Personal Finance and Budgeting, Exams of Mathematics

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Financial mathematics - final exam 2023/2024 john works 40 hours a week as a carpenter. he spends 60% of this time building decks and 40% installing siding. john is paid a different hourly wage for each type of labor. let x represent the hourly wage for building decks and yy represent the hourly wage for installing siding. which expression represents john's weekly income? 24x + 16y the bennetts spend $10,000.00 on a home improvement project. they make the purchase with a credit card that has a 9% apr. they decide to make $150.00 monthly payments. how many months will it take to pay off the credit card balance? 93 maddie has a gross monthly income of $2200. she has 35% of her paycheck withheld as deductions. she pays $400 for rent. what percent of her net monthly pay goes to rent? 28 according to the table, what is the tax for a single person with $24,589 in taxable income? $2,674 a landscaping company charges a flat rate of $50, plus $15 per acre. John wants a price quote on the cost of yard work for his plot of land. which expressions represent the cost of servicing x acres of john's land? select all that apply. $50 + $15x jose wants to start a restaurant and is writing a business proposal. his rent is $1,000 per month. the monthly operating costs are equal to the wages paid to the employees, w, plus the business overhead, k. jose wants his monthly sales revenue, x, to be 4 times greater than the operating costs. which expressions show the cost of running the business over the given time period? match the statements with the function that best represents its cost. his yearly profits : 12x-$12,000-12w-12k his monthly costs of operations : $1000 + w + k his semiannual costs of operations : 6($1000 + w + k) his monthly profits : x-($1000+w+k) his yearly costs of operations : $12000 + 12w + 12k alice has an income of $52,000. she has an $8,300 exemption for her dependents. her deductions are $2,560 for medical expenses and, as a teacher, $250 for educational supplies. what is her net taxable income? $40,890 maria has a $5,000 investment with an annual compound interest rate of 15.6%. after how many years will the initial investment have doubled in value? 5 review the table with fees for bank a and federal credit union (fcu) b. which statements are true? select all that apply. fcu b offers a better option for using checks. three overdrafts per month cost more at fcu b. an ending balance of $250 at bank a costs $5.00. an ending balance of $2000 at bank a earns $2.00. bill receives a monthly stipend of $800. he also works at a bookstore making $8 an hour. he wants a monthly income of $1,200. how many hours does he need to work each month? 50 samuel withdraws $5,000 each month from his bank account to finance his new business. his account had an initial balance of $325,000. after how many months will his balance be $175,000 if he makes no deposits to the account? 30 alexander is a waiter. he gets paid $3.25 per hour plus tips based on his performance. which expression represents alexander's salary? 3.25x + y pamela is a college student. she pays tuition every semester and rent every month, and she uses cash daily for food. the expression 2x + 12y + 365z represents her yearly expenses. which variable represents her rent? y value of cd 2 at end of 4-year term : XXX $1,981.19 value of cd 1 at year 4 after 7.5% penalty : $15,707.60 interest earned at year 4 with cd 2 (1.95%) : $1,204.67 interest earned at year 4 with cd 1 (3.15%) : XXX $1,216.53 jasmine is taking out a small business loan for her floral shop. she plans to apply for a $30,000 loan with a 5-year term and a 3.75% interest rate. she is unsure of her expected monthly profits, so she wants to know the benefit of a smaller loan. using the loan amortization formula, how much money would jasmine save over the life of the loan if she were to borrow $10,000 less? XXX $2019 sarah considers whether to make an additional down payment on her home. she obtained a $100,000 loan with a 30- year term at 3.5% interest. using the loan amortization formula, how much does she save on her monthly loan payments if she decreases her loan amount by $20,000? $89.80 thomas wants a $50,000 small business loan to start his landscaping business. bank a offers him a 10-year loan at 3.9% interest. bank b offers him a 5-year loan at 8.1% interest. which statements are accurate about these options? select all that apply. the total interest paid for the 10-year loan is $10,462. the monthly payments for the 5-year loan are $1,016.20. thomas pays less over the life of the loan if he takes the 10-year loan. thomas pays more over the life of the loan if he takes the 5-year loan. ian has the option of purchasing or renting a home. the purchase option requires a loan of $100,000 for a 20-year term at a 4.9% interest rate. the rental option requires a monthly rental payment of $725. using the loan amortization formula, how much money does ian save per month if he purchases the home instead of renting it? $70.56 darren has been approved for a 30-year mortgage with a 5.5% interest rate. he found a house with a purchase price of $125,000 and plans to make a $20,000 down payment. darren currently pays $900 per month in rent for his apartment. he plans to save the difference each month between the monthly mortgage payment and the rent. after how many months will darren recover his down payment through his monthly savings? do not include interest on his savings. 66 months frank currently rents an apartment for $700 per month. he is considering purchasing a $125,000 condominium. he has been approved for a 30-year term mortgage with a 5.25% interest rate. use technology to create a loan amortization model. what is frank's monthly mortgage payment? what is the total interest he will pay on the loan? what is the total of all loan payments he will make? what is the difference between Frank's monthly loan payment and his monthly rent? match the amount to the statement. the total interest paid on the loan : XXX $275,684 the total of all payments on the loan : XXX 725.75 the monthly payment on the home : XXX $165,875 the difference between his monthly payment and his rent :$9.75 benjamin considers purchasing a car for $35,000. he has been approved for a 6-year loan for $30,000 with an interest rate of 5.25%. he also has the option to lease the car for $600 per month for 6 years with a $2,500 down payment. using the loan amortization formula, how much money does benjamin save over the 6 years if he purchases the car? XXX $2233 (i guessed lol) shawn is trying to determine if there are savings to purchasing a car in addition to owning it after all the payments have been made. with a $3000 down payment, he needs a loan for $25,000. he has been approved for this amount with a 5-year loan at an interest rate of 4.75%. he also has the option of leasing the vehicle for $450 per month with the same down payment. using the loan amortization formula, which statement is accurate? the total interest paid over the life of the car loan is $3,135. kevin is trying to determine whether to lease or purchase a car. the purchase price is $42,000, and he has been approved for a 4-year loan with a 5.75% interest rate. he assumes the car's value will depreciate 8% each year, and he intends to sell the car after 10 years at the depreciated value. what is his net gain or loss after selling the car? −$28,870.77 jasmine is considering purchasing a $500,000 life insurance policy. Jasmine is a 51-year-old married mother of three children. she was recently diagnosed with osteoarthritis. which statements about Jasmine's options are accurate? select all that apply. whole life insurance is the best option because of jasmine's age. policy c is the best option because it is the cheapest whole life policy. sarah is in the process of purchasing a car. she is trying to determine which car insurance policy is the best option for her situation. she is a 35-year-old, single female who has never received a traffic ticket or been in a car accident. which policy is the best option if she wants to get the maximum coverage on her car? Policy A is the best option tim is considering purchasing a $500,000 life insurance policy. tim is a 26-year-old single male with perfect health and no children. which statements about tim's options are accurate? select all that apply. policy b is the best option because the term is convertible. term life insurance is the best option because of tim's age. nick can invest $10,000 in either one of two annuities. annuity a has a 6% annual interest rate and requires a starting principal of $9,000, plus annual $100 deposits for the next 10 years. annuity b has a 12% annual interest rate and requires a starting principal of $9,000, plus annual $200 deposits for the next 5 years. what is the difference between the final balances of the two annuities? XXX $425.36 which retirement fund will produce a larger balance upon her retirement? option 2 has the larger balance of $311,121.57. marcus is single and earns $3,475 each month as the manager of a cell phone store. he lives in colorado, which has a flat tax rate of 4.63%. he uses the federal income tax brackets in the table to determine the amount he should have withheld each month for taxes. what is his total tax withholdings each month according to the table? XXX $435.66 julie wants to invest $3,000 into a mutual fund that pays 7% interest for 10 years. suppose the interest were compounded monthly instead of annually. how much would the future value of the investment increase? XXX $6028.98 two investments have identical future values of $10,000 with 10-year maturities. option a has a 9% interest rate compounded annually. option b has a 9% simple annual interest rate. which statements are accurate about the present values of these investments? select all that apply. option a earns more interest than option b option a has a present value of $4,224.11. option b has a present value of $5,263.16. nancy wants to receive the most return on a $50,000 investment. she has two options. option 1 gives annual interest at 5% compounded yearly. option 2 gives annual interest at 3.5% compounded monthly. which option is better after 3 years, and what is the difference in earned interest? option 1 earns more interest by $2,354.21. a company is valued at $100,000,000 and has 5,000,000 shares of stock. what is the value of each share? $20