Math 20 Budgets, Unit 3 Test

Each month, Elizabeth budgets $760 for fixed expenses, $620 for living expenses, and $80 for annual expenses. Her annual net income is $32,580. Which sentence best describes her monthly budget?

• It shows a deficit of $1255
• It shows a surplus of $1255
• It shows a surplus of $1460

The equation y = 1.55x + 110,419 approximates the total cost, in dollars, of raising a child in the United States from birth to 17 years, given the household's annual income, x.  Approximately how much would it cost to raise a child in a household with an annual income of $62,500?

• $96,875
• $146,288
• $207,294

Loren's total payment for his loan was $13,536. What was his monthly payment if he paid it off after making 36 monthly payments?

• $310
• $327
• $376

Laura's gross annual salary is $44,184. What is the maximum amount of rent she can afford to pay?

• $515
• $760
• $1031

William buys a home for $362,000. His home is predicted to increase in value 4.5% each year. What is the predicted value of his home in 20 years?

• $852,540
• $860,564
• $873,040

Sarah bought her car for $17,440. It is expected to depreciate an average of 14% each year during the first 6 years. What will the approximate value of her car be in 6 years?

• $7056
• $7236
• $7424

David drove 634 miles on 26.6 gallons of gas. What was his gas mileage, rounded to the nearest mpg?

• 24 mpg
• 27 mpg
• 30 mpg

Phil is planning a 1344-mile driving trip. His car gets an average of 32 mpg, and the cost of gas is about $3.45/gallon. What is the approximate driving cost of the trip?

• $120.30
• $132.60
• $144.90

Andrew pays $1824 per year in tuition. How much should he budget monthly for it?

• $76
• $124
• $152

Joanne budgets $880 each month for fixed expenses. What percent of her net monthly income is that if she nets $1960 semimonthly?

• 22%
• 36%
• 45%