Business Math A – Checkpoints L1, L2, L11-28 – Flashcards
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Rick James is paid $18.00 an hour as a pastry chef for a regular 35-hour week. His overtime rate is 1.5 times his regular hourly rate. This week he worked his regular 35 hours plus 8 hours of overtime. What is his overtime pay? (Hint: This is not total pay for the week.)
answer
$216.00
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Don Moline, a construction worker, earns $18.25 an hour. He worked his regular 36 hours last week. He also worked 15 hours at a part-time job building decks at $13.00 an hour. What is Don's total straight-time pay for both jobs?
answer
$852.00
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As a case worker, Bonnie Armstrong earns $13.47 an hour plus time-and-a-half for weekend work. Last week she worked her regular 40 hours plus 8 hours of overtime on the weekend. What was her total pay for the week?
answer
$700.44
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Elaine Mellon earns $17.80 an hour as an electronic billing specialist for a legal clinic. She must work ____ hours a week, to earn approximately $675.00 a week. (Round to the nearest whole hour and enter only the number.)
answer
38
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Sylvia O'Keefe builds sets for independent movies and plays. She earns $15.80 an hour. Last week she worked 34 hours. Her straight-time pay for last week was $ _______.$537.20
answer
$573.20
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Saul is a computer professional. He worked 15 regular hours at $32.50 an hour. How much did he make for the 15 hours?
answer
$487.50
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Ellen Garcia earns $23.68 an hour as an assistant aircraft mechanic at a local airport. She must work _____ hours a week to earn $850 a week. (Enter only the number and round to the nearest whole hour.)
answer
36
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Rick James is paid $18.00 an hour as a pastry chef for a regular 35-hour week. His overtime rate is 1.5 times his regular hourly rate. This week he worked his regular 35 hours plus 8 hours of overtime. What is his total pay for the week?
answer
$846
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The federal minimum wage is $_____ an hour. (Enter only the number.)
answer
$7.25
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A mobile auto-detailing company pays you $12.75 an hour. Last summer you worked 35.25 hours a week. What was your total straight-time pay for two weeks? (Round your answer to the nearest penny.)
answer
$898.88
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Denise Cho is a broadcast technician and earns $17.00 an hour with time-and-a-half for overtime. Last week, she worked 40 hours at regular pay, and some hours of overtime. Her total pay for the week was $839.38. How many overtime hours did Denise work?
answer
6.25
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Molly Brennan earns $8.62 an hour for playing guitar at Kaldi's coffee shop. She works 12.5 hours a week. What is the musician's straight-time pay?
answer
$107.75
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Ken is a tour guide at an art museum. He earns $11 an hour regular pay and receives time-and-a-half for overtime. Last week he worked 40 hours plus overtime. If he made $66.00 in overtime, how many overtime time hours did he work?
answer
4.0 overtime hours
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Sylvia O'Keefe builds sets for independent movies and plays. She earns $15.80 an hour. Last week she worked 34 hours. Her straight-time pay for last week was $ _______.
answer
$537.20
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Deedee Katz, a computer programmer, earns a regular hourly rate of $32.25 and time-and-a-half when she works overtime. In a typical week, she works 40 regular hours and 12 hours overtime. Find Deedee's weekly overtime pay. (Hint: This is not total weekly pay.)
answer
$580.50
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Zachary Myers is a forensic scientist. His monthly salary is $4,397. Zachary's annual salary is $ ____________. (Enter only the amount to the nearest cent.)
answer
Not: 52,764
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Roger earns $78,000 annually as an architect and is paid monthly. Adrianne also earns $78,000 but she is paid biweekly. How many more checks does Adrianne receive in a year when compared to Roger?
answer
14
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Cecilia gets paid semimonthly. Her semimonthly salary is $1,925.43. Her annual salary is $ __________ to the nearest cent. (Enter only the number.)
answer
46,210.32
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Tracy McKinney is a disc jockey at radio station WMMM. Her annual salary is $52,750. What is her monthly salary?
answer
$4,395.83
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Marnie Walsh purchased a deluxe dictionary for $38.75 and a full-color atlas for $41.10. The state sales tax is 6%, the city tax is 2.5%, and the county tax is 1%. What is the total purchase price?
answer
$87.44
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Carlotta Rodriguez purchased six bushes for $19.27 each, a porch swing for $88.22, and a gas grill for $321.77. She must pay the state tax of 4.5% and the city tax of 2%. What is the total purchase price?
answer
$559.77
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Samantha McQuade bought a blender and gave the store's clerk a $50 bill and a $1 bill. She received $.72 in change. If the sales tax rate in her community is 7.5%, what was the selling price of the blender before taxes?
answer
$46.77
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Cordell Johnson purchased a snow blower for $237.00 and two bags of rock salt for $3.15 each. What is the sales tax on his purchases if he lives in Maine where the sales tax rate is 5%?
answer
$12.17
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Mary Steiner purchased school supplies at Office Emporium for $97.62. She then purchased a dictionary for $22.95 and a CD for $14.78 at Books Express. For all purchases she must pay the state sales tax of 6.5% and the county tax of 0.5%. What is the total tax on her purchases?
answer
$9.47
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David Taylor purchased a teapot for $23.95, a coffee maker for $33.95, and a deluxe microwave for $196.75 for his mother's birthday. The state tax is 6.5% and the city tax is 1.5%. What is the total purchase price?
answer
$275.02
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Luther Vandekampt purchased a basketball from a store and gave the clerk a $20 bill and a $5 bill and received $1.12 in change. If the sales tax rate in his community is 6.5%, what was the selling price for the basketball before taxes?
answer
$22.42
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A square picture frame must be enlarged by 7% on each side. To the nearest hundredth of a percent, by what percent does the area of the square increase? (Hint: Let x = the length of the original sides. Multiple the new side lengths and compare to x^2 which is the are of the original square frame.)
answer
14.49%
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Nicole Bolton purchased a new rug for $287 and a vacuum cleaner for $121. What is the sales tax if she lives in Iowa where the sales tax rate is 6%?
answer
$24.48
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Dawn Reynolds purchased six quarts of motor oil for $14.12. What is the unit price per quart rounded to the nearest cent?
answer
$2.35 per quart
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What is the correct setup for finding the cost of renting a boat when you must pay $15 down and $7.50 for each half-hour? (Hint: Use C for cost and t for time.)
answer
C = 15 + (7.5)t
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Kedar is comparing the costs of phone plans. For phone plan A, the cost is $15.00 to connect and then $0.02 per minute. For phone plan B, the cost is $4.69 to connect and then $0.08 per minute. For what usage does plan A cost the same as plan B? (Hint: Find total minutes and then convert to hours and minutes.)
answer
2 hours 52 minutes
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Rhea Franken can buy one dozen cookies for $5.65, two dozen for $11.30, or three dozen for $16.95. Which is the best buy?
answer
The equivalent costs per cookie are all the same
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Harriet is comparing the costs of calling cards. To use card A, the cost is $1.00 to connect and then $0.04 per minute. To use card B, it costs $0.65 to connect and then $0.06 per minute. For what number of minutes does it cost the same amount to use each card for a single call? (Enter only the number.)
answer
17.5
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Morley Cunningham computed the unit price of an 8-count package of hamburger buns and found them to be $0.03 more per bun than the unit price of a 10-count package. If the 8-count package costs $0.45 less than the cost of the 10-count package, find the cost of the 10-count package.
answer
Not: $3.70
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A 12-inch cheese pizza at Neighborhood Pizza costs $9.95 and each additional topping is $1.00. The same size pizza at Downtown Pizza costs $6.95 and each additional topping is $1.50. At how many toppings do the pizzas cost the same?
answer
6 toppings
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A jacket with one patch at Hot Wear Jackets costs $88.00 and each additional patch is $3.00. The same jacket at ABC Clothing costs $66.95 and each additional patch is $4.50. With a certain number of patches the jackets cost the same. Which jacket costs more with additional patches?
answer
The jacket from ABC Clothing
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Zach Mazrahi can buy a dozen pencils for $1.89, 24 pencils for $3.60, or 36 pencils for $5.49. What is the best buy?
answer
24 pencils for $3.60
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Sam Collins wants to get the best deal in cereal he can find. He finds rice puffs for $2.49 for 24 ounces, $2.69 for 36 ounces, $2.29 for 12 ounces, and $4.00 for 48 ounces. What is the unit price of the best buy?
answer
Not: 8.33 cents per ounce $2.69 for 36 ounces - 0.07472 $4.00 for 48 ounces - 0.0833
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Nathan Alexander wants to purchase ears of corn for a family reunion picnic. A farmers' market near his home offers six ears of corn for $1.25, 12 ears of corn for $2.64, or 36 ears of corn for $7.20. Which is the best buy?
answer
36 ears for $7.20
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Tien-Yu Moy had a coupon for $1.50 off a can of coffee that was valid if he also purchased coffee cream. The regular price of the can of coffee was $6.99 and the coffee cream was $2.15. What is the final price?
answer
$7.64
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A family went out to dinner. Their bill was $65.00. They left a 15% tip on top of the bill. Which amount is closest to the total cost of the dinner, including tip.
answer
$75.00
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Cassie Marino is interested in purchasing a new laptop computer for school. It is marked down 20% from its original price. She can save a $112.00 by buying the marked down computer. How much was its original price?
answer
$560
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Veronica's Dress Shop marked down a pair of shoes 15% if the customer purchased them with a dress or pantsuit. The shoes' sale price was $59.00. How much would the shoes cost if purchased alone?
answer
$69.41
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The regular selling price of a recliner at Furniture Depot is $289. The markdown rate is 33%. What is the sale price?
answer
$193.63
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Winter coats are on sale starting April 1st. A leather coat is on sale for 40% off the regular selling price of $425.99. What is the markdown to the nearest cent?
answer
$170.40
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The regular selling price of a computer desk is $329.99. The markdown rate is 40%. What is the sale price?
answer
$197.99
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The regular selling price of a 22" tube television is $389. The markdown rate is 33%. How much is the sale price?
answer
$260.63
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The sidewalk sale is over. Dorie Sparrow works at The Clothes Horse, Inc. She takes in the clothes and must mark the dresses back to their original selling price. She had marked them down 70% for the sidewalk sale. What price should Dorie put on a dress that had been marked down $140?
answer
$200
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Megan Evans has a coupon that saves her $1 when she buys two jars of peanut butter. The peanut butter costs $2.39 per jar. What is the final price of the two jars?
answer
$3.78
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Patrick David's charge account statement shows an unpaid balance of $110. The monthly finance charge is 2% of the unpaid balance. What is the new account balance?
answer
$112.20
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Darrin Newberry's charge account statement shows an unpaid balance of $875. The monthly finance charge is 1.65% of the unpaid balance. What is the new account balance?
answer
$889.44
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Lena Craig's charge account statement showed a previous balance of $1,100, a finance charge of $6, new purchases of $700, and a payment of $180. What is her new balance?
answer
$1,626
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Alexandra Romar has a previous balance at Porter Pharmacy of $68.42. She had payments and credits of $18.25. The monthly finance charge is 1.85% of the unpaid balance. After the finance charge was calculated, she made $34.00 in new purchases. What is her new balance?
answer
$85.10
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Larry Thomas's charge account statement shows an unpaid balance of $800. The monthly finance charge is 1.5% of the unpaid balance. What is the new account balance?
answer
$812
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Arianne Greene's charge account statement shows an unpaid balance of $376.00. The monthly finance charge is 1.85% of the unpaid balance. What is the finance charge?
answer
$6.96
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Peggy Andrews has a charge account at Davis Jewelers, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.75%. Peggy's previous balance is $9,472.08. She had payments and credits of $250.00. Her new purchase of $45.00 was not included in the finance charge calculation. What is the new account balance including the new purchase? (Hint: Calculate finance charge before adding $45.00 to the balance.)
answer
$9,428.47
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Marissa Palmer's charge account statement showed a previous balance of $142.55, a finance charge of $2.82, new purchases of $86.50, and a payment of $80.00. What is her new balance?
answer
$151.87
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Adele Palmer's charge account statement showed a previous balance of $1,500, a finance charge of $5, new purchases of $150, and a payment of $80.00. What is her new balance?
answer
$1,575
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Destiny Paxton has a previous balance at a retail store of $59.27. She made payments and had credits totaling $29.21. She also had $16.16 in new purchases. The finance charge is 1.75% of the unpaid balance. What is the new balance?
answer
$47.03
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Emma Weber purchased a bedroom set with an installment loan that has an APR of 12%. The bedroom set sells for $2,650. The store financing requires a 15% down payment and 42 monthly payments. What is the finance charge?
answer
$519.43
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The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 4?
answer
$4.10
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The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 5?
answer
$2.74
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Bonita Wolfe purchased a media system for her home which included a television for $1,398.77, a computer for $895.60, surround sound for $1,560.99, and a DVD player for $231.15. She lives in Florida and pays a 7% sales tax. If she made a down payment of 15% and financed the rest using the store's installment plan, what amount did she finance? (Hint: For a reminder on computing sales tax, see Lesson 11.)
answer
$3,716.68
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Rebecca Whitaker purchased a new flat screen television for $767. She made a 20% down payment and financed the remainder. What amount did she finance?
answer
$613.60
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Juanita Karoz purchased lawn furniture for $727. She made a 27% down payment and financed the remainder. What amount did she finance?
answer
$530.71
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Lawrence Wagner purchased a log splitter with an installment loan that has an APR of 10%. The log splitter sells for $997. The store financing requires a 10% down payment and 36 monthly payments. What is the finance charge?
answer
$146.08
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Freda Frederick purchased furniture with an installment loan that has an APR of 8%. The furniture sells for $3,000. The store financing requires a 10% down payment and 18 monthly payments. What is the monthly payment?
answer
Not: $172.26
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Spencer Ward purchased a new riding mower for $1,989. He made a 15% down payment and financed the remainder. What amount did he finance?
answer
$1,690.65
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Adolfo Ramirez purchased a microwave and dishwasher for $897. He made an 18% down payment and financed the remainder. What amount did he finance?
answer
$735.54
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Tracy Finely obtained a loan of $2,500 to buy a computer and a printer. The interest rate is 8.5% and the monthly payment over 24 months is $113.64. How much of the first monthly payment is interest?
answer
$17.71
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Marc Maxwell took out a simple interest loan at 13% interest for 12 months. His previous balance is $2,681.04. What is the final payment if the loan is paid off with the next payment? (Hint: To calculate the payoff, find the interest on the balance due. Then, add the interest to the balance due.)
answer
$2,710.08
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Brad Clark took out a simple interest loan at 13% interest for 12 months. His previous balance is $619. What is the final payment if the loan is paid off with the next payment?
answer
$625.71
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Tracy Finely obtained a loan of $2,500 to buy a computer and a printer. The interest rate is 8.5% and the monthly payment over 24 months is $113.64. How much of the first monthly payment covered principal?
answer
$95.93
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Dan Williams took out a simple interest loan at 14.5% interest for 12 months. His previous balance is $119.42. What is the final payment if the loan is paid off with the next payment?
answer
$120.86
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Roberta Hockenberry's new car has an MSRP of $28,902.11 including title and processing fees. The Premier Package which includes surround sound and DVD player costs three times the amount of the In-Style Package which includes leather seats and select wheels. The total cost of her new car was $34,290.08 which included the 6.5% sales tax. Find the cost of the In-Style Package.
answer
$823.79
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Terri Davis is planning to buy a new car. While on the Internet she learned that the car has a base price of $16,007, options that total $2,334, and a $500 destination charge. She read on a consumer's Web site that the dealer's cost for the car is about 94% of the base price and 89% of the options price. What should Davis estimate as the dealer's cost?
answer
$17,623.84
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Palmer Mercedes wants to buy a new sport hatchback. The base price for the car is $26,970 and the destination charge is $600. The option package, including a 12-disc CD changer for his trunk, costs $2,440. What is the sticker price?
answer
$30,010
question
Car dealer Aakar Singh pays 89% for a car that has a base price of $23,998. He pays 87% of its $3,425 options price and a $460 destination charge. What is the dealer's cost?
answer
$24,797.97
question
Car dealer Lisa Kovach paid 82% of a car's options totaling $3,098. She paid 85% on a base price of $15,480. The destination charge was $890. What is the dealer's cost?
answer
$16,588.36
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John Simms is shopping for a new sport utility vehicle. A portion of the sticker for an SUV is shown. What is the sticker price?
answer
$30,379
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Jennifer Sosa leased a new car. She pays $300 per month for 48 months. She paid a $78 title fee, a $110 license fee, and her deposit was $5,000. What is the total lease cost?
answer
$19,588
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Margaret Faso leased a car. This included 36 monthly payments of $545, a $4,000 deposit, a $100 title fee, and a $90 license fee. What is her total lease cost?
answer
$23,810
question
Eddie O'Neil found a car advertised at a local used-car dealership for $34,000. The car is clean and in good condition. Its average retail value is $33,400. It has air-conditioning valued at $840 and leather seats valued at $200, but it does not include a CD player, which is valued at $100. The used-vehicle guide indicates that $1,450 should be deducted for excessive mileage on the car. What is the average retail price for this vehicle?
answer
$32,890
question
Nayan Patel purchases a compact vehicle with an MSRP of $17,980.00, including the destination charge and title fee. He selects a 4-way power front passenger seat, which costs 8 times the amount of remote keyless entry. The total cost of the compact vehicle, including a 7.2% sales tax, is $20,000.00. Find the cost of the remote keyless entry.
answer
Not: $601.53
question
A fixed-rate loan may be an ARM or a conventional loan.
answer
False
question
Hazeline Allen's mortgage loan amount is $87,750. She financed her house for 30 years with monthly payments of $725. At the end of 30 years, what will be the total amount of interest charged?
answer
$173,250
question
Suppose Carole owes $95,000 on a house that is only worth $63,000. Which statement is true?
answer
Carole is said to be upside down on the loan.
question
Farra Stetson is planning to buy rental property. She finds a home priced at $112,000. What is the amount of her mortgage loan if a down payment of 10% is required?
answer
$100,800
question
A fixed-rate loan may be an FHA loan or a conventional loan.
answer
True
question
Tim and Kiesha Woodall purchased a home priced at $186,700. They put $28,005 down and financed the rest at 7% for 20 years. What is the amount of their monthly mortgage payment? (Hint: First subtract the down payment from the purchase price to find the amount to be financed.)
answer
$1,229.89
question
Adam Wilcox is purchasing a home for $189,000. The bank is willing to finance the purchase if Wilcox can make a down payment of ¼ of the selling price. How much money will he need for the down payment?
answer
$47,250
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Linda Griffith is planning to buy rental property. She finds a home priced at $92,000. What is the amount of Griffith's mortgage loan if a down payment of 10% is required?
answer
$82,800
question
Jackie Kessel has found a home she would like to purchase. The seller accepts her offer of $210,900. Jackie will make a down payment of 15%. What is the amount of her mortgage loan?
answer
$179,265
question
Ruby Taylor decided to purchase a condominium. She found a property and the owner accepted her offer of $165,000. The financing company requires a 10% down payment for a 30-year loan at 6%. At the end of 30 years, what will be the total amount of interest charged? (Hint: First subtract the down payment from the purchase price to find the amount to be financed.)
answer
$172,260
question
Dan Miller has been granted a $120,000 mortgage loan. When signing the papers to purchase his new home, he must pay the closing costs shown. What are the total closing costs to the nearest dollar?
answer
$5,765
question
Which of the following is a true statement?
answer
Decreasing a loan's term decreases the amount of interest on the loan.
question
In a mortgage loan, allocation to principal increases exponentially while allocation to interest decreases exponentially.
answer
True
question
Shelly Moyer has been granted a mortgage loan at an annual interest rate of 6% for 20 years. The home has a selling price of $170,000. The bank requires a 20% down payment. What are Shelly's closing costs including the down payment?
answer
$39,069
question
Carlita Rodriguez and her brother purchased a house for $156,600. Neighbors Credit Union financed their loan for 30 years at 7% with 20% down. For the first monthly payment, what is the interest?
answer
$730.80
question
Sally Jamison has been granted a $120,000 mortgage loan. When signing the papers to purchase her new home, she was told to pay the closing costs shown. What are the total closing costs?
answer
$3,315
question
Tony Addison obtained a 20-year, $45,000 mortgage loan from United Savings with an interest rate of 8.5%. His monthly payment is $390.60. After the first payment, what is the new principal?
answer
$44,928.15
question
Josie Street has been granted a $100,000 mortgage loan. When signing the papers to purchase her new home, she must pay the closing costs. What are the total closing costs?
answer
$3,005
question
Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30% down and finance the remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash must Fred and his brother have to secure the loan, including the down payment?
answer
$94,165
question
Nahla Burtoni is buying her first home for $125,000. She has been granted a mortgage loan at an annual interest rate of 8.5% for 20 years with a $25,000 down payment. Closing costs are 2% of the amount of the mortgage loan and will be financed as part of the mortgage. What is the actual amount financed with the mortgage?
answer
$102,000
question
Julie Arco's home is insured for 90% of its $100,000 replacement value, or $90,000. The home is of wood-frame construction and is rated in fire protection class 8. What is Julie's annual insurance premium?
answer
$296
question
Dave Amata and his family purchased a new home that has an estimated replacement value of $275,000. They want to insure their home for 85% of its replacement value. What is the amount of the coverage on their home to the nearest dollar?
answer
$233,750
question
Emma Campo has insured her house for 90% of its $100,000 replacement value. The house is of wood-frame construction and is rated fire protection class 11. What is Emma's annual insurance premium?
answer
$464
question
Maria Trubulo's home is insured for 80% of its replacement value of $180,000. Use the chart to determine the amount of coverage for her loss of use.
answer
$43,200
question
Karen Luce has insured her house for 80% of its $125,000 replacement value. The house is of masonry veneer construction and is rated fire protection class 9. What is Karen's annual insurance premium?
answer
$407
question
Roberto Anaya and his wife plan to rent a condominium for $725 per month. They pay a $125 monthly fee for all of the maintenance work. Their annual expenses are insurance $468, lost interest, $129; and utility bills, $3,000. What are their average monthly expenses to the nearest cent?
answer
$1,149.75
question
Melissa Doubet's home is insured for 90% of its replacement value of $94,000, or $84,600. Use the chart to determine the amount of coverage for her personal property.
answer
$50,760
question
Cristina Suarez has insured her home for 85% of its replacement value of $165,000. Use the chart to determine the amount of coverage of her garage and other structures.
answer
$28,050
question
Louise Ponce and her family own a vacation home on Lake Michigan. It is insured for 80% of its $150,000 replacement value. The home has a wood-frame construction and has been rated fire protection class 10. What is the amount of coverage for loss of use? What is the annual insurance premium?
answer
$120,000 ; $534
question
Tommie Tuneful's home is insured for 75% of its replacement value of $88,000. Use the chart to determine the amount of coverage for his garage and other structures.
answer
9,900 ?
question
Cesar Santiago recorded his housing expenses for the month of September as follows: $575.16 for mortgage payment, $23.70 for insurance premium, $87.40 for real estate taxes, $76.36 for electricity, $21.18 for telephone service, and $19.30 for water. What is his total monthly housing cost?
answer
$803.10
question
Ramon Sheen owns a home that has a replacement value of $312,500. He purchased a homeowner's policy for 80% of its replacement value. The home is of brick construction and is rated fire protection class 4. What is his annual insurance premium?
answer
$737
question
Dupree Jacobs is looking for a house to buy. He currently rents an apartment for $1,000 per month. He finds a house with a $22,000 down payment and learns his mortgage payment would be $700 per month. He estimates his housing and rental expenses as shown. Is it less expensive for Dupree to buy or rent a home?
answer
It is less expensive to rent, because monthly costs of renting are $1,499.58 while monthly costs of owning are $1,508.33
question
A Venn diagram is used specifically to compare and contrast items or ideas.
answer
True
question
Gerri Frederick is a first-time homeowner. Her monthly net pay is $3,000. She estimates the following monthly housing expenses: $950.00 for her mortgage payment, $24.35 for her insurance premium, $85.75 for real estate taxes, $64.74 for electricity, $32.90 for telephone service, and $18.10 for water. Are her monthly expenses within FHA guidelines of 35% of net pay?
answer
No; 35% of net pay is $1,050 which is less than her monthly expenses of $1,175.84
question
If Jeremiah Drew's monthly net pay is $6,320, what is the maximum housing cost per month he can incur without exceeding FHA guidelines of 35% of net pay? (Enter your answer to the nearest dollar.)
answer
$2,212
question
A spreadsheet is a tool for developing geometric formulas.
answer
False
question
Roberto Anaya and his wife plan to rent a condominium for $725 per month. They pay a $125 monthly fee for all of the maintenance work. Their annual expenses are insurance $468, lost interest, $129; and utility bills, $3,000. What are their average monthly expenses to the nearest cent?
answer
$1,149.75
question
Gerri Frederick is a first-time homeowner. She estimates the following monthly housing expenses: $950.00 for her mortgage payment, $24.35 for her insurance premium, $85.75 for real estate taxes, $64.74 for electricity, $32.90 for telephone service, and $18.10 for water. What is the total amount of her monthly housing costs?
answer
$1,175.84
question
Tina Avallone and her husband are buying a $219,000 home. Their annual housing expenses are: mortgage payments, $15,400; real estate taxes, $3,600; annual homeowner's insurance premium, $1,895; maintenance on the home, $3,200; and utilities, $3,980. The lost interest on the down payment is $1,001 and the tax savings is $1,976. What is their average monthly expense?
answer
$2,258.33
question
Jackson Polliss is looking for an art studio to buy or rent. He compares costs. Rent would be $1200 a month, plus the additional costs in the chart. He finds a studio with loft for sale and calculates monthly mortgage payment of $750. Additionally, he would have annual homeowner's expenses as shown in the chart. Would it be less expensive for Jackson to buy or rent a home?
answer
It would be less expensive to own, because monthly expenses to own are $1558.33 while monthly expenses to rent are $1699.58
question
Rebecca Cruz earns $4,904 per month and just bought her first house. Her monthly housing expenses include a $795.00 mortgage payment, $37.75 for insurance premium, $45.25 for real estate taxes, $54.00 for electricity, $23.00 for telephone service, and $21.00 for water. Was Rebecca within the recommended guidelines of spending 35% or less of her monthly gross pay on housing expenses?
answer
Yes; 35% of her monthly gross pay is $1716.40 and she only spends $976.00 a month
question
Stanley McBride is employed by the True Blue company. The PPO annual premium is $7,058. His employer pays 70% of the total cost. His contribution is deducted from his paycheck. What is Stanley's weekly deduction?
answer
$40.72
question
Paulette Wilcox is 30 years old. She wants to purchase a whole life policy valued at $90,000. Use the figure below to calculate her annual premium.
answer
$823.50
question
Carla Arslanian is 55 years old. She wants to purchase a $100,000, 5-year term life insurance policy. What is her annual premium?
answer
$858
question
Tyler Breen took out a $100,000, 5-year term policy at age 48. The premium per $1,000 was $4.70. He will be 53 years old next year when the premium per $1,000 will be $6.40. What is the amount of the increase?
answer
$170
question
Dierdre Sullivan took out a $100,000, 10-year term policy at age 40. The premium per $1,000 was $3.30. She will be 50 years old next year when the premium per $1,000 will be $5.90. What is the amount of the increase?
answer
$260
question
Juanita Espinosa is single and has a health insurance plan with the benefits shown in the figure below. Her network health care costs over the last year include co-payments for 19 physicians visits and 17 specialists visits. Following hospital surgery she made co-payments for 20 physical therapy visits for $100 per visit, and she had 60 visits from a nurse at $50 each. Her hospital admission charge was $300 and her hospital bill was $14,597. What amount did she pay?
answer
$3,854.55
question
Sean Roberts wants to pay his $895.40 annual premium quarterly. How much can he save by paying the premium annually?
answer
$17.91
question
Luis Huerta has a limited payment insurance policy until age 65. His annual premium is $875. He wants to pay the premium monthly. The monthly premium is 8.4% of the annual premium. What are his monthly payments?
answer
$73.50
question
Keena Williams took out a $100,000, 5-year term policy at age 40. The premium per $1,000 was $3.56. She will be 45 years old this year. The premium per $1,000 will be $4.62. What is the percent increase to the nearest whole number?
answer
30%
question
Ernesto Baca is employed by Bigg Company. He has a family membership in his company's health insurance program. The annual premium is $5,432. Ernesto's employer pays 80% of the total cost. Ernesto's contribution is deducted from his paycheck. What is his annual contribution?
answer
$1,086.40
question
Michelle Smith bought 30 shares of James Company stock at $34 per share. The company paid annual dividends of $0.42 per share. What is the total annual dividend to the nearest cent?
answer
$12.60
question
Randy Elks purchased 3,000 shares of a juice company stock at $50.10 per share. His broker charges $30.50 for fewer than 2,000 shares, or $0.03 per share for 2,000 or more shares. What is the total cost of the stock?
answer
$150,390.00
question
Tabitha Robertson bought 80 shares of White Air Lines stock at $13.20 per share. She held the stock for one year and sold it at $45.68. Each transaction has a commission of $27 plus $0.03 per share. What is the profit or loss for the sale?
answer
$2,569.00 Profit
question
Brian Gray buys 1,200 shares of food company stock at $38.20 per share. His online broker charged him $0.03 per share for commission. To the nearest cent, what is the total cost of the stock?
answer
$45,876.00
question
Taylor Stiles owns 75 shares of a Strong Pharmaceutical Company stock (SPC). After the quarterly dividends are reinvested, Taylor owns 78 shares. SPC is selling at $45.50 a share. What is the annual yield for SPC?
answer
16%
question
After consulting with his broker, Bruce Sower purchased 100 shares of a computer company stock at $44.41 per share. He also purchased 600 shares of a second company's stock at $19.08 per share. Bruce's online broker charges $0.04 per share. To the nearest cent, what is the total cost of the stock including the commission?
answer
$15,917
question
Devon Dye bought 550 shares of stock for $28,275.50. He sold the stock for $52.25 per share and paid a sales commission of $32.00. What is the profit or loss from the sale?
answer
$430 Profit
question
Shirley O'Day owns 300 shares of Jellico stock. The stock ranged from a low of $25.97 to a high of $36.45 last year. The annual dividend is $1.59. What is the annual yield based on the low?
answer
6.12%
question
Frank Rogue owns 325 shares of Franklin Meats stock, which he purchased for $37.85 a share. If his dividends are $1.11 a share, what is the total annual dividend?
answer
$360.75
question
Odessa Poesy bought 2,000 shares of Print Company stock for $12,780. She sold the stock for $7 per share and paid a sales commission of $26. What is the profit or loss from the sale?
answer
$1,194 Profit
