Quantitive Method

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Rachael has a job assembling a certain car accessory.

Last month she made a total of 424 items. Calculate her gross pay (in $) if she is paid on the following differential piecework schedule.

Pay Level	Items produced	Rate per Item
1	1–160	$9.58
2	Over 160	$11.41

$ 

 

Inez wants to have $14,750 in 5 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal.

$11,800.00$12,080.30    $12,088.28$12,123.42

3.

Georgia bought outdoor furniture for a total purchase price of $2,050.75. State taxes were 5.75%. Find the amount of the sales tax. (Round your answer to the nearest cent.)

$97.65$111.51    $116.08$117.92

4.

Suppose you wish to have $11,000 in 13 years. Use the present value formula to find how much you should invest now (in $) at 6% interest compounded semiannually in order to meet your goal. (Round your answer to the nearest cent.)

$ 

5.

Ross is single with an adjusted gross income of $69,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $).

$ 

6.

Find the amount (in $) of interest and the maturity value of the loans. Use the formula 

MV =  P +  I

 to find the maturity value. (Round your answers to two decimal places.)

Principal	Rate (%)	Time	Interest	Maturity Value
$185,000	14 1 2	5 months	$	$

7.

Suppose you bought a sofa for a total purchase price of $1,584.97. Sales tax was 4%. What was the amount of the sales tax (in $)? (Round your answer to the nearest cent.)

$ 

8.

The financial officer of Toys and Noise arranges a loan of $8,500, at 8.5% interest, for 31 months. Find the amount of simple interest. (Round to the nearest cent.)

$1,445.00$1,866.46    $2,239.75$3,290.32

9.

Gina's base pay rate is $14.25 per hour, with overtime pay of time-and-a-half, and double-time for holidays. Calculate her gross pay if she worked 4.5 holiday hours in addition to 39 hours Monday through Saturday. (Round your answer to the nearest cent.)

$619.88$651.94    $684.00$961.88

10.

Maria invests $4,200, at 6% interest, compounded quarterly for one year. Use  Table 11-1 to calculate the annual percentage yield (APY) for her investment (as a %). Note: "Annual percentage yield" is also known as "effective interest rate." (Round your answer to two decimal places.)

 %

11.

A store manager obtained a loan of $35,000, at 

6

3

8

%

 interest, for 14 months to purchase supplies. Find the amount of simple interest. (Round to the nearest cent)

$2,231.25$2,603.13    

$3,114.38$31,237.50

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