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mathematics
contemporary mathematics

Contemporary Mathematics 1st Edition OpenStax - Solutions

A retailer buys an item for \(\$ 1,000.00\) and has a \(65 \%\) markup. What is the retail price of the item? Round to the nearest penny.
The sale price of an item is \(\$ 46.00\) and the retail price is \(\$ 65.00\). What is the percent discount? Round to two decimal places.
The retail price of an item is \(\$ 345.38\) and sales tax in the region is \(8.25 \%\). How much is the sales tax?
\(\$ 3,000\) is invested in a 5 -year CD earning \(2.25 \%\) interest. How much is the CD worth in 5 years?
A \(\$ 4,000.00\) simple interest loan is taken out for 3 years at \(12.5 \%\). How much is owed when the loan comes due?
A \(\$ 10,000\) loan with annual simple interest of \(14.9 \%\) is taken out for 90 days. How much is due in 90 days?
A simple interest loan for \(\$ 20,000\) is taken out at \(13.9 \%\) annual interest rate. A partial payment of \(\$ 13,500.00\) is made 30 days into the loan period. After this payment, what will the remaining balance be?
Find the present value of an investment with future value of \(\$ 15,000\) if the investment earns \(3.55 \%\) simple interest for 10 years?
Find the future value after 20 years of \(\$ 15,000\) deposited in an account bearing \(4.26 \%\) interest compounded quarterly.
What is the effective annual yield for an account bearing \(3.21 \%\) interest compounded quarterly? Round to two decimal places if necessary.
Find the present value of \(\$ 100,000\) in an account bearing \(5.25 \%\) interest compounded daily after 30 years.
In budgeting, what is the difference between an expense that is a need and an expense that is a want?
Apply the 50-30-20 budget philosophy to a monthly income of \(\$ 6,000.00\).
Create the budget for a person with the following income and bills, and determine how much the income exceeds or falls short of the expenses:\(\mathrm{Job}=\$ 5,250\), Side job \(=\$ 550\), rent \(=\$ 1,150.00\), utilities \(=\$ 150.00\), internet \(=\$ 39.99\), student loans \(=\$ 375.00\), food
In question 20 , the budget for a person was created. Can the person afford to buy a car if the monthly payments will be \(\$ 365.50\), monthly car insurance will be \(\$ 114.75\), and gasoline will be \(\$ 200.00\) ?
Why is a CD less flexible than a money market account?
Which is likely to have the highest interest rate, a savings account, CD, or money market account?
\(\$ 3,000\) is deposited in a money market account bearing \(3.88 \%\) interest compounded monthly. How much is the account worth in 15 years?
Refer to question 24 . What is the return on investment for the money market account? Round to two decimal places, if necessary.
\(\$ 300\) is deposited monthly in an ordinary annuity that bears \(6.5 \%\) interest compounded monthly. How much is in the annuity after 30 years?
How much must be deposited quarterly in an account bearing \(4.89 \%\) interest compounded quarterly for 30 years so the account has a future value of \(\$ 500,000\) ?
Why is investing in a stock riskier than in a mutual fund?
Which investment offers high rates of return with reduced risk?
Which investment offer a fixed rate of return over time?
Which is the riskiest investment?
How much is earned on a 10 -year bond with issue price of \(\$ 1,000\) that pays \(3.9 \%\) annually?
Henri's employer matches up to \(6 \%\) of salary for IRA contributions. Henri's annual income is \(\$ 52,500\). If Henri wants to deposit \(\$ 3,000\) annually in his IRA, how much in matching funds does the employer deposit in the IRA?
How much must be deposited quarterly in a mutual fund that is expected to earn \(11.2 \%\) interest compounded quarterly if the account is to be worth \(\$ 1,000,000\) after 38 years?
Lorraine purchases stocks for \(\$ 5,000\). The stocks paid dividends by reinvesting the dividends in stock. She sold the stock for \(\$ 13,750\) after 6 years. What was Lorraine's annual return on that investment? Round to two decimal places if necessary.
What are two ways stocks earn money?
An installment loan with monthly payments has an outstanding balance of \(\$ 3,560\). If the annual interest rate is \(9 \%\), how much interest will be paid that month?
A loan for \(\$ 42,000\) is taken out for 6 years at \(7.5 \%\) interest. What are the payments for that loan?
The total interest paid on a loan was \(\$ 4,500\). The loan had an origination fee of \(\$ 400.00, a \$ 125.00\) processing fee, and a filing fee of \(\$ 250.00\). How much was the cost of financing for that loan?
Using the amortization table below, what is the remaining balance after payment 25 ? Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $17,500.00 8.25% 5 $356.93 Month Payment Principal Interest Total Interest Balance $17,500.00 1 $356.93 $236.62
If a college program takes 5 years, how long is the student's eligibility period for student loans?
What is the funding gap for a student with cost of college equal to \(\$ 35,750\) and non-loan financial aid of \(\$ 24,150\) ?
What is the maximum amount of federal subsidized and unsubsidized loans for a dependent student in their third year of an undergraduate data science program?
A single person has gross income of \(\$ 28,500\). Their poverty guideline is \(\$ 12,000\). What is their discretionary income?
The billing cycle for a credit card goes from March 15 to April 14.The balance at the start of the billing cycle is \(\$ 450.00\). The list of transactions on the card is below. Find the average daily balance for the billing cycle. Date Activity Amount 15-Mar Billing Date Balance $450.00 21-Mar
The average daily balance for Greg's last credit card statement was \(\$ 1,403.50\). The card charges \(15.9 \%\) interest. If the billing cycle for that statement was 30 days, how much interest is Greg charged?
The billing cycle for a credit card goes from March 15 to April 14.The balance at the start of the billing cycle is \(\$ 450.00\). The list of transactions on the card is below. The interest rate is \(15.9 \%\). What is the balance due at the end of the billing cycle? Date Activity Amount 15-Mar
Name three common fees when leasing a car.
Name three common fees when buying a car.
If the cost of a car is \(\$ 35,500\), and the residual value of the car after 3 years is \(\$ 27,800\), what is the monthly depreciation for the car?
What is the annual interest rate if the money factor is 0.000045 ?
What is the payment for a lease on a car if the price of the car is \(\$ 29,900\), the residual price of the car is \(\$ 16,500\), the lease is for 24 months, and the APR is \(8.9 \%\) ?
Name two advantages of renting a residence.
Name two advantages of buying a home.
What is PMI?
What are the monthly payments for a 25 -year mortgage for \(\$ 165,000\) at \(4.8 \%\) interest, not including escrow?
What are the monthly payments, including escrow, for a 25 -year mortgage for \(\$ 165,000\) at \(4.8 \%\) interest, if the property taxes are \(\$ 5,200\) annually, the homeowner's insurance is \(\$ 825\) every 6 months, and the PMI is \(\$ 45\) per month?
What is the maximum gift that a person can receive that is an exemption on federal income taxes?
Find the gross income if a person earns \(\$ 51,500\) at their full-time job, they earn \(\$ 5,300\) for contracted services, and \(\$ 5,000\) in gambling winnings.
Find adjusted gross income for a person with a gross income of \(\$ 67,850\), if they had a \(\$ 2,000\) gift, they paid \(\$ 1,000\) in mortgage interest, \(\$ 4,250\) in property taxes, and they contributed \(\$ 750\) to a qualifying charity.
How much SSI is paid by a person with an annual income of \(\$ 183,500\) ?
How much in FICA taxes are paid from a person's paycheck with gross income of \(\$ 3,450\) ?
How much in federal income tax does a person filing single pay if their taxable income is \(\$ 205,240\) ? Use the tax table below. Bracket Lower Income Limit Upper Income Limit Tax Rate 1 0 $10,275 10% 2 $10,276 $41,775 12% 3 $41,776 $89,075 22% 4 $89,076 $170,050 24% 5 $170,051 $215,950 32% 9
Rewrite the following as fractions:1. \(3 \%\)2. \(94 \%\)3. \(67.2 \%\)4. \(670 \%\)
Convert the following percent to decimal form:1. \(9 \%\)2. \(24 \%\)3. \(2.18 \%\)
Convert the following to percent:1. 0.41 2. 0.02 3. 9.2481
1. Determine \(26 \%\) of 1,300 .2. Determine \(225 \%\) of 915 .
1. What is the total if \(18 \%\) of the total is 45 ?2. What is the total if \(15 \%\) of the total is 900 ?
Find the percent in the following:1. Total is 40 , percent of the total is 25 2. Total is 730 , percent of the total is 292
Harris works the bookstore in their hometown. During one particular day, the store had total sales of \(\$ 1,765\), of which Harris sold \(30 \%\). What were Harris's total sales that day?
At the Fremont County fair, there were 2,532 adult visitors. Of these, 1,679 purchased the Adult Mega Pass. What percent of the adult visitors purchased the Adult Mega Pass?
Mina's family has replaced \(65 \%\) of their home's older light bulbs with LED bulbs. If they now have 52 LED bulbs, how many total lightbulbs are in Mina's house?
Calculate the discount for the given original price and discount percentage. Then calculate the sale price.1. Original price \(=\$ 1,550.00\); percent discount is \(32 \%\)2. Original price \(=\$ 27.50\); percent discount is \(10 \%\)
Determine the percent discount based on the given original and sale prices.1. Original price \(=\$ 250.00\); sale price \(=\$ 162.50\)2. Original price \(=\$ 19.50\); sale price \(=\$ 17.16\)
Determine the original price based on the percent discount and sale price.1. Percent discount \(15 \%\); sale price \(=\$ 11.05\)2. Percent discount \(9 \%\); sale price \(=\$ 200.20\)
A bed originally priced at \(\$ 550\), but is on sale, with a \(60 \%\) discount. What is the discount on the bed? What is the sale price of the bed?
A pharmacy offers students at a nearby college a discount. Jerry purchases ibuprofen, which had an original price of \(\$ 15.80\). The cost to Jerry after the student discount was \(\$ 13.43\). What is the percent discount for students at the pharmacy?
Marisol needed to buy a new microwave. She got a \(26 \%\) discount. The sale price Marisol paid was \(\$ 43.66\). What was the original price of the microwave?
Calculate the markup for the given cost and markup percentage. Then calculate the retail price.1. Cost \(=\$ 1,800.00\); percent markup is \(22 \%\)2. Cost \(=\$ 10.50\); percent markup is \(10 \%\)
Determine the percent markup based on the given cost and retail price. Round percentages to two decimal places.1. Cost \(=\$ 120.00\); retail price \(=\$ 190.00\)2. Cost \(=\$ 0.38\); retail price \(=\$ 1.14\)
Determine the cost based on the percent markup and retail price.1. Percent markup \(15 \%\); retail price \(=\$ 40.25\)2. Percent markup \(300 \%\); retail price \(=\$ 35.96\)
A furniture outlet spends \(\$ 360.00\) to buy a bed. The store marks up the bed by \(250 \%\). What is the retail price of the bed?
Maggie does some research into textbook costs. The Sociology of the Family text she finds sells for \(\$ 234.36\) but costs the store only \(\$ 189.00\). What is the percent markup on the sociology book?
Tina has opened a retail shop and purchased a unique hat for resale. Tina uses a \(50 \%\) markup and sells the hat for \(\$ 57.00\). How much did the hat cost Tina?
The sales tax in Union County, Oregon, is \(7 \%\). Find the sales tax and total price of items based on the purchase price listed.1. Purchase price \(=\$ 1,499.00\)2. Purchase price \(=\$ 26.89\)
Find the sales tax rate for the indicated purchase price and total price. Round using the guideline for sales tax percentages.1. Purchase price \(=\$ 83.90\); total price \(=\$ 88.30\)2. Purchase price \(=\$ 477.00\); total price \(=\$ 509.20\)
Find the purchase price for the indicated sales tax rate and total price.1. Sales tax rate \(=8.25 \%\); total price \(=\$ 157.81\)2. Sales tax rate \(=6.75 \%\); total price \(=\$ 522.01\)
Daryl decides to buy a new scooter in St. Louis, Missouri, where the sales tax is \(9.68 \%\). The scooter he chooses has a purchase price of \(\$ 1,149\). How much will Daryl pay in sales tax and what is the total price he spends on the scooter?
Elizabeth decides to buy new running shoes in her hometown of Springfield, Illinois, where the sales tax rate is \(6.25 \%\). If her total bill comes to \(\$ 153\), how much of the total price is sales tax?
Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years. Then calculate the loan payoff, or total to be repaid.1. Principal \(P=\$ 6,700\), annual interest rate \(r=11.99 \%\), and number of years \(t=3\)2. Principal \(P=\$ 25,800\),
Beth is the owner of a small retail store in downtown St. Louis. The windows in the storefront need replacing, so she needs to take out a \(\$ 9,500\) loan to get the repairs done. The rate she secures is \(9.25 \%\) and the term of the loan is one year. How much interest will she pay and how much
Samuel needs to borrow \(\$ 8,400\) to pay for repairs to his small manufacturing facility. He manages to get a simple interest loan at \(17.33 \%\), to be paid after 6 months. How much interest will Samuel pay and what is Samuel's loan payoff amount?
Heather runs a silk screen t-shirt shop, and seeks a short-term loan to pay for new inventory (paints, blades, shirts). They secure a \(\$ 3,700\) simple interest loan for 60 days, at an annual rate of \(18.99 \%\). How much will borrowing the money cost Heather, and what is her loan payoff amount?
In the following, determine how much interest was earned on the investment and the future value of the investment if the investment yields simple interest.1. Principal is \(\$ 4,500\), annual interest rate is \(1.88 \%\), and time is 3 years 2. Principal is \(\$ 2,000\), annual interest rate is
Mia deposits \(\$ 4,900\) in a CD bearing \(3.95 \%\). The CD term is 7 years. When she redeems the CD, how much will Mia receive?
1. A simple interest loan for \(\$ 50,000\) is taken out at \(5.15 \%\) annual percentage rate. A partial payment is made 120 days into the loan period. How much of the partial payment will be for interest?2. A simple interest loan for \(\$ 8,500\) is taken out at \(9.9 \%\) annual interest rate. A
1. A simple interest loan for \(\$ 1,400\) is taken out at \(12.5 \%\) annual percentage rate. A partial payment of \(\$ 700\) is made 20 days into the loan period. After this payment, what will the remaining balance of the loan be?2. A simple interest loan for \(\$ 23,000\) is taken out at \(7.25
Paola takes out a 75 -day loan for \(\$ 3,500.00\). Her interest rate is \(11.2 \%\). If she makes a partial payment of \(\$ 1,250.00\) after 30 days, what will her payoff be at the end of the loan?
Russell buys a new car, by taking a loan out from the dealership. After all of the discussions are over, he finances (gets a loan for) \(\$ 23,660\). The annual interest rate that Russell will pay is \(4.76 \%\). He plans to pay this off over 5 years. How much will Russell's monthly payment be?
Compute the present value of the investment described. Interpret the result.1. \(F V=\$ 25,000, t=10\) years, annual simple interest rate of \(7.5 \%\)2. \(F V=\$ 320,000, t=35\) years, annual simple interest rate of \(6.5 \%\)3. \(F V=\$ 90,000, t=270\) months, annual simple interest rate of
Kentaro will invest some money in a CD that yields \(2.75 \%\) simple interest when invested for 5 years. How much must Kentaro invest so that after those 5 years his CD is worth \(\$ 12,000\) ?
Oksana deposits \(\$ 5,000\) in a CD that earns \(3 \%\) compounded annually. How much is the CD worth after 4 years?
Oksana deposits \(\$ 5,000\) in a CD that earned \(3 \%\) compounded annually and was worth \(\$ 5,627.54\) after 4 years. Had Oksana invested in a CD with simple interest, how much would the CD have been worth after 4 years? How much more did Oksana earn using compound interest?
In the following, compute the future value of the investment with the given conditions.1. Principal is \(\$ 7,600\), annual interest rate is \(4.1 \%\), compounded monthly, for 10 years.2. Principal is \(\$ 13,250\), annual interest rate is \(2.79 \%\), compounded quarterly, for 25 years.
Maggie invests \(\$ 3,000\) in an account that earns \(5.1 \%\) interest compounded monthly. How much is the account worth after 13 years?
Jacob invests \(\$ 3,000\) in a CD that yields \(3.4 \%\) compounded daily for 5 years. How much is his CD worth after 5 years?

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