PERSONAL FINANCIAL LITERACY UNIT STUDY GUIDE

Kane earns an annual salary of $42,500. He is paid twice a month with paychecks being of equal amounts. If Medicare taxes represent 1% of his income, then how much will Kane bring home after Medicare taxes?

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7.13.B

Paula is paid twice a month. On each check 7% social security taxes are withheld. If her gross income is $1,300 per check, then how much does Paula pay in social security taxes each month?

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7.13.B

The item is charged an 8% sales tax. Determine the amount of sales tax on this item.

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7.13.B

The item is charged an 8% sales tax. Determine the amount of sales tax on this item.

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7.13.B

The item is charged an 8% sales tax. Determine the amount of sales tax on this item.

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7.13.B

An investment of $600 is made into an account that earns 6% annual simple interest for 15 years. Assuming no other deposits or withdrawals are made, find the interest.

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7.13.E

Nadia deposited $3,000 into an account that earns annual simple interest. After 6 years, she had earned $990 in interest. What was the interest rate of the account?

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7.13.E

An investment of $11,000 is made into an account that earns 4% annual compound interest for 3 years. Assuming no other deposits or withdrawals are made, find the total value.

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7.13.E

An investment of $750 is made into an account that earns 9% annual compound interest for 2 years. Assuming no other deposits or withdrawals are made, find the interest.

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7.13.E

Simple interest is calculated on the____________ amount only

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7.13.E