Business Math A - Checkpoints L1, L2, L11-28

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

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?

$559.77

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?

$560

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

$573.20

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.)

$580.50

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?

$6.96

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?

$613.60

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?

$625.71

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?

$69.41

The federal minimum wage is $_____ an hour. (Enter only the number.)

$7.25

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?

$7.64

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?

$700.44

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?

$730.80

Adolfo Ramirez purchased a microwave and dishwasher for $897. He made an 18% down payment and financed the remainder. What amount did he finance?

$735.54

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.

$75.00

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?

$812

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?

$82,800

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.

$823.79

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?

$846

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?

$85.10

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?

$852.00

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?

$87.44

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?

$889.44

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.)

$898.88

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.)

$9,428.47

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?

$9.47

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?

$95.93

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?

14

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.)

14.49%

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.)

17.5

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.)

2 hours 52 minutes

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?

24 pencils for $3.60

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.)

36

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?

36 ears for $7.20

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.)

38

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?

4.0 overtime hours

Cecilia gets paid semimonthly. Her semimonthly salary is $1,925.43. Her annual salary is $ __________ to the nearest cent. (Enter only the number.)

46,210.32

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?

6 toppings

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?

6.25

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.)

$1,229.89

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?

$1,575

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?

$1,626

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?

$1,690.65

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?

$100,800

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?

$107.75

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?

$112.20

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%?

$12.17

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?

$120.86

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?

$146.08

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?

$151.87

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?

$16,588.36

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?

$17,623.84

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?

$17.71

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?

$170.40

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.)

$172,260

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?

$173,250

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?

$179,265

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?

$19,588

The regular selling price of a recliner at Furniture Depot is $289. The markdown rate is 33%. What is the sale price?

$193.63

The regular selling price of a computer desk is $329.99. The markdown rate is 40%. What is the sale price?

$197.99

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.)

$2,710.08

Dawn Reynolds purchased six quarts of motor oil for $14.12. What is the unit price per quart rounded to the nearest cent?

$2.35 per quart

The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 5?

$2.74

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?

$200

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.)

$216.00

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?

$22.42

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?

$23,810

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?

$24,797.97

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%?

$24.48

The regular selling price of a 22" tube television is $389. The markdown rate is 33%. How much is the sale price?

$260.63

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?

$275.02

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.)

$3,716.68

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?

$3.78

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?

$30,010

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?

$30,379

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?

$32,890

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?

$39,069

Tracy McKinney is a disc jockey at radio station WMMM. Her annual salary is $52,750. What is her monthly salary?

$4,395.83

The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 4?

$4.10

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?

$46.77

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?

$47,250

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?

$47.03

Saul is a computer professional. He worked 15 regular hours at $32.50 an hour. How much did he make for the 15 hours?

$487.50

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?

$5,765

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?

$519.43

Juanita Karoz purchased lawn furniture for $727. She made a 27% down payment and financed the remainder. What amount did she finance?

$530.71

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.

Not: $601.53

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.)

Not: 52,764

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?

Not: $172.26

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.)

C = 15 + (7.5)t

Suppose Carole owes $95,000 on a house that is only worth $63,000. Which statement is true?

Carole is said to be upside down on the loan.

Which of the following is a true statement?

Decreasing a loan's term decreases the amount of interest on the loan.

A fixed-rate loan may be an ARM or a conventional loan.

False

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.

Not: $3.70

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?

Not: 8.33 cents per ounce $2.69 for 36 ounces - 0.07472 $4.00 for 48 ounces - 0.0833

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?

The equivalent costs per cookie are all the same

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?

The jacket from ABC Clothing

A fixed-rate loan may be an FHA loan or a conventional loan.

True

In a mortgage loan, allocation to principal increases exponentially while allocation to interest decreases exponentially.

True