Name ______
Review of Chapters 1 - 5
This review is due on Monday, March 9th. It will be counted as 2 Test Grades for the 3rd quarter, however NO lates will be accepted. Please remember if an answer is in currency; please represent it properly in complete currency format and if it is asked as a fraction, please answer as a fraction and reduce to lowest terms.
Please put ALL answers on the answer sheet
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1) What is 12 5/6 % of 880?
2) Sales tax in New York City is 9.75%. How much sales tax would you pay on a car that cost $18,425?
3) What is 1/5 % of $500?
4) A partner received 5/9 of the year’s profits of $36,000. What was his share?
5) 38 is what percent of 64? (round to nearest tenth of a percent)
6) What is 8.96 X 10.43 rounded to the nearest hundredth?
7) Divide: 14 1/4 by 3 1/8
8) Add: 62 7/8 + ½ + 1/6 + 15 2/3 = ______
9) What is 16 2/5 divided by 3 1/4/?
10) 8 1/3 – 6 4/5
11) Mario Torres deposited the following amounts of money: 24 twenties, 19 tens, 13 fives, 3 ones, 32 quarters, 183 dimes and 92 pennies. How much money in total did he deposit?
12) Write 08.7% as a decimal.
13) If sales tax of 8.15% were added to an I-POD that cost $335, what would the I-POD cost?
14) Write 0.07 as a percent.
15) Write 28/12 as a mixed number in lowest terms.
16) Rhonda leases a car for $415 a month on a 40-month lease. How much does she pay each year for her car?
17) An annual salary of $8,580 is equal to how much per week?
18) Tim worked 37 hours in a week and was paid $303.90. What was Tim’s average pay per hour to the nearest cent?
19) What part of 40 is 15? Show your answer as a fraction in simplest form.
20) A penalty of 8 months’ interest at 1.8% must be paid on an early withdrawal of $1,425 from a certificate account. What amount is the penalty?
21) Agnes ordered 300,000 machine parts. The cost of the parts was $52,000.00. What is the cost per part? (Round to nearest tenth)
22) Change 30/500 to a percent.
23) Figure banker’s interest on a 90-day note for $1,700 at the banker’s rate of 15%.
24) Find 140% of 198.
25) Use the interest formula to find the simple interest on $1,410 for 3 months at 18%.
26) 5/6 less than $360 is?
27) Jared earns $7.50 per hour regular time pay and works a 40-hour week. His overtime pay is time-and-a-half. Jared pays 23 ½ % of his gross on taxes. If Jared works a 48-hour week, what is his net pay?
28) A salesman earned $282, $296, $278, and $282 each week for four weeks. What amount will he need to earn the fifth week in order to have a final average salary of $285 for the five weeks?
29) The cash price of a food freezer is $699. The installment price for the same freezer includes a down payment of $69.90 plus 12 monthly payments of $58.05. How much money would you save by purchasing the food freezer for cash?
30) Mark earns $4.72 cents for each part he finishes at work. This past week he completed the following number of parts per day: 40, 63, 57, 42, and 58. Of these 7 were defective, how much did he earn during the past week?
31) Target is selling a patio set that regularly sells for $1,399. How much would you expect to pay for this item at 40% discount plus 8.25% sales tax?
32) David, a salesman, was paid a salary of $600 per month, plus a 5% commission on all sales. Last month, his sales amounted to $4,650. What were his total earnings for the month?
33) Ashley works a 40-hour week at $8.50 an hour with time and a half for overtime. Last week she worked 50 hours. From her earnings, her employer deducted FICA tax at a rate of 7.65% and income tax of $68.00. Her employer also deducted $45.66 for health insurance and $36.50 for union dues. What is her net pay?
34) Mitch just bought a car for $2,400. He has a one-year loan with 8½%. Find how much interest he has to pay and then calculate the amount of his monthly car payment.
35) Ann worked one week Monday through Sunday (7 consecutive days) 8 hours per day. Her regular rate of pay is $9.28, she earns time-and-one-half for all work done on Saturdays and double-time for all work done on Sundays. What were Ann’s gross earnings for those 7 days?
36) Peter bought a new refrigerator for $1,800 and agreed to pay it back in 6 equal monthly payments with a finance charge of 1.75% on the unpaid balance. What will he pay in total finance charge on the loan?
37) Dale is paid a salary of $500 a month plus commission. He is paid 6 % commission on all sales, and an additional 2.5% commission on all sales over $10,000. Last month he sold $12,000 worth of goods. What was his gross pay?
38) Clark is a salesperson that works on straight commission, however, before he makes any money, he must reach a quota of $3,000.00 in sales. Last month he sold $5,900.00 worth of goods and gets paid a commission rate of 5%. What was his gross income?
39) The Smith Company has 8 employees. Five of the employees earn $9 an hour, two earn $7 an hour, and 1 earns $13 an hour. What is the average amount per hour that these employees are paid?
40) Joe made $676 is commission on his sales of $26,000. What was his rate of commission?
41) What is the total compound amount due for $6,000 at 9% compounded quarterly for 9 months?
42) The bank statement of Jake Hansen showed a balance of $356.93. His check register showed a balance of $308.34. When Jake compared the two records he found several differences. The bank statement listed these items not recorded in the register: ATM withdrawal, $50; ATM fee, $2.25; direct deposit of paycheck, $624.70; checks for $287.23, $180.11, and $72.89. A check for $85.89 was recorded in the register as $58.89. The items not listed on the bank statement included checks for $72.44, $9.76, and $113.57; and a $50 deposit made after the statement closing date. Debit card purchases of $85.67 and $16.73 appeared on the statement but not in the register. What is the correct amount of money in his account?
43) Derek Wilson checked his credit card statement and found a purchase for $26.99 that was unauthorized. He also found that a sales slip for $35.89 been listed as $38.59. If the new balance on his statement was $140.68, what was his correct new balance?
44) Jose DeLeon's previous credit card balance was $356.83. He made $259.01 in new purchases, and received a credit of $56.83 for a return. He made a payment of $400 and was charged $4.46 in periodic finance charges. What is Jose’s new credit card balance?
45) Ursula Johnson borrowed $250 on a cash advance from her credit card company. She was charged a daily periodic rate of 0.053% for the 25 days she had the cash advance. She was also charged a 4% cash advance fee. What was the total amount Ursula had to pay back?
46) Raven Ingram's credit card has a previous balance of $125.62. She made $175 in new purchases during the billing cycle and made a payment of $50. She was charged $1.88 in finance charges. She wants to pay off the entire balance of the card. How much should she pay?
47) Ashley works a 40-hour week at $8.50 an hour with time and a half for overtime. Last week she worked 50 hours. From her earnings, her employer deducted FICA tax at a rate of 7.65% and income tax of $65.00. Her employer also deducted $45.66 for health insurance and $31.00 for union dues. What is her net pay?
48) The delivered price of Sue’s car is $23,560. She makes a $2,000 down payment and pays the balance in 48 monthly payments of $560. What total amount did Sue pay for the car, AND what was the finance charge?
49) Steve Rubin bought a used truck for $9,650. He paid for the truck with a $2,650 down payment and 36 monthly payments of $234.30. What total amount did the truck cost?
50) 21 + N/2 = 28 + 31 What does N equal?
51) Derek Wilson checked his credit card statement and found a purchase for $26.99 that was unauthorized. He also found that a sales slip for $35.89 been listed as $38.59. If the new balance on his statement was $240.68, what was his correct new balance?
52) Lacy Clure is charged a finance charge on a credit card balance of $700.00. Her card has an APR of 15%. What is her monthly finance charge if the company uses a monthly periodic rate?
53) The previous balance on Delaney Shuba's credit card is $454.87. He made $210 in new purchases this month, and his periodic finance charges are $5.32. His minimum payment is 3 % of his current balance, rounded to the nearest whole dollar. What is the minimum payment?
54) Veronica Cole earns $2,500 per month. She has a monthly student loan payment of $120 per month, and a car payment of $200 per month. She and her roommate share an apartment and split the $900 per month rent. What is Veronica's debt-to-income ratio, rounded to the nearest percent?
55) Victor earns a weekly salary of $1,331.60. What is his gross pay for one year?
56) Sandy saved 1/16 of her last years earnings of $58,000. What amount did she save?
57) The Smith Chair Factory usually works 8 hours a day, Monday through Friday. Workers get time and ½ for work over 8 hours per day. Olivia Bond works for Smith Chair and is paid a regular hourly rate of $12.46. One week she worked these hours: Monday, 4; Tuesday, 8 ½; Wednesday, 12; Thursday, 11; Friday, 9. During the week Olivia worked ______hours regular time, and ______hours overtime. Her total earnings for the week were $______.
Please calculate simple interest for the following questions.
58) $900 at 8 ½% for 26 months ______
59) $980 at 4 ¼ % for 33 mo. ______
Using bankers days and exact days, please calculate simple interest for the following:
Bankers Days Exact Days
Interest Interest
60) $3,000.00 at 5.25 % for 60 days ______
61) $8,640.00 at 13 ¾ % for 230 days ______
For the following questions, please calculate compound interest for all of the following without using the interest table.
62) $14,500 at 8% compounded annually for 3 years. ______
63) $1,950 at 7.5% compounded quarterly for 9 months ______
Find the due date for each of the following notes. (Assume February has 28 days.)
Date Issued Time Due Date
64) Feb. 12 1 month ______
65) March 31 3 months ______
66) April 14 68 days ______
67) July 31 7 months ______
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Find the number of days from . Number of Days
68) January 5 to March 12 ______
69) November 17 to January 28 ______
70) February 23 to May 5 ______
Name ______Score ______
Answer Sheet for March Review Packet
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