. Excavating$625
b. Lumber & Carpentry$26,250
c. Painting$1,530
d. Plumbing & Electrical$13,388
e. Other expenses$2,765
If the contractor added 12% as his profit, what would be the total cost to the buyer for this house?
7. Rachel was renting a house for $620 per month, which she later purchased. If she bought the house, it would cost $4,292 for the first year. How much can Rachel save each month by owning the house?
8. Wilson, a landlord, received rental income of $495 per month from his apartment. His expenses for the year were: $1,950 for taxes, $215 for insurance, and $475 for repairs. What was his net income for the year from this rental property?
9. Your home expenses are: Mortgage interest, $14,800; property taxes, $3,600; insurance, $645; depreciation, $1,775; repairs, $1,050; lost income on cash invested, $1,875. You expect to save $7,561 in income taxes from home expenses. What is your net cost of home ownership for this year?
10. John found a new home he wanted to buy for $103,000.00. The bank required him to put 11 ¾ % down as a down payment and he paid 2% in closing costs. How much money did he have to borrow to buy the house AND if his 20 year mortgage payments were $ 652.74 a month, how much interest did he pay over the time period of the loan?
Borrow?
Interest?
11. The delivered price of Sue’s car is $23,560. She makes a $2,000 down payment and pays the balance in 48 monthly payments of $560. What total amount did Sue pay for the car, AND what was the finance charge?
Paid?
Finance Charge?
12. Steve Rubin bought a used truck for $9,650. He paid for the truck with a $2,650 down payment and 36 monthly payments of $234.30. What total amount did the truck cost?
13. Angie bought a luxury car for $47,851 and made a $4,500 down payment. She got a special loan rate of 2.1% for 60 months. Her monthly payments were $761.74. What was her finance charge on this car?
Wednesday, 6/6 - Exam Review Questions on Budgeting and Buying
1. What are 2 fixed expenses that you or your parents may have?
2. What are 2 variable expenses that you or your parents may have?
3. Family Budget, How much is spent on clothing? ….food?
CategoryPercent of Income
Housing 25%
Utilities 5%
Life Insurance 10%
Transportation 15%
Food 15%
Clothing 2%
Entertainment 3%
Savings 15%
health Care 5%
Miscellaneous 10%
Income $3,000
4. What does ¾ lb sliced turkey @ $7.99/lb cost?
5. What does 7 2/3 lb. beef @ $4.35 per lb.cost?
6. How much does 38 ¼ ft. wire @ $.98 per ft. cost?
7. What does 1 unit of the following cost?
5 lb. Apples for 4.96
3 Packs of film for $8.95
6 Rolls of paper for $6.15
8. The chart represents how Grace’s money was spent at the grocery store. She spent a total of $190.00. How much did she spend on produce and meat together?
9. Eric is going to lease a 2007 Ford Fusion. They agree to pay $250 per month and 17 cents for every mile driven over 16,000 miles in one year. If Eric drives the car 18,000 miles each year for two years, what is the total cost of leasing the car for 2 years?
10. 3 ¼ lb. sirloin tip steak costs $18.74. What is the price per pound?
11. While making a trip of 2,871miles, Joe found that his car traveled an average distance of 22 miles on each gallon of gasoline. If Joe paid $3.85 per gallon, what was the total cost for gasoline on this trip?
12. The price of a 14 ounce box of cereal is $3.99. What is the price of the cereal per pound?
13. A rug cleaner can be rented for $174.50 a week or $35.76 a day. You need the cleaner for 6 days. How much would you save by renting it at the weekly rate?
14. What is the cost of 9,500 pounds at $ 21 a ton.
15. Claire’s Convenience Store buys canned vegetables at $2.35 for a dozen cans and sells them at a rate of 2 cans for 65 cents. What is the store’s gross profit on the purchase of 30 dozen cans?
16. How many quarts are in 3 ½ gallons?
17. Find the cost of 40 cheeseburgers at the cost of 2 for $3.79.
18. A jar of peanut butter weighed 62 ounces. The jar it was packed in weighed 13 ounces. How much did the peanut butter inside weigh? (answer in lbs. and oz.)
19. Rhonda leases a car for $315 a month on a 48-month lease. How much does she pay each year for her car?
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5/29 - Answers for review questions on wages, hours, earnings, and piece rate work.
1
1) $11.92
2) $1,631.67
3) $30,780.00
4) $538.15
5) $229.48
6) $4.02
7) $186.48
8) $399.00
9) $578.00
10) $1,370.00
11) 36, hours regular time, 8.5 hours overtime. Her total earnings were $656.18.
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Wednesday, 5/30 - Answers to review
questions on taxes
1) $1,008.20
2) $331.50?
3) $290.08
Thursday, 5/31 - Answers for Exam Review Questions on Interest and Checking Accounts
1
1) 95 days?
2) September 30th
3) 700%
4) 19/30
5) $182.75
6) $34.88
7) $243.75
8) $240.24
9) $ 130.93
10) $488.26
11) $1,975.00
12) $180.83
13) $222.54?
14) March 1st
15) $247.52
16) $2,016.59 at the end of the year, earned interest is $116.59.
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Friday, 6/1 - Answers for Exam Review Questions on Credit Cards, Cash Advances, Fractions, % Increase and Decrease
1
1) $.20
2) 316.8
3) 72
4) $309.58
5) 57 5/24
6) 5 3/65
7) 3 8/15
8) 73/2
9) 7/8
10) $77,500.00
11) 84
12) 4
13) 39%
12) 70
13) $23.00
14) $678.11
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Answers for Monday 6/4 - Exam Review Questions on Loans and Installment Payments
Bankers DaysExact Days
InterestInterest
1
- $ 17.50$ 17.26
- $ 792$ 781.15
3. June 30
4. June 28
5. 66
6. 71
- $403.75 and $2,303.75
- $97.20
- $1,037.50
- $2,730 and 9.2%
- $343.20
- Everyone gets credit for this one…I made a mistake on the wording of it…sorry!
- $ 96.31
- $2,228.05
- $24, $189.24, and $2,210.76
- 12,925.20
- 9.8 %
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Tuesday 6/5 – Answers for Exam Review Questions on Buying a House and Buying a Car
1
1. $40,320.00
2. $1,116.00
3. $94,250.00
4. $148,260.00
5. $16,985.00
6. $49,904.96
7. $262.33
8. $3,300.00
9. $16,184.00
10. Borrow? Interest?
11. Paid? Finance Charge?
12. $11,084.80
13. $2,353.40
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Wednesday, 6/6 – Answers for Exam Review Questions on
1
Budgeting and Buying
1
1. Mortgage, Rent, Insurance, Car payment
2. Utilities, food, entertainment
3. $60.00, $450.00
4. $5.99
5. $33.35
6. $37.49
7. .99, 2.98 and 1.03
8. $167.20
9. $6,680.00
10. $ 5.77
11. $502.43
12. $ 4.56
13. $40.06
14. $99.75
15. $117.00 – sales, 70.50 – cost, profit = 46.50?
16. 14
17. $75.80
18. 3 lbs. 1 ounce
19. $3,780.00
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