### 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 boutiqueâ€™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.

Bethanieâ€™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 Bethanieâ€™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 Bradenâ€™s interest rate was 8%, how much is his balance when he begins to pay off the loan?

17.

The billing cycle for Thereseâ€™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 homeownerâ€™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?