## Rachael has a job assembling a certain car accessory.

Rachael has a job assembling a certain car accessory.

Last month she made a total of 424 items. Calculate her gross pay (in $) if she is paid on the following differential piecework schedule.

Pay Level Items produced Rate per Item

1 1–160 $9.58

2 Over 160 $11.41

$

Inez wants to have $14,750 in 5 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal.

$11,800.00$12,080.30 $12,088.28$12,123.42

3.

Georgia bought outdoor furniture for a total purchase price of $2,050.75. State taxes were 5.75%. Find the amount of the sales tax. (Round your answer to the nearest cent.)

$97.65$111.51 $116.08$117.92

4.

Suppose you wish to have $11,000 in 13 years. Use the present value formula to find how much you should invest now (in $) at 6% interest compounded semiannually in order to meet your goal. (Round your answer to the nearest cent.)

$

5.

Ross is single with an adjusted gross income of $69,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $).

$

6.

Find the amount (in $) of interest and the maturity value of the loans. Use the formula

MV = P + I

to find the maturity value. (Round your answers to two decimal places.)

Principal Rate (%) Time Interest Maturity Value

$185,000 14

1

2

5 months $ $

7.

Suppose you bought a sofa for a total purchase price of $1,584.97. Sales tax was 4%. What was the amount of the sales tax (in $)? (Round your answer to the nearest cent.)

$

8.

The financial officer of Toys and Noise arranges a loan of $8,500, at 8.5% interest, for 31 months. Find the amount of simple interest. (Round to the nearest cent.)

$1,445.00$1,866.46 $2,239.75$3,290.32

9.

Gina’s base pay rate is $14.25 per hour, with overtime pay of time-and-a-half, and double-time for holidays. Calculate her gross pay if she worked 4.5 holiday hours in addition to 39 hours Monday through Saturday. (Round your answer to the nearest cent.)

$619.88$651.94 $684.00$961.88

10.

Maria invests $4,200, at 6% interest, compounded quarterly for one year. Use Table 11-1 to calculate the annual percentage yield (APY) for her investment (as a %). Note: “Annual percentage yield” is also known as “effective interest rate.” (Round your answer to two decimal places.)

%

11.

A store manager obtained a loan of $35,000, at

6

3

8

%

interest, for 14 months to purchase supplies. Find the amount of simple interest. (Round to the nearest cent)

$2,231.25$2,603.13

$3,114.38$31,237.50

## Sample Answer

**1.** Rachael’s gross pay is **$4,643.68**.

```
Pay Level Items produced Rate per Item Total
1 1–160 $9.58 $1,532.80
2 Over 160 $11.41 $3,110.88
Total: $4,643.68
```