MATH 113 Unit 1 Review

If the local tax rate is 6.5% and a person bought a raft for $89, what is the tax amount? Round to the nearest cent.

• $57.85

• $62.30

• $5.79

• $6.23

An oven regularly sells for $560. The sale price is $425. Find the percent of change from the regular price to the sale price. Round to the nearest tenth of a percent.

• 31.8%

• 24.1%

• 75.9%

• 22.7%

Write 35 3/4% as a decimal.

• 0.3575

• 0.3750

• 35.75

• 0.3575%

Find the accumulated value of an investment of $35,000 for 5 years at an interest rate of 2.5% compounded monthly. Round to the nearest cent.

• $120,603.14

• $38,502.28

• $39,655.04

• $39,883.49

Sam invests $16,000 in an account earning 3.5% compounded continuously. How much interest did Sam earn after 5 years? Round to the nearest cent.

• $92,073.64

• $19,002.98

• $19,055.09

• $19,059.94

Frank is investing $500 each month in an account earning 5% compounded monthly. How much money will he have at the end of 12 years? Round to the nearest cent.

• $98,008.47

• $98,381.86

• $98,428.41

• $98,478.14

Jen would like to have $10,000 for a down payment for a new car after 5 years. She has found an account earning 5% compounded monthly. How much should Jen deposit at the end of each month to reach her goal? Round up to the nearest cent.

• $147.45

• $147.12

• $146.85

• $147.05

Suppose that you are buying a car for $32,000. You have $5,000 set aside for a down payment and plan to get a 5-year loan at 3.6% compounded monthly. Find the amount of each monthly payment. Round to the nearest dollar.

• $493

• $502

• $486

• $498

The price of a home is $217,000. The bank requires a 10% down payment. The cost of the home is financed with a 20 year mortgage at 6.2%. Find the monthly payment amount. Round to the nearest dollar.

• $1389

• $1498

• $1422

• $1308

Your new car gets 30mpg. You drive 15,000 miles during the year and gas prices have averaged $3.50 per gallon. Determine how much your fuel expense was for the year.

• $1750

• $1958

• $1458

• $1645