Personal Financial Literacy

The price of a computer is $899.00. The sales tax rate is 7%. What is the sales tax on this computer in dollars and cents?

 

Be sure to use the correct place value.

Cassie wants to buy a pair of shoes for $26.50 and a shirt for $9.50. If the sales tax rate is 8.25%, what will be the amount of sales tax on Cassie’s purchase?

• $2.89

• $2.97

• $3.06

• $3.13

A refrigerator is priced at $525.50. There is a 6% sales tax rate. What is the sales tax for the refrigerator in dollars and cents?

A doctor has an annual income of $152,125. The income tax the doctor has to pay is 6%. What is the amount of income tax in dollars and cents that the doctor has to pay?

Which statement is true?

• Felicia spends 10% of her monthly budget on clothes and food.

• Felicia spends 25% of her monthly budget on her car payment.

• Felicia spends 20% of her monthly budget on college savings.

• Felicia spends 50% of her monthly budget on her car payment and cell phone.

Which statement is NOT true?

• Maria puts 15% of her monthly income into savings.

• Maria spends 14% of her monthly income on her cell phone and other expenses.

• 40%

• 35%

• 64%

• 12%

What is Emily's net worth?

• $93,550

• $87,025

• $20,525

• $128,075

How much does Gillian owe for student loans?

• $19,950

• $12,250

• $16,100

• $86,650

Alice has a loan of $24,820. This loan has a simple interest rate of 3.5% per year. No payments will be made on the loan until the end of one year.

 

How much interest will Alice pay on this loan at the end of one year?

• $868.70

• $72.39

• $8,687.00

• $25,688.70