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Math Topics
Quantitative Literacy
Financial Literacy
1
Percent Increase or Decrease, Markup and Discount
Find the selling price for the given wholesale price and markup rate.
a. wholesale price = $52, markup rate = 45%
b. wholesale price = $185, markup rate = 80%
c. wholesale price = $2,050, markup rate = 12.5%
d. wholesale price = $17,600, markup rate = 4.5%
Find the wholesale price for the given selling price and markup rate.
a. selling price = $88.40, markup rate = 30%
b. selling price = $225, markup rate = 25%
c. selling price = $1,148, markup rate = 180%
d. selling price = $16,608, markup rate = 3.8%
Find the markup rate for the given wholesale price and selling price.
a. wholesale price = $140, selling price = $210
b. wholesale price = $80, selling price = $108
c. wholesale price = $376, selling price = $752
d. wholesale price = $26,000, selling price = $26,728
Find the sale price for the given selling price and discount rate.
a. selling price = $70, discount rate = 25%
b. selling price = $145, discount rate = 32%
c. selling price = $1,420, discount rate = 8.5%
d. selling price = $120,000, discount rate = 2.15%
Find the selling price for the given sale price and discount rate.
a. sale price = $108, discount rate = 28%
b. sale price = $65, discount rate = 50%
c. sale price = $1,110, discount rate = 7.5%
d. sale price = $24,175, discount rate = 3.3%
Find the discount rate for the given selling price and sale price.
a. selling price = $100, sale price = $67.50
b. selling price = $180, sale price = $154.80
c. selling price = $1,600, sale price = $1,192
d. selling price = $60,000, sale price = $56,100
2
Simple Interest
Find the simple interest earned, and corresponding balance, on thefollowing bank deposits.
a.principal=$8,000, rate=6.2%, time=1.5 years
b.principal=$10,000, rate=5.75%, time=6 months
c.principal=$25,000, rate=7.5%, time=12 years
d.principal=$7,500, rate=5.4%, time=3 months
e.principal=$1,200, rate=19.8%, time=100 days
In each of the following simple interest problems, three of the four quantities are given. Find the missing quantity. Round all answers to two decimal places.
a. interest = $745, principal = $550, time = 12.3 years
b. interest = $1250, principal = $600, rate = 11.3%
c. interest = $869, rate = 6.3%, time = 8 months
d. interest = $65,000, rate = 7.2%, time = 1 year
Calculate the amount owed and the monthly payment for the following simple interest loans.
a. principal = $4,200, rate = 12.5%, time = 2 years
b. principal = $7,500, rate = 10%, time = 9 months
c. principal = $10,000, rate = 14.8%, time = 6 years
d. principal = $25,000, rate = 9.9%, time = 5 1/2 years
3
Compound Interest
Compute the balance and interest earned for each of the accounts, compounded annually.
a. principal = $12,500, rate = 6.5%, time = 5years
b. principal = $5,000, rate = 10.4%, time = 20years
c. principal = $1,250, rate = 7.45%, time = 10years
d. principal = $25,000, rate = 8.6%, time = 15years
Compute the balance and interest earned for each of the given accounts.
a. principal = $4,000, rate = 6.8%, time = 6 years, compounded monthly
b. principal = $10,000, rate = 11.5%, time = 10 years, compounded quarterly
c. principal = $22,400, rate = 8.3%, time = 4 years, compounded daily
d. principal = $15,000, rate = 9.8%, time = 8 years, compounded semiannually
Calculate the future price of the item with the given inflation/deflation rate.
a. gasoline: price = $3.65/gallon, rate = 6.8%, time = 25 years
b. college tuition: price = $1300/semester, rate = 13.5%, time = 15 years
c. stock price: price = $74/share, rate = 21.3%, time = 5 years
d. computer: price = $1350, rate = −8.6%, time = 12 years
Find the present value of the following future amounts.
a. treasury bill: value = $15,000, rate = 5.6%, time = 4 years, compounded daily
b. zero-coupon bond: value = $20,000, rate = 6.1%, time = 10 years, compounded monthly
c. retirement plan: value = $800,000, rate = 8.4%, time = 30 years, compounded quarterly
d. timber land: value = $12.8 million, rate = 4.6%, time = 45 years, compounded yearly
4
Annuities
5
Amortization Loans
6
Taxes
Emily earns a monthly salary of $7,500. In her country, the income tax system is progressive, with the following tax brackets:
0% tax on income up to $2,000
10% tax on income between $2,001 and $5,000
20% tax on income between $5,001 and $10,000
30% tax on income above $10,000
Calculate the amount of income tax Emily will owe for the month.
Jax earns $25,000 in a year, what % will he pay in taxes with the follwing marginal tax rate?
Income up to $10,000 is taxed at a rate of 10%.
Income between $10,001 and $20,000 is taxed at a rate of 15%.
Income above $20,000 is taxed at a rate of 20%.
Graham works for a company in the United States. In the U.S., payroll taxes typically include taxes for Social Security and Medicare. How much is taken out of Graham's paycheck in payroll taxes if he earns a biweekly salary of $2,000 and the Social Security tax rate is 6% and the Medicare tax is 1.5% of his gross income?
Brooke, who is not married, just graduated from American University and she has two job offers. Both jobs pay $60,000 per year, but one job is in Boston, Massachusetts, and the other is in Monroe County, Florida. Using the tax rates in the following tables, which job will Brooke bring home the most money?
In Norway, the gasoline tax is around $2 per gallon. The Norwegian government taxes gasoline to discourage excessive fuel consumption, promote energy efficiency, reduce carbon emissions, and fund various government programs.
In 2024 the average price per gallon in Norway is $7 per gallon, what percentage of the total price per gallon is tax?