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mathematics
contemporary mathematics
Contemporary Mathematics 1st Edition OpenStax - Solutions
Loan amount is \(\$ 267,450\), interest rate is \(5.25 \%, 20\)-year mortgage.Find the cost of financing for the mortgages if they are fully paid.
What is the term of the mortgage?Use the amortization table to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $94,176.00 6.30% 30 Monthly Payment $582.92 Month Payment Principal Interest Total Interest Balance 147 $582.92 $190.09 $392.83
How much of payment 165 applies to interest?Use the amortization table to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $94,176.00 6.30% 30 Monthly Payment $582.92 Month Payment Principal Interest Total Interest Balance 147 $582.92 $190.09
What is the remaining balance after payment 155 ?Use the amortization table to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $94,176.00 6.30% 30 Monthly Payment $582.92 Month Payment Principal Interest Total Interest Balance 147 $582.92 $190.09
How much total interest was paid after payment 149 ?Use the amortization table to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $94,176.00 6.30% 30 Monthly Payment $582.92 Month Payment Principal Interest Total Interest Balance 147 $582.92
What is the interest rate for the mortgage?Use the amortization schedule to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $168,458.00 5.85% 15 Monthly Payment $1,407.93 Month Payment 93 $1,407.93 Principal Interest Total Interest Balance
How much of payment 110 applies to principal?Use the amortization schedule to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $168,458.00 5.85% 15 Monthly Payment $1,407.93 Month Payment 93 $1,407.93 Principal Interest Total Interest Balance
What is the remaining balance after payment 94 ?Use the amortization schedule to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $168,458.00 5.85% 15 Monthly Payment $1,407.93 Month Payment 93 $1,407.93 Principal Interest Total Interest Balance
How much total interest was paid after payment 111 ?Use the amortization schedule to answer the question. Loan Amount Interst Rate (annual) Term (Years) Amortization Schedule Calculator $168,458.00 5.85% 15 Monthly Payment $1,407.93 Month Payment 93 $1,407.93 Principal Interest Total Interest
Mortgage of \(\$ 87,690\) at \(6.2 \%\) interest for 30 years. Assessed value of the home is \(\$ 75,600\). Property taxes come to \(5.65 \%\) of assessed value. Home insurance of \(\$ 815\) paid every 6 months.Find the total monthly payment including both the mortgage payment and the escrow
Mortgage of \(\$ 143,900\) at \(5.05 \%\) interest for 30 years. Assessed value of the home is \(\$ 90,150\). Property taxes come to \(5.88 \%\) of assessed value. Home insurance of \(\$ 924\) paid every 6 months.Find the total monthly payment including both the mortgage payment and the escrow
Mortgage of \(\$ 65,175\) at \(6.48 \%\) interest for 30 years. Assessed value of the home is \(\$ 62,800\). Property taxes come to \(6.75 \%\) of assessed value. Home insurance of \(\$ 558\) paid every 6 months.Find the total monthly payment including both the mortgage payment and the escrow
Mortgage of \(\$ 245,950\) at \(5.35 \%\) interest for 30 years. Assessed value of the home is \(\$ 156,500\). Property taxes come to \(6.41 \%\) of assessed value. Home insurance of \(\$ 972\) paid every 6 months.Find the total monthly payment including both the mortgage payment and the escrow
The 15 -year mortgage interest rate is \(5.65 \%\).a. Find the payment.b. Determine the total that would be paid if the mortgage was completed.c. Find the cost of financing for this mortgage.Fifteen-year mortgage compared to 30-year mortgage. Mortgage interest rates are often higher for 30 -year
The 30 -year mortgage rate is \(6.4 \%\).a. Find the payment.b. Determine the total that would be paid if the mortgage was completed.c. Find the cost of financing for this mortgage.Fifteen-year mortgage compared to 30-year mortgage. Mortgage interest rates are often higher for 30 -year mortgages
How different are the payments, the total paid, and the cost to finance?Fifteen-year mortgage compared to 30-year mortgage. Mortgage interest rates are often higher for 30 -year mortgages than 15 -year mortgages. However, the payments for 15 -year mortgages are considerably higher. The following
Summarize the answer in the previous question.Fifteen-year mortgage compared to 30-year mortgage. Mortgage interest rates are often higher for 30 -year mortgages than 15 -year mortgages. However, the payments for 15 -year mortgages are considerably higher. The following exercises explore the
The 15 -year mortgage interest rate is \(5.6 \%\).a. Find the payment.b. Determine the total that would be paid if the mortgage was completed.c. Find the cost of financing for this mortgage.Fifteen-year mortgage compared to 30-year mortgage. A 15-year mortgage comes with advantages, the biggest
The 30 -year mortgage rate is \(6.25 \%\).a. Find the payment.b. Determine the total that would be paid if the mortgage was completed.c. Find the cost of financing for this mortgage.Fifteen-year mortgage compared to 30-year mortgage. A 15-year mortgage comes with advantages, the biggest being the
How different are the payments, the total paid, and the cost to finance?Fifteen-year mortgage compared to 30-year mortgage. A 15-year mortgage comes with advantages, the biggest being the home is paid off much sooner, and equity is built much more quickly. Mortgage interest rates are often higher
Summarize the answer in the previous question.Fifteen-year mortgage compared to 30-year mortgage. A 15-year mortgage comes with advantages, the biggest being the home is paid off much sooner, and equity is built much more quickly. Mortgage interest rates are often higher for 30 -year mortgages than
What is gross income?
How is adjusted gross income derived from gross income?
Is there a difference between AGI and taxable income? If so, what is the difference?
How are deductions different from tax credits?
What are the two components of the FICA tax?
What taxes do employers match?
If you are in the \(32 \%\) tax bracket, is your tax computed on your full income?
What does it mean for a tax credit to be refundable?
Wages from W-2 are \(\$ 32,800\), freelance income from a 1099 -MISC is \(\$ 1,050\), and a gift given to a family member of \(\$ 2,760\).Compute the gross income.
Wages from W-2 are \(\$ 59,380\), interest income from 1099 -INT is \(\$ 1,500\), freelance income from a \(1099-\) MISC is \(\$ 3,500\), and a split club raffle winning of \(\$ 6,755\).Compute the gross income.
Wages from job 1 on W-2 are \(\$ 36,200\), wages from job 2 on W-2 are \(\$ 21,400\), interest income from a 1099 -INT is \(\$ 374\).Compute the gross income.
Wages from \(W-2\) are \(\$ 121,450\), interest from a \(1099-\) INT is \(\$ 3,400\).Compute the gross income.
Gross income was \(\$ 65,700, \$ 2,280\) deposited in a tax-deferred IRA, mortgage interest was \(\$ 4,715\), property taxes were \(\$ 3,065\).Find the adjusted gross income, AGI, based on gross income and deductions.
Gross income was \(\$ 183,200, \$ 5,000\) deposited in a tax-deferred IRA, \(\$ 7,300\) in charitable contributions, \(\$ 8,350\) in mortgage interest, and \(\$ 6,900\) in property taxes.Find the adjusted gross income, AGI, based on gross income and deductions.
Gross income was \(\$ 31,200, \$ 1,500\) deposited in a tax-deferred IRA account.Find the adjusted gross income, AGI, based on gross income and deductions.
Gross income was \(\$ 41,500, \$ 1,250\) deposited in a tax-deferred IRA account, \(\$ 4,210\) in mortgage interest, \(\$ 2,980\) in property tax.Find the adjusted gross income, AGI, based on gross income and deductions.
AGI of \(\$ 34,560, \$ 2,500\) disbursement from a health savings account for a qualifying medical expense.Find the taxable income based on AGI and exemptions.
AGI of \(\$ 56,750\), gift given to a family member of \(\$ 8,000, \$ 550\) in bond interest.Find the taxable income based on AGI and exemptions.
AGI of \(\$ 120,940\), gift given to a family member of \(\$ 15,000\), bond interest of \(\$ 4,500\).Find the taxable income based on AGI and exemptions.
AGI of \(\$ 28,450\), gift given to a family member of \(\$ 2,000\).Find the taxable income based on AGI and exemptions.
Tax bill of \(\$ 5,300\), child tax credit of \(\$ 4,000\), earned income tax credit of \(\$ 1,630\).Find the taxes owed or refund received based on income tax bill and tax credits.
Tax bill is \(\$ 17,300\), child tax credit of \(\$ 4,000\), child and dependent care tax credit \(\$ 8,000\), lifetime learning credit of \(\$ 1,000\).Find the taxes owed or refund received based on income tax bill and tax credits.
Tax bill of \(\$ 5,205\), child tax credit of \(\$ 6,000\), earned income tax credit of \(\$ 2,450\).Find the taxes owed or refund received based on income tax bill and tax credits.
Tax bill of \(\$ 11,300\), child tax credit of \(\$ 2,000\), earned income tax credit of \(\$ 650\), child and dependent care credit of \(\$ 4,000\).Find the taxes owed or refund received based on income tax bill and tax credits.
Tax bill of \(\$ 13,750\), child tax credit of \(\$ 2,000\), earned income tax credit of \(\$ 780\), child and dependent care credit of \(\$ 2,000\).Find the taxes owed or refund received based on income tax bill and tax credits.
Earning for pay period were \(\$ 3,500\).Determine the SSI tax and the total FICA tax for the given incomes.
Earnings for pay period were \(\$ 1,400\).Determine the SSI tax and the total FICA tax for the given incomes.
Earnings for pay period were \(\$ 3,150\).Determine the SSI tax and the total FICA tax for the given incomes.
Earnings for the year were \(\$ 135,000\).Determine the SSI tax and the total FICA tax for the given incomes.
Earnings for the year were \(\$ 203,400\).Determine the SSI tax and the total FICA tax for the given incomes.
Taxable income of \(\$ 36,250\).Find the income tax owed using the taxable income and the tax table below, for a person filing single. 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% 6
Taxable income of \(\$ 63,500\).Find the income tax owed using the taxable income and the tax table below, for a person filing single. 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% 6
Taxable income of \(\$ 209,450\).Find the income tax owed using the taxable income and the tax table below, for a person filing single. 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% 6
Taxable income of \(\$ 92,250\).Find the income tax owed using the taxable income and the tax table below, for a person filing single. 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% 6
Alexandra is preparing her taxes. Her \(W-2\) from work shows gross income for the year of \(\$ 51,300\). She also has a 1099-INT for interest on a savings account for \(\$ 910\). Alexandra also deposited \(\$ 2,750\) into a tax-deferred retirement plan. She paid \(\$ 2,150\) in mortgage interest
Tymoteusz is preparing his taxes. His W-2 from work shows gross income for the year of \(\$ 47,680\). He also has a 1099-MISC for some freelance consulting he did, amounting to \(\$ 1,800\). Tymoteusz deposited \(\$ 3,000\) into a taxdeferred retirement plan. He also qualified for \(\$ 2,000\) in
What is the denominator for any percent?
Convert \(38.7 \%\) to decimal form.
What is \(68 \%\) of 280 ?
Find the total if \(41 \%\) of the total is 342 . If necessary, round to two decimal places.
TikTok has an estimated \(80,000,000\) ( 80 million) registered users in the United States. The population of the United States is 332,403,650. What percent of the U.S. population are registered TikTok users? If necessary, round to two decimal places.
An Amazon fulfillment center needs to hire \(20 \%\) more drivers. If there are currently 80 drivers, how many more drivers will be hired?
What is a discount?
An item has a retail price of \(\$ 45.00\). What is the sale price after a \(32 \%\) discount?
A retailer buys an item for \(\$ 311.00\). What is the retail price if their markup is \(60 \%\) ?
Does sales tax have the same formula as markup?
If the sales tax is \(6.8 \%\), what is the total price for an item that has a purchase price of \(\$ 39.95\) ?
What is interest?
What is the principal in a loan?
Calculate the simple interest to be paid for a 6 -year loan with principal \(\$ 1,500.00\) and annual interest rate of \(12.99 \%\)
A simple interest loan for \(\$ 24,200\) is taken out at \(10.55 \%\) annual percentage rate. A partial payment of \(\$ 13,000\) is made 25 days into the loan period. After this payment, what will the remaining balance of the loan be?
Find the monthly payment for a \(\$ 9,800.00\) loan at a \(13.8 \%\) interest for 4 years.
Find the present value of an investment with future value \(\$ 30,000\) with a simple interest rate of \(3.75 \%\) invested for 10 years.
Which yields more money, simple interest or compound interest?
Find the future value after 15 years of \(\$ 8,560.00\) deposited in an account bearing \(4.05 \%\) interest compounded monthly.
\(\$ 10,000\) is deposited in an account bearing \(5.6 \%\) interest for 5 years. Find the difference between the future value when the interest is simple interest and when the interest is compounded quarterly.
Find the present value of \(\$ 75,000\) after 28 years if money is invested in an account bearing \(3.25 \%\) interest compounded monthly.
What can be done to compare accounts if the rates and number of compound periods per year are different?
Find the effective annual yield of an account with \(4.89 \%\) interest compounded quarterly.
What are necessary expenses?
David gathers his paystubs and bills from the past 6 months. His income, after taxes, is \(\$ 3,450\) per month. His rent, utilities included, is \(\$ 925\). His car payments are \(\$ 178.54\) per month, his car insurance is \(\$ 129.49\) per month, his credit cards cost him \(\$ 117.00\) per
Using David's Budget from Exercise 28, how much income does he have per month after accounting for his expenses?
Apply the 50-30-20 budget philosophy to David's budget.
Evaluate David's budget with respect to the 50-30-20 budget philosophy.
What is a savings account?
How does a CD differ from a savings account?
Which is more flexible, a CD or a money market account? Why?
If \(\$ 7,500\) is deposited in a 4 -year CD earning \(3.28 \%\) interest compounded monthly, how much is in the account after 4 years?
If the initial deposit in an account is \(\$ 10,000\) and the account is worth \(\$ 12,560\) after 7 years, what is the return on investment?
Find the future value of an account if \(\$ 450.00\) per quarter is invested in a savings account bearing \(3.5 \%\) interest compounded quarterly for 10 years.
How much must be deposited per quarter in an account bearing \(2.98 \%\) interest compounded quarterly if the account is to be worth \(\$ 300,000\) after 25 years?
Which investment has the highest risk?
What is different about who can use a Roth IRA versus a traditional IRA??
How do mutual funds reduce risk?
How much in earnings does a 10 -year bond with issue price \(\$ 5,000\) that pays \(4 \%\) interest annually is generated?
If an individual makes \(\$ 115,000\) annually, is the person eligible for a Roth IRA?
An employer 401 (k) matches up to \(4 \%\) of income by employees. Merisol's annual salary is \(\$ 87,500\). If Merisol wants to deposit \(\$ 4,400\) annually in the \(401(\mathrm{k})\), how much will be matched?
A person owns 300 shares of stock. It pays \(\$ .38\) per share this quarter. How much does the share owner earn from the stock that quarter?
David purchased stocks for \(\$ 3,500\). The stocks paid dividends by reinvesting them in the stock. After 3 years, he sold the socks for \(\$ 4,650\). What was David's annual return on that investment?
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