i wrote some math problems for a tutoring session in Finance.
I tutor college freshmen and sophomores at University of Illinois Chicago, and I wrote some problems down. I have an answer key but I'd like to quadruple-check them. thank you in advance (Bow)
here goes! (Punch)
Q #1: Sales in Region A were $50,000 in the first quarter, while Region B's sales were double that amount. Region C sold 20% more than Region B. In the second quarter, sales increased by 15% for Region B, and Region A had 1.5 times as many sales as Region B. What were Region A's sales in the second quarter?
Q #2: Calvin’s current monthly mortgage payment is $1,580. Thirty percent of the payment is put into an escrow account to pay taxes and insurance. The rest of the money is used to pay his adjustable rate mortgage loan. Next year, the amount Calvin pays towards his loan will increase by 6.5%. What will his total new monthly mortgage payment be? (Assume that taxes and insurance payments will remain unchanged.)
Q #3: Juan earns $26,400 a year, and is paid twice a month. If he puts money into his company's medical savings program, the money he invests will be taken out of his gross pay, and will not be taxed. If Juan decides to put $40 per pay into his company's medical savings program, and his tax rate is 26% what will his new take-home pay be?
Q #4: Jackson just got a 30-year mortgage, and plans to pay $200 toward the principal each month. To pay the mortgage off 10 years early, how much more money does he have to pay on the principal each month? (Do not consider interest expense in your response).
Q #5: Beth saved $5,425 in five months. Each month she saved twice as much as she had the month before. How much money did Beth save in the second month?
Q #6: Last year, Carrie could only afford to pay the interest charges on her $4,700 credit card balance, so her balance did not change during the year. If she paid $23.50 in interest every month, what was her annual interest rate?
Q #7: 9 8 6 8 4 8 3 8 ____ 8
Q #8: General guidelines suggest that if more than 20% of your take-home pay goes to finance non-housing debt, or if your housing debt exceeds 30% of your take-home pay, you may be overextended. Sam has a gross salary of $46,000, of which 28% is withheld. She has monthly payments of $225 for an automobile loan and $190 for a student loan. Her rent is currently $850 a month. Given the general guidelines and Sams current situation, which of the following is true?
Q #9: Three sisters decide to invest together. They agree to share profits in the same ratio as their contributions. Katherine puts in $525, Vanessa puts in $1,600, and Veronica puts in $1,750. The sisters invested 25% of their money in Stock A, which they bought for $23.94 a share. They later sold the stock for $28.50 a share. They invested the rest of the money in a mutual fund.
Stock A increased in value by ______ %.
Q #10: 1515 is to 225, as
1414 is to 196, as
1313 is to _____
Q #11: Ronald took out an interest-free car loan for $10,950. In the first month, he paid his regularly scheduled payment. Starting with the second month, he decided to pay $150 more towards his car payment each month than he had paid the month before. If he paid off the loan in 10 months, how much was his regularly scheduled monthly car payment?
Q #12: 2 2 6 2 14 2 30 2 ____ 2
Q #13: Alex opened a new savings account and she planned to save $550 each month. She was, however, able to save more each month than she had originally planned. In fact, after 12 months (without considering interest) Alex's savings account will be three months short of twice the amount she originally thought she would save in twelve months. How much did Alex actually save each month?
Q #14: Shawn has a gross monthly salary of $4,200. He has a $325 car loan payment and a $230 student loan payment due each month. He also has two credit card loan payments each month, one of $187 and the other of $233. A bank will only give a mortgage loan if the total amount of monthly payments for all loans, including the mortgage, is no more than 36% of the monthly gross income. What is the maximum monthly mortgage loan payment for which Shawn can be approved?
Q #15: A company leases office equipment with an original price of $18,000 for $400 per month. The lease also has an option to buy. Fifty percent of the monthly lease price can be applied to the purchase price, up to 30% of the original sale price. If the company commits to purchase the equipment in less than 2 years, the original price will be reduced by 10%. How much will the company owe on the equipment if they buy it after 15 months?