### Chapter Test

1
.

45 is what percent of 180?

2
.

Find 47% of 31. Round to two decimal places.

3
.

What is the sale price of a $90 shirt if there is a 25% discount for the shirt?

4
.

A small boutique buys purses for $27.50 per purse. What is the boutique’s retail price for the purses if they add a 90% markup?

5
.

What was the discount on a computer is the retail price was $1,200 and the sale price is $950? Round to two decimal places if necessary.

6
.

A 15% simple interest loan of $2,000 is taken out for 75 days. How much is owed when the loan is due?

7
.

What is the future value of a $15,000 investment made at 4.65% interest compounded yearly for 10 years?

8
.

Apply the 50-30-20 budget philosophy to a monthly income of $3,920.

9
.

$2,500 is deposited in an account that bears 5.25% interest compounded quarterly for 15 years. What is the return on investment for that investment? Round to two decimal places if necessary.

10
.

How much per month must be paid into an ordinary annuity so its future value is $150,000 after 10 years if the annuity earns 3.85% interest compounded monthly?

11
.

Bethanie’s employer matches up to 7% of annual salary for deposits into the company sponsored IRA. Bethanie earns $62,400 annually. She deposits $8,000 annually inter her IRA. How much does the company deposit in Bethanie’s IRA?

12
.

If $360 is deposited monthly in a mutual fund that is expected to earn 9.35% compounded monthly, how much will the mutual fund be worth after 23 years?

13
.

A $14,250, 4-year loan is taken out at 9.15% interest. What are the monthly payments for the loan?

14
.

Using the amortization table below, how much total interest has been paid after payment 20?

15
.

What is the maximum amount of federal subsidized and unsubsidized loans per year for an independent student in a graduate program?

16
.

Braden takes out a private student loan for $6,250 in his second year of his undergraduate IT program. He begins paying the loan after 39 months. If Braden’s interest rate was 8%, how much is his balance when he begins to pay off the loan?

17
.

The billing cycle for Therese’s credit card is July 7 to August 6 (31 days). The interest rate on the card is 17.9%. The balance on her card at the start of the billing cycle is $925.00. The table below has her transactions for the billing cycle. What is her balance due at the end of the cycle?

Date | Activity | Amount |
---|---|---|

7-Jul | Billing Date Balance | $925.00 |

10-Jul | Child Care | $850.00 |

10-Jul | Gasoline | $51.00 |

12-Jul | Food | $135.50 |

18-Jul | Payment | $750.00 |

18-Jul | Pizza | $35.00 |

18-Jul | Gift | $25.00 |

21-Jul | Food | $121.75 |

30-Jul | Gasoline | $47.50 |

1-Aug | Department store | $173.00 |

4-Aug | Food | $98.00 |

18
.

The cost of a car is $45,750. The residual price after 2 years is $28,822.50. What is the monthly depreciation for the car?

19
.

Find the payment for a 3-year lease on a car if the price of the car is $30,000, the residual price of the car is $20,000, and the APR is 8.5%.

20
.

What are the monthly payments, excluding escrow, for a 20-year mortgage for $131,500 at 5.15% interest?

21
.

What are the monthly payments, including escrow, for a 20-year mortgage for $131,500 at 5.15% interest, with property taxes of $3,170 per year and homeowner’s insurance of $715 every 6 months?

22
.

If a person earns $2700 gross on a paycheck, how much is taken out in FICA taxes?

23
.

Find the taxable income for a person who has $81,200 in earnings, $1,250 reported on a 1099-INT for a savings account, $5,400 reported on a 1099-MISC for a contract job they did, paid $5,250 in mortgage interest, paid $4,700 in property taxes, and has $4,200 in bond interest.

24
.

Find the federal income tax owed by a person filing single who has a taxable income of $114,750. Use the table below to determine the taxes.

Bracket | Lower Income Limit | Upper Income Limit | Tax Rate |
---|---|---|---|

1 | 0 | $10,275 | 10% |

2 | $10,276 | $41,775 | 12% |

3 | $41,776 | $89,075 | 22% |

4 | $89,076 | $170,050 | 24% |

5 | $170,051 | $215,950 | 32% |

6 | $215,951 | $539,900 | 35% |

7 | $539,901 | 37% |

25
.

If a person owes $20,000 in federal income tax, but qualifies for $4,000 in child tax credit and $8,000 for child and dependent care credit, how much federal tax does the person actually pay?