Week 2 Assignment
The application assessment consists of six short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word
1. On May 2, you receive your bank statement showing a balance of $1,641.18. Your checkbook shows a balance of $1,427.15. Outstanding checks are $167.31, $245.66,and $302.56. The account earned $62.11. Deposit in transit amount to $555.61, and there is a service charge of $8.00. Calculate the reconciled balance.
CHECKBOOK BALANCE ___________ STATEMENT BALANCE ___________
Add: Add:
Interest Earned & Other Deposits in Transit ___________
Credits ___________
SUBTOTAL ___________ SUBTOTAL ___________
Deduct: Deduct:
Services Charges & Outstanding Checks ___________
Other Debits ___________
ADJUSTED CHECKBOOK ADJUSTED STATEMENT
BALANCE ___________ BALANCE ___________
2. On Novenber 4, your bank statement shows a balance of $2,253.18. Your checkbook shows a balance of $2,324.34. If there are outstanding checks in the amounts of $105.50 and $158.10, deposits in transit amount to $605.27, account earnings of $68.51 and there is a service charge of $5.00. Determine the Adjusted Checkbook Balance and the Adjusted Statement Balance.
Draw a conclusion.
3. Solve each of the following equations and show how you checked your answers:
a) 3x + 1 = 8
b) 3(n – 1) = 6
c) 2y + 4y = 6 – 3y
4. Kay and Allen sell cell phones. Last month Kay sold 17 more cell phones than Allen. Together they both sold 117 cell phones. How many phones did each of them sell individually? Show the equation you used to determine the answers.
5. At PrintAll copying, a new copying machine can produce five more than twice the number of copies per hour of the old copy machine. If the new machine produces 205 copies per hour, how many copies can the old machine produce? Show the equation you used to determine the answers.
6. A recipe calls for 2 cups of milk for every 6 1/4 cups of flour. If you increase the flour to 43 3/4 cups, how many cups of milk will you use?
Week 3 Assignment
The application assessment consists of six short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. A school band sold 432 tickets for their upcoming spring concert. This represents about 85.5% of the number of tickets sold last year. How many tickets were sold last year? (Round to the nearest whole number)
2. Joe paid $8400 in taxes this year. If this represents 80% of the original estimated amount of taxes he expected to pay. What was his original estimate of taxes?
3. 86% of the 1,450 students in New Haven High School are enrolled in Math classes. How many students are enrolled in Math classes?
4. At Sam’s Used Car Lot, everything has been marked down 13%. Tom purchased a car for the current price of $12,500. How much did a car originally sell for before the mark down?
5. The wholesale cost of a sofa is $520. Based on selling price, the original markup was 69%. Find the final sale price after the following series of price changes occurred: a markdown of 13%, a markup of 30%, and a second markdown of 36%. Round each intermediate selling price to the nearest cent.
6. For a particular pickup truck the percent markup is known to be 115% based on cost to the seller. If the seller paid $15,800 for the truck, what would be the percent markup be based on the sale price? (Round to the nearest tenth percent)
Week 4 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. Using the following pie chart determine:
a. The percent of households not associated with renting.
b. Assume that the pie chart is associated with 1,000 households. How many households would own a home?
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2. The following are your weekly expenses for food items for the past 5 weeks: $119.62, $122.20, $193.40, $102.05 and $299.20.
Determine the mean weekly expense.
3. The table below shows the number of candles Stevie sold at her shop for the past year:
January 20 July 30
February 45 August 137
March 35 September 49
April 63 October 60
May 42 November 109
June 98 December 85
a. Determine the mean number of candles sold each month
b. Determine the median number of candles sold.
4. For a recent Math exam, the following scores were recorded:
60, 82, 80, 70, 87, 60, 75, 95, 80, 80, 71.
Determine:
a. What the median score is?
b. What the mode of this set of data is?
5. Daily sales for The Smoothie Shop are: Monday $870, Tuesday $859, Wednesday $700, Thursday $2,050, Saturday $724. Determine the range of this set of data?
Week 5 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. Use both, the exact interest method and the ordinary interest method to compute the amount of interest based on the following loan parameters:
Principal = $2,250 Rate = 10.5% Time = 58 Days
Find the Exact Interest and Ordinary Interest
2. Using the formula MV = P(1+ RT), determine the maturity value of a loan with the following parameters:
Principal = $10,985 Rate 9 ½ % Time 11 months
3. Suppose you borrowed $112,500 at 5 ½ % interest on June 10 for 72 days. Your bank uses the exact interest method. Determine the amount of interest on the loan?
4. Using the present value formula find how much you should invest now at 5.9% interest, compounded annually in order to have $10,000, 25 years from now.
5. Suppose you invest $5,000 at 9% interest, compounded annually, for 10 years. Determine the future value of your investment, using the compound interest formula.
6. Using Table 11-2 from your text, calculate the present value (principal) and the compound interest given:
Compound Amount = $1,250
Term of Investment = 6 years
Nominal rate = 6%
Interest is compounded semiannually
Consumer Math – Week 6 Assignment
Week 6 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. Tom Jones has a revolving credit account with an annual percentage rate of 18%. Tom’s balance at the end of July was $728.15. The activity for the month was recorded: August 10, a purchase of $136.19 August 15, a payment of $292
August 23, a purchase of $386.78.
The billing date is the first day of the month and the billing cycle is the number of days in that month. Determine the average daily balance for August? Round to the nearest cent.
2. Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the finance charge amount?
3. Jane Windsor financed a $5,900 ski boat with a 12% add-on interest installment loan for 12 months. Given the loan required a 10% down payment, determine the following:The amount of the finance charge?
The amount of the finance charge rebate if the loan were to be paid after the 10th payment?
4. Find the monthly PITI payment for a mortgage of $196,000 at a rate of 6.5% for 25 years with annual property taxes and hazard insurance premium of $4,850 and $1084 respectively.
5. Prepare an amortization schedule for the first three months on a loan of $87,000 at 6% for 20 years.
6. A home with a mortgage of $105,000 for 30 years has mortgage payments of $789.60 per month. Determine the amount of total interest on this mortgage?
Week 8 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. Suppose Global Cable has declared a dividend of $2,500,000. The company has 240,000 shares of preferred stock that pay $2.10 per share and 2,600,000 shares of common stock. After finding the amount of dividends due the preferred shareholders, calculate the dividend per share of common stock.
2. Global Cable paid dividends of $0.28 and $0.16 per share last year. Given yesterday’s closing price was $11.27, determine the current yield on the stock? Round to the nearest tenth.
3. The current yield on stock invested in Lynx Corporation is 4.2%. The dividend last year was $3.25 per share. What was the selling price of the stock?
4. Suppose a mutual fund has total assets of $25,500,000 and liabilities of $2,100,000. Currently there are 10,200,000 shares outstanding. Determine the net asset value of the fund? Round to the nearest cent.
5. You purchased 5,000 shares of a mutual fund at a price of $7.50 per share. You later sell those shares for $8.35 per share. During the time you owned the shares, the fund paid a dividend of $0.41 per share. Determine your investment return on the fund? Round answer to nearest tenth of a percent.
6. Zack invested $5,500 in a mutual fund with an offer price of $20.40 and a net asset value of $10.50. How many shares did Zack purchase? Round to thousandths.
Consumer Math – Week 7 Assignment
Week 7 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. A customer purchased a lawn mower for a total purchase price of $318.75. If the state has a sales tax rate of 7.75%, what was the selling price of the lawn mower?
2. Nancy Regan purchased a new diamond bracelet for $12,600. The state sales tax is 6% and the federal excise tax on the jewelry is 11%. What is the total purchase price of the bracelet? Round your answer to the nearest cent.
3. The Franklin Family wants to buy a home. They narrowed the choice down to a $125,000 home in Louisville and a $138,000 home in Big Creek. With regard to property taxes, Louisville has an assessment rate of 100% and a tax rate of $1.85 per $100 of assessed value, while Big Creek has an 80% assessment rate and a tax rate of 21.6 mills. Determine which house has the higher property tax, and by how much? Round to the nearest cent.
4. Allen was involved in an auto accident in which he was at fault. His car sustained damages in the amount of $1,327. The other vehicle had damages costing $1,309 in repairs. Allen was not injured, but the driver of the other car required medical treatment costing $22,619 and a passenger’s injuries totaled $24,051. Additional property damage amounted to $3,460. Allen’s policy includes 50/100/50 liability, $250 deductible collision and full coverage comprehensive. Determine the amount of damages the insurance company is required to pay?
5. Determine the annual insurance premiums for a policy insuring a male age 40, who wants to purchase a whole life policy with a face value of $50,500. Use Table 19-1 from your text.
6. During a violent windstorm, your car was damaged by a fallen tree. The estimated cost of repair was determined to be $3,822. If your policy carries $500 deductible for collision and $100 deductible for comprehensive, determine how much of the cost of the damages you will be required to pay.
0 years has mortgage payments of $789.60 per month. Determine the amount of total interest on this mortgage?
