# Hit 105 Math Exam

Topics: Price, Gross income, Income tax in the United States Pages: 6 (808 words) Published: April 16, 2012
Math for Business and Finance, HIT 105
Examination Number (06044200)

1)

Bank Balance 2,950.00
Less outstanding ck# 124 (1,080.00)
Less outstanding ck# 138 (720.00)

Book Balance 4,010.00
Less bank fee for checks (12.00)
Less bank fee for NSF (18.00)
Less ATM withdrawal (30.00)

2)

5E+7P = 85
P = 15-E
5E+7(15-E) = 85
5E+105-7E = 85
-2E = -20
E = 10
P = 5

3)

% age change = (1.59-1.10)/1.10 %
= 44.55%

4)
List price on Invoice with Chain Discount of 9/7= \$5000*.98*.91*.93 =4146.87 Freight charges paid by Lee = \$150
Total Payment = \$4296.87

5)
Price Pat Sullivan sell to her customers = \$85
Amount she paid to the trader = \$85 – \$ (45/100*85)
= \$46.75

6)
Gross Salary= \$1200.00
Less 6.2+1.45= 459.00
Less health insurance = 42.50
Federal Income Tax = 600.00 (10% gross salary)
Net Pay= \$4899.00

7)

PrincipalInterestTotal
After 15 days, \$8000 \$26.30137\$8026.30137
Less paid-2000
After 45 days \$6026.301\$39.625 6065.926365
-1000
5065.926365
After 60 days add interest\$5065.92616.6551 = \$5083
8)
Face value \$5000.00
Add interest for 120 days 131.5068
Maturity value 5131.507
Less discount amount 79.71409
Proceeds to Bob \$5051.79

9)
Value of 25000= 44896.41
Value of 40000 53603.83
Total value \$98500.23

10)
Deposits made by Roger Fax semi annually = \$900
Compounding rate = 6%
Number of deposits made by Roger after that= 0
After 8 years the balance in the account = (900(P/A, 6%, 14)) * (F/P, 6%, 16) = \$24676.55

11)
Total money borrowed by Dick Hercher without any interest = \$7000 Before the end of 14th Month the installments he has paid = \$190 * 14
= \$ 2660
So, final payment Dick will make = \$7000 - \$2660
= \$4340

12)

20% Down Payment 70,000
Loan Amount 280,000
Length of Loan25 Years
Monthly Principle & Interest (11%) \$2,744.32
Total cost of Interest \$543,294.98

13)
A.Net sales
Net sales = \$ 20900 - \$700 -\$950
= \$19250
B.Gross profit
Gross profit = \$19250 - \$7600
= \$11650
C.Total operating expenses
Total Operating Expenses = \$1288 + \$600 + \$1650 + \$2900 + \$900
= \$7338

D.Net Income
Net Income = \$11650 - \$7338
= \$4312

14)
Rate 0.2
At the end of year 1 20000
At the end of year 216000

15)
A.The number of paint sets in stock
Total paint sets in stock = 8 + 3 + 5 + 6 +10 – 21 = 11
B.The cost of ending inventory under LIFO
Total cost of inventory sold using LIFO = \$14.5
C.The cost of ending inventory under FIFO
Total cost of inventory sold using FIFO = 8(\$1.25) + 3(\$1.50) + 5(\$2) + 5(\$2.50) =\$37 Remaining Items cost = 1(\$2.50) + 10(\$3) = \$32.50
D.The cost of ending inventory under Weighted Average
=\$24

16)
Assessed value2000000
Tax rate 0.1051
Tax amount will be 210200

17)
Insurance Company20400 2400+10000+8000
Payment by Jim 12001000+200

18)
Total share’s = 200
Price for all shares = 200*\$22.35 = \$4470
After eight months,
Sale price of stock = (200*31.76) + 2% of \$4470 = \$6352 + \$89.4 = \$6441.40

19)
\$159390 is the mean
\$167500 is the median

20)
Price of Al’s garage = \$300,000
Al has a fire insurance policy of \$180,000 that contains an 80% coinsurance clause. If the damage is \$210,000
The payment paid by insurance company would be 80% of \$210,000 = \$168,000 In the case of coinsurance requirement, the payment that should be paid by the insurance company =\$180, 000 21)
Total cost of boat = \$19,500 + \$2500 =\$22,000
Total monthly installments = 36
Per month installment = \$22,000...