Financial Algebra Review #1

Juan has $2,224.52 in his checking account that charges a $23 per check overdraft protection fee. In the next 4 days, the following checks arrived from payment in the following order: check 129 for $1,520.00, check 126 for $750.89, and check 127 for $185.00. How much does Juan have in his account?

• -$ 277.37

• -$254.37

• -$231.37

• $704.52

Jason deposits $200 in an account that bears 2 2/3% interest compounded daily when he is 16 years old. What is Jason’s balance when he is 20 years old, if he makes no other deposits or withdrawals?

• $218.66

• $222.51

• $306.42

• $340.91

When Abby was born, her parents put $50 into an account that yielded 3.5% interest, compounded monthly. They continue to deposit $50 a month into the account. How much will Abby have towards a car on her 16th birthday?

• $ 87.46

• $1,090.75

• $12,881.68

• $13,951.34

Tammy and Tommy want to have $50,000 for a down payment on a house in 10 years. They will make a single deposit into an account that earns 5.25%, compounded monthly. How much do they need to deposit today to have their $50,000 in 10 years?

• $20,250.50

• $29,578.88

• $29,611.66

• $84,426.21

Jeanie is 21 years old. She opens an account that pays 3.9% interest compounded monthly. She sets a goal of saving $10,000 by the time she is 24 years old. How much must she deposit each month?

• $ 60.40

• $262.30

• $1,555.85

• $3,082.05

Jim makes $86,000 annually. What is his gross monthly salary? Round to the nearest dollar.

• $ 7167

• $ 1653

• $ 3583

• $ 3308

Steve earns $79500 annually, what is his biweekly gross salary? Round to the nearest dollar.

• $ 1529

• $ 6625

• $ 3312

• $ 3058

Cindy makes $48700 annually. What is her weekly salary? Round to the nearest dollar.

• $1873

• $2029

• $937

• $4058

Joe makes $9.50 per hour. For every hour over 40 hours he receives time and a half. He worked 45 hours last week. How much did Joe earn last week?

• $451.25

• $427.50

• $641.25

• $617.50

Kathy works part time earning $7.75 an hour. In the past week she logged the following hours on her time card: 2.4, 3.6, 3.5, 4.5, 2.5 hours. What is her gross pay for the week?

• $108.50

• $127.88

• $148.80

• $135.63