Question 3(3 points)

Candice has been hired as a saleswoman. She is paid a flat rate of $425 each week and earns an additional $17.75 commission for each sale. If her goal is to make $993 in one week, which equation will help Candice determine the number of sales (s) she must make? (3 points)

a

$993 = $425s - $17.75

b

$993 = $425s + $17.75

c

$993 = $17.75s - $425

d

$993 = $17.75s + $425

Question 4(2 points)

Carissa has been hired as a saleswoman. She is paid a flat rate of $650 each week and earns an additional $13.25 commission for each sale. If her goal is to make $1,021 in one week, how many sales must Carissa make? (2 points)

a

28

b

50

c

78

d

127

Question 5(3 points)

Michael borrowed $445 from his parents to make some repairs on his car. He promised to repay the loan by giving his parents at least $65 from his paycheck each week. If x represents the number of weeks and y represents his debt, which linear inequality represents the amount of debt Michael has remaining? (3 points)

a

y $445 - $65x

b

y $445 + $65x

c

y $445 + $65x

d

y $445 - $65x

Question 6(2 points)

Michael borrowed $445 from his parents to make some repairs on his car. He promised to repay the loan by giving his parents at least $65 from his paycheck each week. Which of the following is not a possible scenario for the amount of debt Michael has remaining? (2 points)

a

After 3 weeks, Michael is $225 in debt.

b

After 4 weeks, Michael is $200 in debt.

c

After 5 weeks, Michael is $115 in debt.

d

After 6 weeks, Michael is $45 in debt.

Question 7(3 points)

Janet has a jar of 54 coins consisting of dimes and quarters. If she has a total of $8.70, how many dimes does she have? (3 points)

a

22

b

24

c

30

d

32

Question 8(3 points)

Sheila wants to deposit $2,145 into savings accounts at three different banks: Bank of the US, 7/4 Bank, and Catch Bank. She will deposit five times as much into Catch Bank as 7/4 Bank because they offer a higher interest rate. She also expects the Bank of the US deposit to be 30% of the total of the other two deposits. How much will Sheila deposit into the Bank of the US savings account?(3 points)

a

$275

b

$429

c

$495

d

$1,375

Question 9(3 points)

Jacob is on a new exercise regimen. To begin, his trainer does not want him to complete more than a total of 22 lunges and sit-ups. For every lunge that he completes, Jacob burns 30 calories. He burns an additional 20 calories for every sit-up. His goal is to burn at least 440 calories during a workout session. Which is a combination of lunges and sit-ups that Jacob can complete in a session? (3 points)

a

4 lunges and 19 sit-ups

b

5 lunges and 13 sit-ups

c

5 lunges and 16 sit-ups

d

6 lunges and 12 sit-ups

Question 11(2 points)

Jeffrey earned a gross income of $78,350 last year. He made $2,489.78 in student loan interest deductions, donated $4,294 to his favorite charities and paid $3,571.32 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his non-working spouse. If their exemption is $7,300, what is their taxable income? (2 points)

a

$49,294.40

b

$53,588.90

c

$57,160.22

d

$60,694.90

Question 13(2 points)

Bart made some home improvements for $6,091 using a six-month deferred payment plan with an interest rate of 23.79%. What is the balance after the deferment period if no payments are made? (2 points)

a

$6,091.00

b

$6,852.40

c

$7,540.05

d

$6,776.90

Question 14(3 points)

Fiona installed a new pool for $9,940 using a 12-month deferred payment plan with an interest rate of 22.53%. What is the balance after the deferment period if payments of $397 are made each month?(3 points)

a

$7,761.84

b

$9,940.00

c

$5,176.00

d

$12,425.84

Question 15(3 points)

Bianca purchased a home entertainment center for $3,987 using an 18-month deferred payment plan with an interest rate of 28.12%. She did not make any payments during the deferment period. What will Bianca's monthly payment be if she must pay off the home entertainment center within three years after the deferment period?(3 points)

a

$110.75

b

$168.04

c

$250.62

d

$257.91

Question 16(3 points)

Jefferson purchased some power tools totaling $1,286 using a six-month deferred payment plan with an interest rate of 21.52%. He did not make any payments during the deferment period. What will the total cost of the power tools be if he must pay off the power tools within two years after the deferment period?(3 points)

a

$1,286.00

b

$2,216.40

c

$1,430.73

d

$1,773.12

Question 17(3 points)

Gad is graduating from college in six months, but he will need a loan in the amount of $8,375 for his last semester. He may either receive an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly, or his parents may get a PLUS Loan with an interest rate of 7.8%, compounded monthly. The Stafford Loan has a grace period of six months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much?(3 points)

a

The PLUS Loan has a higher balance by $89.53.

b

The PLUS Loan has a higher balance by $448.35.

c

The Stafford Loan has a higher balance by $564.69.

d

The Stafford Loan has a higher balance by $255.61.

Question 18(2 points)

Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then? (2 points)

a

$4,004.92

b

$2,839.23

c

$4,116.92

d

$2,772.92

Question 19(3 points)

Camille purchased a motorcycle for $5,723. She made a down payment of $1,775. She applied for a four-year installment loan with an interest rate of 10.2%. What is the total cost of the motorcycle after four years?(3 points)

a

$6,599.48

b

$6,993.60

c

$4,824.48

d

$8,768.60

Question 20(2 points)

Nash bought a stove from a rental center for $983. He makes six monthly payments of $173.04 with his credit card. The rental center charges $3.15 for every purchase made with a credit card. He also had to pay late fees in the amount of $29 three different times. What is the total cost of the stove? (2 points)

a

$1,038.24

b

$1,144.14

c

$1,057.14

d

$1,125.24

Question 22(5 points)

Part 1:Describe, using complete sentences, the purpose of the following three tax forms: W-4, W-2, and 1040.

Part 2:How is each form used to determine your tax liability for the year?

(5 points)

Your answer:

Question 23(5 points)

Explain, using complete sentences, how interest is calculated on a deferred payment plan in each of the following scenarios:

1. the balance is paid off within the deferment period
2. part of the balance is paid off within the deferment period
3. no payments are made within the deferment period

(5 points)