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Financial Algebra advanced algebra with financial applications 1st edition Robert K. Gerver - Solutions

Darcelle teaches skiing at the Snow School. Jack runs a ski shop called Up Hill, Down Hill. Their combined bank interest is $1,000. If they get a refund, they would like the money deposited into their checking account (number 89764251, with routing number 114466872). Complete a 1040EZ form for
Complete a 1040A form for Kevin Hooper. Kevin is a butcher. He is single with two children, which he can claim as dependents. He also takes care of his dad, who lives with his family. Use the following amounts and his W-2 form that is shown: bank interest: $1,300; dividends: $672; and unemployment
Winnie Johnston is a teacher who files her taxes as a Head of Household and takes care of her mother and her grandmother, both of whom live with her. Her W-2 form is shown and she also has $65 in bank interest and has $250 in educator expenses that she can claim. Complete a 1040A form.
Kate is filling out her income tax return. Her tax for last year is $973. Her employer withheld $712 in federal taxes. a. Does Kate get a refund or does she owe the government money? b. What is the difference between Kate's tax and the amount with held by her employer?
Dale's employer withheld $9,873.33 in federal taxes last year. His tax is $8,792.75. a. Does Dale get a refund or does he owe the government money? b. What is the difference between Dale's tax and the amount with-held by his employer?
Katrina is single with a taxable income for last year of $75,431. Her employer withheld $14,870 in federal taxes. a. Use the tax table from Example 2 in Lesson 7-4 to determine Katrina's tax. b. Does Katrina get a refund? c. Find the difference between Katrina's tax and the amount with- held by her
Oscar is single with a taxable income for last year of $75,555. His employer withheld $16,381 in federal taxes. a. Use the tax table from Example 2 in Lesson 7-4 to determine Oscar's tax. b. Does Oscar get a refund? c. Find the difference between Oscar's tax and the amount withheld by his employer?
Tony is paying off a car loan. The monthly payment is $211.28. He is hoping to receive an income tax refund that is large enough to make one monthly payment. His tax is $1,722 and his employer withheld $2,071 in federal taxes. a. How much of a refund will Tony receive? b. Will Tony be able to make
For each of the following questions, complete the form indicated to find the adjusted gross income, taxable income, tax due, and amount of refund or amount owed. Round all answers to the nearest whole number. A complete tax table is in the Appendix. Laurie Tenser is single and works in a clothing
How can the quote be interpreted in light of what you have learned? Discuss briefly.
Round all monetary answers to the nearest dollar. Use the tax tables in the Appendix or the appropriate schedule based on filing status. Chiara had $5,700 in medical expenses last year. Her medical insurance covered 80% of these expenses. The IRS allows medical and dental expenses deductions for
Maria and Don had $20,800 in medical expenses. Their family medical insurance covered 60% of these expense. The IRS allows medical and dental expense dedications for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If their adjusted gross income is a taxpayer's adjusted gross
Jonathan is a single taxpayer. His total income before deductions was $63,110. He was able to reduce his total income by $10,312 when he filled out Schedule A. How much did he save in tax by using Schedule A?
Vito is single. His total income before deductions was $147,760. He was able to reduce his total income by $14,198 when he filled out Schedule A. how much did he save in tax by using Schedule A?
Mr. and Mrs. Delta are filling a joint tax return. Together they had an income of $100,830 last year. Their total deductions were $16,848. a. What was Mr. and Mrs. Delta's taxable income? b. What is the tax on the amount in part a? c. The Delta's received a combined education and child tax credit
Complete this chart.
For each family, complete a form 1040, Schedule A, and Schedule B to find total itemized deductions, interest and ordinary dividends, adjusted gross income, taxable income, tax due, and amount of refund or amount owed. Round all answers to the nearest dollar.Donald and Barbara Mims are married with
Mike and Julianne Heedles both work. Julianne is a part-time environmental lawyer whose W-2 provided the following information.Wages, tips, other compensation: $51,122.00Social Security wages: $51,122.00Medicare wages: $51,122.00Federal income tax withheld: $5,004.00 State income tax withheld:
Jake and Gloria are married, filing jointly. Their taxable income without deductions was $120,440. They were able to reduce their total income by $25,381 using Form 1040 and Schedule A. How much did they save in tax by claiming these deductions? Use the tax tables in the Appendix?
For each exercise, complete the indicated forms to find adjusted gross income, taxable income, tax due, and amount of refund or amount owed. If appropriate, find the total itemized deductions, and the interest and ordinary dividends. Round all answers to the nearest dollar. Use the tax tables in
Von is a single taxpayer. His wages for the year are $66,200. The amount withheld for federal taxes was $9,930. His bank interest is $1,200. Fill in his 1040EZ from?
Connor and Samantha Lamberti are married with three children. Their total wages for the year were $90,114. The total amount withheld from their paychecks for federal taxes was $7,209.12. They received $1,328 in bank interest and $776 in dividends. Samantha had $400 in educational expense
The Lerners had x dollars in medical expenses. Medical insurance covered 80% of these expenses, so they had to pay 20% of the medical bills. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. Their adjusted gross income was
Determine the tax for each filing status and taxable income amount listed using the tax tables in the Appendix.a. Single $97,642b. Head of household $95,100c. Married filing jointly $99,999d. Married filing separately $99,002e. Given a taxable income amount t = $97,226, express the tax table line
Use the table to answer the questions below.Schedule Y-1- If your filing status is Married filing jointly or Qualifying widow(er)a. What is the tax for taxpayers filing jointly with a combined tax-able income of $134,786?b. A married couple's tax is approximately $30,000. What is their approximate
Write a piecewise function to represent the tax y for the taxable income interval in the schedule below for a taxpayer whose filling status is married filling separately?
Identify the error(s) on Rorie's W-2 from below.
How can the quote the interpreted in light of what you have learned?
a. Determine the correlation coefficient and linear regression equation that expresses the square footage as a function of the monthly rent. Round the numbers in the equation to the nearest hundredth.b. Use your regression equation to determine the square footage you might expect if renting a
Application Fee: 1.5% of one month's rentCredit Application Fee: $10Security Deposit: 1 month's rentLast month's rentBroker's Fee: 9% of one year's rentDave wants to rent a two-bedroom apartment in City Fields. The apartment has a monthly rent of D dollars. Here are the fees that he has been
The square footage and monthly rental of 10 similar one-bedroom apartments yield the linear regression y = 0.775x + 950.25, where x represents the square footage of the apartment and y represents the monthly rental price. Grace can afford $1,500 per month rent. Using the equation, what size
The square footage and monthly rental of 10 similar two-bedroom apartments yield the linear regression formula y = 1.165x + 615.23 where x represents the square footage of the apartment and y represents the monthly rental price.a. Use the formula to determine the monthly rent for an apartment that
$85 per hour for loading/unloading service $70 per hour for packing/unpacking service $5 per mile for truck rental We Move U charges for moving according to the rate schedule shown. Nicky is moving a distance of 150 miles and needs 7 hours of loading/unloading and 5 hours of packing/unpacking. What
L dollars per hour for loading and loading service P dollars per hour for packing and unpacking service M dollars per mile for truck rental Van4Hire charges for moving according to this rate schedule. Nicky is moving a distance of D miles and needs A hours of loading/unloading and B hours of
Use the interval 25% - 30% to find the monetary range that is recommended for the monthly housing budget in each situation. Round to the nearest dollar.a. Mark makes $86,000 per year.b. Mark makes $7,000 per month.c. Meghan makes $1,500 per week?
Abe makes $18.50 per hour. He works 37 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,500 per month.a. Is this monthly rental fee within the recommended 25% - 30% housing
Rachel is considering moving into a one-bedroom apartment in Glen Gardens. The apartment has a monthly rent of $1,300. Here are the fees that she has been quoted. How much is she expected to pay up front in order to rent this apartment?Application fee: 2% of one month's rent Credit application fee:
Milena has a gross biweekly income of $2,200. She pays 18% in federal and state taxes, puts aside 10% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that rents for $1,200 per month.a. Is this monthly rental fee within the
A moving helper company gave Mike these two quotes. Use a system of equations to determine the hourly rates for loading/unloading and packing / unpacking?3 hours of loading/unloading 2 hours of packing/unpacking Total cost: $4805 hours of loading/unloading 2 hours of packing/unpacking Total cost:
Jaden received these two estimates from a moving company. Write and solve a system of equations to determine the hourly loading/unloading fee and the mileage charge for the truck rental?
Ann obtained this list of apartments.a. Use linear regression analysis to determine if there is a correlation between the square footage and the monthly rent.b. Determine the regression equation. Round then umbers in the equation to the nearest hundredth.c. Use your regression equation to determine
A rectangular room measures 13 feet by 15 feet. It is going to be carpeted with carpeting that sells for $68 per square yard.a. What is the area of the room in square feet?b. If the room is drawn to ¼ inch represents 1 foot scale, give the dimensions of the room in inches on the scale drawing.c. A
A rectangular room has length L and width W, where L and W are measured in feet. a. Express the area in square feet algebraically.b. If carpeting costs x dollars per square yard, express the cost of carpeting this room algebraically?
A rectangular room is 14 feet by 20 feet. The ceiling is 8 feet high.a. Find the length and width of the smaller wall. b. Find the area of the smaller wall.c. Find the area of the larger wall.d. Find the total area of the four walls in the room.e. If a gallon of paint costs $36.50 and it covers 350
A gazebo in the shape of a regular octagon has equal sides of 9 feet and an apothem of 10.9 feet.a. If one side of a gazebo is open, and the other sides have a railing, find the cost of the railing if it sells for $7.90 per foot.b. Find the area of the gazebo.c. Find the cost of the gazebo's floor
A rectangular room measures x feet by y feet, where x < y. The ceiling is c feet high. The walls and the ceiling will be painted the same color.a. Express the area of the smaller wall and the larger wall algebraically.b. Express the total area of the room algebraically.c. Express the area of the
Giuliana is having one wall of her den covered in brick. She needs to find the area of the wall, excluding the doors and the windows. A diagram of the room is shown.a. Giuliana creates a scale drawing to bring to the contractor. She use the scale ¼ inch represents 1 foot. Copy the diagram and
Elizabeth is a landscape designer. She created a small pond with a fountain that her company plans to manufacture and market. It is a free-form shape and the company wants to include the area of the pond on the packaging.a. She takes a diagram of the pond and places it inside a 25-ft by 25-ft
Interpret the quote in the contest of your own home?
Allison has a mortgage with, North End Bank. The bank requires that she pay her homeowner's insurance, property taxes, and mortgage in one monthly payment. Her monthly mortgage payment is $1,390, her semi annual property tax bill is $3,222, and her quarterly homeowner's bill is $282. How much does
Mike and Cheryl and an adjusted gross income of a dollars. Mike just got a $3K raise and Cheryl got a $1.5K raise. They are considering moving to a new house with monthly mortgage payments of m dollars, annual property taxes of P dollars, and annul homeowner's premium of h dollars. Express their
The Ungers have an adjusted gross income of $117,445. They are looking at a new house that would carry a monthly mortgage payment of $1,877. Their annual property taxes would be $6,780, and their semi-annual homeowner's premium would be $710.a. Find their front-end ratio to the nearest percent.b.
Andy is single father who wants to purchase a home. His adjusted gross income for the year is a dollars. His monthly mortgage is m dollars, and his annual property tax bill is p dollars. His monthly credit card bill is c dollars, and he has a monthly car loan fro d dollars. His quarterly
Find the monthly payment (before the balloon payment) for a 20 year, interest only balloon mortgage for $275,000 at an APR of 8%. Round to the nearest ten dollars?
Siegell's Locksmith Shop is taking out a mortgage on a new building. It is going to be an interest-only, 12-year balloon mortgage for $350,000. The APR is 7.1%. The last payment will be the balloon payment of the full principal.a. Find the total interest for the 12-year mortgage. b. Find the total
Using the table from Example 2, find the assessed value of the house in this classified ad?
Mark and Beth are looking at four different homes. They created this spreadsheet to estimate escrow calculations more easily. They will pay the property tax and homeowner's insurance each month with their mortgage payment. The bank will hold these two amounts in escrow until those bills need to be
If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you borrow the same amount at the same APR for 30 years, you will pay $798.36 per month.a. What is the total interest paid on the 25 year mortgage?b. What is the total interest paid on the 30year mortgage?c. How
United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000.a. What would the monthly payment be from United Bank?b. What would the total interest be from United Bank? Round to the nearest ten dollar.c. what would
The market value of Christine and Gene's home is $275,000. The assessed value is $230,000. The annul property tax rate is $17.50 per $1,000 assessed value.a. What is the property tax on their home?b. How much do they pay monthly toward property taxes? Round your answer to the nearest cent.
Jim is taking out a $135,000 mortgage. His bank offers him an APR of 6.25%. He wants to compare monthly payments on a 20 and a 30 year loan. Find, to the nearest dollar, the difference in the monthly payments for these two loans?
Explain how the quote can be interpreted?
Use a spreadsheet to generate the last year of payments in a loan amortization table for a $600,000, 15-year mortgage with an APR of 5.5%?
Shannon took out a $300,000, 15-year mortgage with an APR of 7%. The first month she made an extra payment of $400. What was her ending balance at the end of that first month?
Examine the loan amortization table for the last 5 months of a $500,000, 15-year mortgage with an APR of 5.75%. Determine the missing table amounts.
Examine the loan amortization table for a $210,000, 15 year mortgage with an APR of 6%. The borrower paid an extra $100 each month towards the principal. Determine the missing amounts.
Examine this portion of an amortization table for an adjustable rate mortgage that had a 1 year initial rate period of 4.25% and increased to 5.25% after that period ended. Determine the missing amounts?
Tom took out a $440,000 15-year adjustable rate mortgage with a 4% initial 6-month rate. The amortization table for the initial rate period is shown. After the first 6 months, the rate went up to 5%. Calculate the next line of the table.
Del is buying a $250,000 home. He has been approved for a 5.75% mortgage. He was required to make a 15% down payment and will be closing on the house on July 15. How much should he expect to pay in prepaid interest at the closing?
Bonnie is purchasing an apartment for $180,000. She has been approved for a 6% mortgage. She put 10% down and will be closing on April 22. How much should she expect to pay in prepaid interest?
This spreadsheet can be used to calculate the amount of prepaid interest a buyer will need to pay at the closing. Write formulas for cells B9, B10, and B11.
Celine and Don have been approved for a $400,000, 20 year mortgage with an APR of 6.55%. Using the mortgage and interest formulas, set up a two amortization table with the headings shown and complete the table for the first two months.
Rob has been approved for a $275,000, 15-year mortgage with an APR of 5.9%. Using the mortgage and interest formulas, set up a table with the above headings and complete the table for the first two months?
Use a spreadsheet to generate the first year of payments in a loan amortization table for a $200,000, 10-year mortgage with an APR of 7%?
What does this quote mean to you?
Andrew and Meghan moved into an apartment in the city and pay $2,700 rent per month. The landlord told them the rent has increased 11.1% per year on average. a. Express the rent y as an exponential function of x, the number of years they rent the apartment. Show.b. Suppose the rent has increased
Maria borrowed $120,000 from a bank when she bought her co-op for $156,000. The price dropped x dollars since she bought it. She now owes the bank $114,000, which is more than she could sell the co-op for. Write an inequality that expresses the fact that the new, decreased price of the co-op is
The monthly rent for a one-bedroom apartment at North Shore Towers for six consecutive years is shown in the table.a. Represent the years using the numbers 5, 6, 7, 8, 9, and 10 respectively. Draw a scatterplot for the data.b. Find the exponential regression equation that models the rent increases.
The Tensers bought a mobile home for $89,500. They rent space in a trailer park for $900 per month. The rent increases 2% per year. a. If they put a down payment of $10,000 on the trailer, how much must they borrow? b. If they borrow the amount from part a for 15 years at an APR of 6%, what will
Joe wants to rent an apartment with an initial monthly rent of $1,400. He has been told what the landlord raises the rent 1.25% each year. Set up an exponential function that models this situation. Calculate the rent after 12 years. Round to the nearest dollar?
Use spreadsheets to compare these situations after 5 years. Total paid and total paid to the principal for a $250,000, 20-year mortgage with a 5.75% APR Total amount paid for a $2,100 monthly rent that has an annual increase of 1.5%
Use spreadsheets to compare these situations after 10 years. Total paid and total paid to the principal for a $300,000. 15 year mortgage with a 6.5% APR Total amount paid for a $2,600 monthly rent that has an annual increase of 2% after 10 years?
Linda wants to purchase a Leisure Heights condominium apartment. She will borrow $100,000 from the Duchess Savings Bank. The bank is presently offering a 30 year fixed rate mortgage with an APR of 7.1%. Her monthly maintenance fee will be $310. a. What is the monthly mortgage payment to the nearest
The Basil family has a summer co-op apartment on a beach and pays a monthly mortgage payment of $1,120 and a monthly maintenance fee of $800. The Basils get approval from the co-op board of directors to sublet their apartment, since they do not plan to use it this sum- mer. This means they will
Helene and Vick moved into an apartment and pay $1,875 rent per month. The landlord told them that the rent has increased 3.28% per year on average. Express the rent y as an exponential function of the number of years they rent the apartment?
A rectangular room measures 18 feet by 25 feet. It is going to be carpeted with carpeting that sells for $8.45 per square foot. a. What is the area of the room in square feet?b. If the room is drawn to a scale of ¼ inch represents 1 foot, give the dimensions of the room in inches on the scale
Katherine and Alex had an adjusted gross income of g dollars. Katherine just got a $2,000 raise. They are considering moving to a new house with monthly mortgage payment m dollars, semiannual property taxes s dollars, and quarterly homeowner's premium q dollars. Express their front-end ratio
The Xiomaras have an adjusted gross income of $137,865. They are looking at a new house that would have a monthly mortgage payment of $1,687. Their annual property taxes would be $7,550 and their semi-annual homeowner's premium would be $835. a. Find their front-end ratio to the nearest percent. b.
Lexi moved into an apartment in the suburbs and pays $1,975 rent per month. The landlord told her that the rent has increased 3.6% per year on average. Express the rent y as an exponential function of x, the number of years she rents the apartment?
Harley built a concrete patio in her backyard. It is a free-form shape and she needs to find the area of it for property tax purposes. a. She takes a diagram of the patio and places it inside a 30-ft by 25-ft rectangle. What is the area of the rectangle? b. She then has a graphing calculator
Ivana Chase has a gross bimonthly income of $2,900. She pays 16% in federal and state taxes, puts aside 12% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that will rent for $1,700 per month. a. Does this monthly rental fee
The square footage and monthly rental of 15 similar two-bedroom apartments in Martha's Cove yield the following linear regression formula: y = 1.137x + 598.98 where x represents the square footage of the apartment and y represents the monthly rental price.a. Use the formula to determine the monthly
Johnny took out a $500,000 30 year mortgage with an APR of 6.95%. The first month he made an extra payment of $1,000. What was his balance at the end of the first month?
James rents an apartment with an initial monthly rent of $1,600. He was told that the rent goes up 1.75% each year. Write an exponential function that models this situation to calculate the rent after 15 years. Round the monthly rent to the nearest dollar?
Elizabeth is moving from a one bedroom apartment in one city to a similar apartment in another city. She has been quoted a flat fee for the truck rental and has two estimates for wages of the movers she will hire depending on her needs and when she moves.Luke's Moving Company charges a set hourly
Fill in the missing entries in this loan amortization table for a $220,000 20 year mortgage with an APR of 5.95%.
Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%. a. What is the monthly payment to the nearest cent?b. What will be his total interest charges after 30 years, to the nearest thousand dollars?
Joanne and Matt have been approved for a $350,000, 15-year mort- gage with an APR of 6.25%. Using the mortgage and interest formulas, set up a two-month amortization table with the following headings and complete the table for the first two months.
Use the spreadsheets from Lessons 8-4 and 8-5 to compare the following two situations after an 8-year period.
Use the spreadsheet from Lesson 8 - 4 and 8 - 5 to compare the following two situations after a 7 - year period.

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