Financial Mathematics Exam 1(94.12)2022/2023 questions and answers

In 2019, the minimum wage in Arizona is $11 per hour. The total cost of renting a one-bedroom apartment in one city is $1410 per month. Without considering any other living expenses or deductions, could a person working 40 hours a week at the minimum wage cover the $1410 per month? Yes, they have $495.20 more than they need. Javier earns a base salary of $480 per month plus an 8% commission on his sales. Last month he brought in $22,000 in sales. How much was his total compensation? $2240 01:06 01:14 Katya has several sources of income, listed in the table. Which are considered earned income? Select all that apply. $1300 per month salary 2% commission on all sales $150 she earned from her website's ad revenue Which statement correctly explains whether Vicente will receive a refund? Vicente will get a refund of $85.50. A state charges an 8.5% sales tax and a 10% excise tax on gasoline. Nandin purchased $25 of gasoline before taxes were added. How should Nandin find the total tax on his purchase? Multiply 25 by 0.085, then multiply 2525 by 0.1, and then add the two sums. David wants to rent out his house, and he can list it as either a short-term vacation rental or yearlong lease. He lives in a quiet university town. Similar short-term rentals on the market average $120/night, and similar yearlong leases average $900/month. Based on the number of short-term rentals needed to match the revenue of a lease and the likelihood of finding enough renters, should David plan on short-term vacation renters or a long-term lease? David needs 7-8 short-term rentals monthly to match revenue from a lease. College students need long-term housing, so he should lease his home. Anika receives $0.11 in royalties each time her new song is played on the radio, and $0.38 in royalties for each digital download from a website. During January, her song was played an average of 150 times per day and downloaded a total of 3100 times. Approximately how much did Anika receive in royalties? Note that January has 31 days. $1690 Robin was just hired at Groceries & More as a cashier. She is paid $9 an hour. She works 30 hours a week and is going to save all her money to buy a new computer that costs $1200. The amount of deductions from her weekly paycheck is $27. How many weeks will Robin have to save to buy the new computer? 5 Patrick's gross earnings for the week are $1592.45. His deductions comprise 26% of his total compensation. What is his net pay? $1178.41 What percent of Mark's pay do his deductions comprise XXX 15.93 What is Cindy's net income on each paycheck? 1124.76 Part of Rafael's monthly pay stub is shown. Based on these deductions, what was his net pay 3031.72