Semester 1 Exam Review Personal Finance Name
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1 1. Find the total weekly pay based on an overtime rate of 1 times the regular hourly rate for all working time over 40 hours. Use the formula E = ( 40*r) + ((h 40) * 1.5* r) + t. You worked 47 hours, your regular hourly rate is $ hrs = 1 work week 52 weeks = 1 year 12 mths = 1 year 2. You earn $6.30 per hour. 3. You earn $ per week. Find what you would earn per Find what you would earn per week month year hour month year 4. Find the total amount of salary and fringe benefits. a. Atwood Electronics Starting salary $32,000 Medical insurance premiums $1500 per year Employer retirement contribution 2.75% of gross pay Expense account $350 a month b. Human Resources Corporation (HRC) Starting salary $35000 Medical insurance premiums $100 per month Education allowance $700 per year Employer retirement contribution 2.5% of gross pay c. Which company offers more in total salary and benefits, Atwood or HRC? 5. Suzie works at Wombat Warehouse where she earns 4% of all sales up to $5200 and 6% of all sales over $5200. What would her total commission be if she sells $10,500 worth of merchandise? 1
2 6. Rick is saving his money. He has an account worth $6,000. a. If he can find a bank willing to pay him 6.2% annual interest, how long will it take for his account to double in value? b. How long will it take for Rick s account to grow to over $20,000? 7. At Northern Bank: Interest is paid at the rate of 0.45% per month There is a $6.00 service fee for balances below $500. The cost per check is $0.08 If the beginning balance is below $500, the bank charges an additional $0.25 for every check. Complete the chart: Beginning Number Balance of Checks $ Interest Earned Service Charge Cost Of Checks Extra Charges New Balance $ A bank pays 4.5% simple interest on its savings accounts. Find out how much money is saved in one year, how much interest is earned, and the total amount of money in each account. Amount Saved Number Per Week Of Weeks $ Saved Interest Earned In Account $
3 9. Jason wants to buy camping equipment that costs $345 for a trip to Washington National Park. He must also pay $368 for a round trip plane ticket. Find out how much he can save and how long it will take him to save the money he needs for his trip when he saves at the stated rate. Amount Saved Per Week $28.00 $51.00 Number Of Weeks Saved needed to save = 10. Fill in the table for compound interest earned semi-annually. The beginning investment is $ at an annual percentage rate of 6%. Time Period Interest Earned Principle Balance Beginning $0.00 $ st : 6 months 2 nd : 6 months 3 rd : 6 months 4 th : 6 months 11. Use the Compound Interest Formula to determine how much $3,000 will be worth at the end of three years if it earns 7% interest, compounded quarterly. 12. Complete the weekly payroll register. Compute FICA at 7.65% of gross pay. Assume each employee is single. Griego has one exemption. Sun Li has no exemptions. Use a Federal Tax table to find the Income Tax Withholding. Employees Gross Pay Income Tax Withholding Griego $ FICA Withholding Deductions Take-Home Pay Sun-Li $
4 13. Find the amount of FICA taxes that are to be paid for each of the following annual incomes. $73,000 Social Security: 6.2% of all income at or under $57,600 Medicare: 1.45% of all income at or under $135,000 $57,600 $225, Students selling book bags at $9.00 per bag have the following costs: Fixed costs: Labor, 30 hours at $5.50 per hour Advertising, energy, and transportation, $32.50 Variable costs: Bags $3.00 each Decals $1.00 per bag a. Determine the cost function: b. Determine the revenue function: c. Determine the profit function: d. Find the cost, revenue, and profit for each of the following number of items. Number of Items Cost Revenue Profit
5 15. Complete the chart. Assume that the interest rate for all loans is 9% Loan Amount Number of Years Monthly Payment Payment Cost $ $ $ How much money can you afford to borrow at 6% for 4 years if you can afford a monthly payment of $200? 17. Complete the chart based on an original price of $48,000. a. Number of Years Percent Down Down Payment Loan Amount Monthly Payment at 6% 4 10% Payment at 6% Monthly Payment at 8% Payment at 8% 4 20% 5 10% 5 20% b. Which combination of amortization period, interest rate, and down payment yields the lowest total payments? c. Which combination of amortization period, interest rate, and down payment yields the highest total payments? 5
6 18. Create an amortization schedule for the first three months of a $3500 loan at 8% for 3 years for which the monthly payment is $ Payment Number 1 Payment Amount Interest Due Note Reduction Unpaid Balance You have a bank loan of $22,500 at 10% for 15 years for which you have been paying per month. Assuming that there is no prepayment penalty, determine the amount you could save if you prepaid the loan 4 years early. 20. Compute the effective interest rate on an APR of 24% assuming a one month grace period. 21. Compute the effective interest rate on an APR of 24% assuming NO grace period. 22. How long will it take to pay off a credit card balance of $2200 with monthly payments of $340 at an APR of 13.9%? 23. Use the rule of 78 to determine how much interest will be saved by pre-paying a one-year loan of $3,200 at 12%, 5 months early. 6
7 DHS students have begun selling both t-shirts (x) and sweatshirts (y). To satisfy demand, they must sell a total of at least 52 shirts (t-shirts and sweatshirts combined) per week. Their supplier can supply them with no more than 45 blank sweatshirts per week. With the winter weather, they must be prepared to sell at least as many sweatshirts as t- shirts possibly more! But, with the time that is available, they cannot make more than a total of 70 shirts per week. 24. Graph the constraints and find the corners of the solution region. 25. The students sell the t-shirts for $6.00 and the sweatshirts for $ Write the objective function to maximize revenue. Then, use the coordinate points to find how many of each shirt should be made to make the most money. 26. Use the chart below to determine how much money you can save on a loan of $10,300 at 12% for 4 years if you make a down payment of 30% instead of 10%. Percent Down Down Payment Loan Amount Amount Savings over 10% 10 % 30 % 7
8 27. Complete the chart, then find the average daily balance. Dates Payment Balance at end of day 5/1 5/16 $0.00 $ /17 $ /18 5/31 $0.00 # of Days Sum of Daily Balances 28. Use the Multiples-of-Salary Chart to find the amount of life insurance each of the income earners below should buy under the conditions described. Current Earnings Age Income Replacement Amount of Insurance $65, % $40, % 29. Find the break-even premium for a one-year term insurance policy for $50,000 for a 24-year-old woman. Use the expected deaths table to find the odds of the person living at least one more year. Expenses for issuing on policy are $ What profit does an insurance company expect to make for a $290,000 one year term insurance policy for a 26-year-old person if the annual premium is $800? The direct and indirect expenses for each policy are $ If you begin to contribute $3200 a year at age 35 to an IRA account that you expect to pay 8% per year, how much will you have in your account at age 60? 8
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