2. Frank Alvarado makes a 10% commission on the first $5,000 sales and 15% on any sales over $5,000. Find his total graduated commission on $25,000 in sales. *commission = sales x commission rate

3. Mark is trying to find his annual salary for when he retires at the end of the year. Mark is paid 2.5% of his average 5 year salary times the number of years worked. If Mark works 35 years and his last 5 year salaries are $70,000, $75,000, $80,000, $85,000, and $90,000. What is the annual pension for Mark?

*annual pension =( Sum of salaries/5)x .025 x 35

4. Isabelle’s weekly salary is $1000. The social security tax rate is 6.2% and the Medicare is 1.45%. Find the total taxes paid for social security and Medicare.

* Social Security=Gross Pay x Social Security rate

*Medicare = Gross Pay x Medicare rate

5. Jalen Allen wants to rent a house. The landlord wants the first and last month’s rent plus a security deposit that is one and a half times the rent, plus a $50 application fee. If Jalen pays $2,850, what is the security deposit?

*Let r = rent

*security deposit = 1.5 rent:

*Formula: 1r + 1r + 1.5r + $50 = $2850

*3.5r +$50 = $2850

6.The Lopez Family has the following monthly expenses: $1500 Housing, $750 Vehicle, $750 Church, $500 Food, $500 Savings, $250 Other, $250 Entertainment, $500 Credit Cards. What Percentage is spent on Housing?

*Percentage = category/total of all categories

7. Justin Paden has a monthly net income of $5,500. His variable expenses are $2,000 and his fixed expenses are $1,000. His annual expenses are $24,000. What is his cash flow for January?

*Cash Flow = Net Income – (Variable + Fixed + (Annual Expense/12))

1. Adan is buying a new set of furniture for his house that costs 5,000 at 10% interest for 18 months. What is the total simple interest paid?

* I=p*r*t

* remember t = months/12

9. Find the amount in the account after 10 years for 50,000 investment at 3% interest compounded monthly.

A = P(1.00 + r/n)^nt

*Where P=Principal, R= rate as a decimal, n= compounds in a year, t=time in years

10. Jesus Jaquez deposits $300 in an ordinary annuity at the end of each month in an account earning 5% interest compounded monthly. If he starts when he is 20 years old and stops when he is 60 years old. What is the future value of the annuity?

*AD= amount deposited

* r=rate as a decimal

*n=number of compounds in a year

*t= time in years : t= 40 years

FV = AD((1.00 +r/n)^nt -1)/(r/n)

11. Super Save groceries sells ranch dressing and has 3 sizes. The price of a 16 ounce bottle is $4.00, a 25 ounce bottle is $5.50, and a 36 ounce bottle is $7.20. Based on the cost per ounce, which is the best buy?

*cost per ounce = cost / ounces

*Remember: cheaper is better on the cost per ounce

12. Mario Cordova takes his family out to eat. They buy 3 pizzas at $15 each, 3 salads at $5 each, 5 drinks at $2 each. The sales tax rate is 10%. If Mario wants to tip 20% excluding taxes and pays with $100 bill. What is his change?

13. Find the monthly payment for a mortgage that is $200,000 at 3.0% for 15 years.

Use the monthly payment formula:

*MP = P(r/12)(1+r/12)^12t /(1+r/12)^12t -1

Where:

*P=principal or loan

* r=rate as a decimal

*n= 12-payments in a year

*t=time in years)

14. If Jordan Garcia is purchasing a truck whose base price is $35,499 with automatic transmission of $1000, Aluminum wheels of $1,500, leather interior of $2000, and a destination charge of $800. What is the Sticker price of the truck?

*Sticker Price = Base Price + Options + Destination Charge

15. Kiera has a driving rating factor of 3.4. If her basic car insurance premium is $768.00. What is her annual premium?

*Annual Premium = Basic Premium x Driver Rating Factor

16. Fabian Olivas drove 12,568 miles in his truck last year. His fixed costs totaled $1,485.00 and his variable costs totaled $2,015.75. What was his cost per mile?

*Cost per mile = (fixed cost + variable cost)/Miles driven!

17. Ally and Kim rented a car for $50.00 per day and car insurance for $25 per day. The mileage charge was $0.50 for every mile more than 200 miles driven. If they had the car for 4 days and drove 400 miles and spent $75.00 in gasoline. What was the total cost to rent the car?

*Total cost = Daily cost + Insurance cost + Mileage cost + Gasoline cost

18. Logan McDaniel wants to purchase a house that is listed for $100,000. J.P. Stone requires a 5% down payment. What amount is required for the down payment?

*Down Payment = Purchase Price X Percent Down

19. JJ Lujan was riding his skateboard and wrecked into a car and totaled the car beyond repair. Thank God that JJ had only minor injuries. He was sent to the hospital to evaluate his injuries and was released after a couple of hours. The Police found JJ at fault for the accident. His insurance will pay 90% of his hospital and ambulance charge. He received a bill with the following charges: hospital charges of $10,000, ambulance charge of $2000, admission charge of $200, and medicine co-payment charge of $25. What was JJ's responsibility of the charges?

(He is responsible for admission charge and co-payment for medicine and his percentage of hospital & ambulance)

20. Fernando Jimenez wants to start investing for his future. When should Fernando start investing?

*Remember compound interest makes more money the longer you have the money invested