1. What Are the Weekly Wages for 40 Hours of Work at an Hourly Rate of $8.50? _C_

Name ______Date ______

Consumer Math Midterm Review 2011-2012

(Chapter 1)

1. What are the weekly wages for 40 hours of work at an hourly rate of $8.50? ___C___

A.) $34.00 B.) $68.00 (40 x 8.50 = 340.00) C.) $340.00 D.) $3400.00

2. Estimate the annual wages (x 2,000 hours) for a person who earns $15.00 an hour.

_____A______(2000x15.00 = $30,000) A.) $30,000 B.) $45,000 C.) $55,000 D.) $60,000

3. A nurse worked from 8:15 A.M. until 11:30 A.M. and 12:30 P.M until 4:15 P.M. Calculate the total number of hours worked. ______A ______

A.) 7 hr. B.) 7hr 30 min. 3 hours 15 min = C.) 7hr 45 min. + 3 hours 45 min = 6 hours 60 min = 6 hours +1 hour = D.) 8 hr. = 7 hours

4. A person has a gross pay of $267.99. Her deductions are $98.65, $14.77, $3.67, $.87, $2.00 (subtract)

Her net pay is: ______$148.03______

1 Name ______Date ______

Consumer Math Midterm Review 2011-2012 5. Complete the chart below:

Total Sales (x) Rate of Total Salary Earned Earnings Commission = Commission= $ (+) $ $ =$ $28,540 3.2% $913.28 $475 $1388.28 $453,000 7.3% $33,069 $205 $33,274.00 $8,014 4.4% 352.62 $442 $794.62

Example – first one - 28,540 x 3.2% = $913.28 + 475 = $1388.28

(Chapter 2)

1. What is the unit price for these items?

Item A B C D E Size: 17 oz. 16 oz. 13 oz. 12 oz. 20 oz. Price: $3.89 $3.29 $3.59 $2.90 $3.90 Cost 2.9¢ 20.6_¢_ ___27.6 ¢ ____24.1_¢______19.5_¢_____ per ounce: Example – first one - 389÷17 = 2.9¢ per ounce (leave the decimal out of the dollar amount)

2.) What is the best buy in question # 8? ______E_____(the lowest price)

3.) Your lunch bill totals $9.30, including 45¢ for tax. About how much extra should you leave for the server if you want to tip 15%? _____C______

A.) $0.50 ($9.75 + .45 = 9.75 x 15% = $1.46 - round up to $1.50) B.) $1.00 C.) $1.50 D.) $2.00

2 Name ______Date ______

(Chapter 3)

Consumer Purchases Cost Total Sales Amount Paid Tax Molly Boots $76.00 $181.00 None $181.00 Raincoat $105.00 Pedro 3 pairs of $159.50 6% = 9.57 $169.07 Pajamas @$33.50 Robe, $ 59.00

2.) Please fill-in the order form for Jake:

He wants to buy 1 Mineral short-sleeve pocket T-shirt – size large, and one grey long-sleeve - size Medium.

Men’s CoolGuy T-shirts in Grey, White, Blue, Black or Mineral Short-sleeve pocket #7264 $30.00 Short-sleeve #2286 $25.99 Long-sleeve #2285 $32.50

Item # How Color Size Description Amount Many 1. 7264 1 mineral L Short sleeve $30.00 pocket 2. 2285 1 Grey M Long sleeve $32.50 pocket

Total of $62.50 Merchandise Add 8% $5.00 sales tax Shipping and $5.95 Handling Total $73.45 Amount

3 Name ______Date ______

3.) Please complete the chart below and assume the cardholder has only paid the Minimum Payment.

Cardholder Current Minimum Unpaid Monthly Interest New Balance Payment Balance Interest Cha88.91rge Balance (-) (=) (x) Rate (+) (=) (=) 1. Mark $3567.99 $45.00 $3522.99 1.5% $52.84 $3575.83 2. Kelly $112.68 $25.00 $87.68 1.4% $1.23 $88.91

Example – first one – 3567.99 – 45 = 3522.99 x 1.5% = 52.84 + 3522.99 = $3575.83

4.) Please complete the chart for a Lay-away item. Item Cost Deposit Amount of Remainder (x) (=)Deposit (-) Due 1. Dress $75.00 15% $11.25 $63.75 2. Shoes $52.00 20% $10.40 $41.60

Example – first one – $75.00 x 15% = 11.25 ; 75.00 – 11.25 = $63.75

(Chapter 4)

1. If they consider the amount you should pay for rent to be about 1 week’s income, and there are about 4.3 weeks in a month, how much should Mary pay for rent if she makes $1350.00 a month? (Round your answer to the nearest dollar) ______B______

A. $320.00 1350 ÷ 4.3 = 313.95 (rounded = $314.00) B. $314.00 C. $328.00 D. $310.00

4 Name ______Date ______

Consumer Math Midterm Review 2011-2012 2. If Mike makes $2450.00 in a month and designates these percentages for each category of his budget, how much will he spend on each?

A. Housing – 28% -_$686.00_ Example – first one 2450 x 28% = $686.00

B. Food - 23% - ______$563.50______

C. Cars – 20% - ______$490______

D. Clothes – 15% - ______$367.50______

E. Health Insurance – 7% ______$171.50_____

F. Savings – 5% - ______$122.50______

G. Miscellaneous – 2% - _____$49.00______

3.) List 5 things that you may want to ask about if you were looking for an apartment: Examples:

A. ______How much is the rent?

B. ______How much security deposit?______

C. ______Parking? Cost extra?______

D. ______Pets Pay extra?

E. ______utilities – included in rent?______

4.) If you earned $1,500 a month, how large a mortgage could you get? (x 2.5) _C___

A.) $18,000 1500 x 12 month x 2.5 = $45,000 B.) $36,000 C.) $45,000 D.) $54,000

5 Name ______Date ______

Consumer Math Midterm Review 2011-2012 5.) Please use the chart below to answer the following questions:

Monthly Payment to Amortize (Repay) a Loan per $1,000. Rate Term Term Term 20 Years 25 Years 30 Years 7% $7.75 $7.07 $6.65 10% $9.65 $9.09 $ 8.78

1. $168,000 at 7% for 20 years ___7.75_____x 168 (168,000 ÷ 1,000) x 12months x 20 years) = ______$312,480_____

2. $295,000 at 10% for 30 years ___8.78__x 295 x 12 x 30_=___$932,436______

(Chapter 5)

1.) Find the total Interest paid for each purchase:

Cash Price Down Amt. to Monthly Months Total Total Paid Payment finance Payment to Pay Paid (-) Amt. to (-) (=) (=) Finance= (x) (Total Interest) 1.) $5,601.00 $89.00 $5512.00 $152.23 40 $6089.20 $577.20 2.) $5,398.00 None $5398.00 $128.20 46 $5897.20 $499.20 3.) $8,798.00 $99.00 $8699.00 $185.25 52 $9633.00 $934.00

Example – first one $5601.00 - $89.00 = $5512.00; $152.23 x 40 = $6089.20 - $5512.00 = $577.20

2. ) What is the cash price for a car if the list price is $18,500 and the trade-in value is $1,500? ______B______

A.) $16,500 B.) $17,000 $18,500 - $1500 = $17,000 C.) $17,500 D.) $20,000

6 Name ______Date ______

Consumer Math Midterm Review 2011-2012 3.) Find the deferred price for a car with a cash price of 15,867 with a down payment of $3,175.00, and 60 Monthly payments of $184.49. _____D ___

A.) $368.33 60 x $184.49 = $11,069.40 + $3,175.00 = $14,244.40 B.) $11,069.33 C.) $12,701.00 D.) $14,244.40

4.) What is the total cost of a used car that sells for $6,399 if the dealer offers the buyer $299 on a trade-in car? ______$6,100.00_____($6,399 - $299.00 = $6100.00)

5.) Compute the total amount paid for a used car with the following financing arrangements: The buyer agrees to pay $89.00 down plus $128.57 per month for 36 months. _$4717.52______($128.57 x 36 = $4628.52 + $89.00 = $4717.52)

6.) What is the deferred cost of a car if the down payment is $299, and the monthly payments are $165 per month for 48 months? _$8219.00__($165.00 x 48 = $7920 + $299.00 = $8219.00)__

7. ) Stan has a good driver discount on his insurance policy. Compute his actual premium if he pays 86% of the $279.00 regular premium rate. ______$239.94______279.00 x 86% = $239.94

8.) What kind of car would you like to buy? ______

1. What Are the Weekly Wages for 40 Hours of Work at an Hourly Rate of $8.50? ___C___

1. What Are the Weekly Wages for 40 Hours of Work at an Hourly Rate of $8.50? _C_