MMA 2nd Sem Final Review

Monica works for a jewelry store. She makes a weekly salary of $600 plus a 4% sales commission. Write an equation to compute Monica's earnings per week. How much will she earn if she sells $1,500 worth of jewelry?

Sally works for a jewelry store. She makes a weekly salary of $600 plus a 4% sales commission. Write an equation to compute Monica's earnings per week. How much will she need to sell in a week to make at least $800?

Terry earns a salary of $315 a week. In addition, Terry receives additional earnings of 18.75% of her total sales. Terry's rate of deductions from her gross earnings is 20%. What function, E(s), can be used to represent Terry's net earnings for one week in terms of her total sales, S?

• E(s) = 315 + 0.1875 s

• E(s) = 315 + 0.1875 s - 0.2 s

• E(s) = 0.2(315 + 0.1875 s)

• E(s) = 0.8(315 + 0.1875 s)

Julie is a sales representative for a department store and is paid a monthly salary of $3300 plus a 3% commission on all sales. Deductions from her pay average 27% per month. She is trying to rent a larger apartment that requires her take home monthly pay to be at least $4000. After deductions, how much in sales must Julie have per month to qualify for the apartment?

• $72,648.40

• $23,333.00

• $6,300.00

• Not enough information given

Mike bought a used car for $12,000. He paid $3000 in cash and financed the remaining balance with an 18 month loan that has a 4.5% annual interest rate.

Fill in the amortization table on your scratch paper.

Based on the amortization table, what amount is closest to the total principal paid for the first three months of the loan?

• $1554.00

• $354.48

• $1424.32

• $1457.21

A couple is considering obtaining a $100,000 mortgage to purchase a home. The mortgage will be for 30 years with a 4.72% annual interest rate. The cost to maintain the home being considered (in landscaping and repairs) is approximately $75 per month, on average. The couple might choose to rent an apartment instead at $575 per month (with no cost for landscaping or repairs)

Use the Finance Solver on your graphing calculator to find the monthly payment n the mortgage. Record the DIFFERENCE BETWEEN the total cost of the mortgage and maintenance for ONE YEAR on the purchased home and the rental cost for ONE YEAR.

Lucas is buying a $250,000 house, with 10% DOWN on a 30-year mortgage at a fixed rate of 5.2%. Lucas used the TVM Solver (Finance Solver) on his graphing calculator to determine his monthly payment. Which amount represents Lucas' monthly payment?

• $1235.00

• $1383.90

• $750.17

• $675.15

Bennet is purchasing his first automobile priced at $6850. He has a job and can afford monthly payments while adding to his savings account. The money he is adding to his savings will be used to pay off the remaining automobile balance after 15 months. Use the amortization table to find the payment amount. Then find the total cost of the car if Bennet pays off the automobile immediately after making his 15th payment.

(That's 15 payments plus the remaining balance)

• $6849.98

• $7142.89

• $4100.14

• $7330.73

Brett Smith owns a home valued at $245,000. The insurance he purchased for his home has an annual premium rate of $0.94 per $100. Which amount best represents his annual premium?

• $2450.00

• $2303.00

• $230.30

• $94.00

What is the future value of $2540 invested at 9% compounded semiannually for 6 years?

(Use the Finance Solver)

• $4307.54

• $7144.17

• $4259.83

• $3307.74