Mathematics of Personal Finance

Unit 6: Fractions

Important Questions:

1. Jessica bought 8/9 of a pound of chocolates and ate 1/3 of a pound. How much was left?

2. Tom bought a board that was 7/8 of a yard long. He cut off 1/2 of a yard. How much was left?

3. Sam rode his bike 2/5 of a mile and walked another 3/4 of a mile. How far did he travel?

4. Sally walked 3/4 of a mile before lunch and 1/2 of a mile after lunch. How far did she walk in all?

5. Don bought 3/4 of a pound of jellybeans and 5/8 pound of gummy bears. How much candy did he buy?

6. The track is 3/5 of a mile long. If Tyrone jogged around it twice, how far did he run?

7. Stanley ordered two pizzas cut into eighths. If he ate 5/8 of a pizza, how much was left?

8. Which apple weighs more, one that weighs 2/3 of a pound or one that weighs 5/6 of a pound?

9. Sandra bought 2¾ yards of red fabric and 1¼ of blue. How much cloth did she buy in all?

10. An equilateral triangle measures 3½ inches on one side. What is the perimeter of the triangle?

11. Cole used 2/3 of a cup of frosting to decorate some cupcakes. He divided all the frosting equally among 4 cupcakes. How much frosting did Cole use on each cupcake?

12. A veterinarian divided 4/5 of a bottle of medicine equally among 4 sick cats. How much did she give each sick cat?

13. A pizza restaurant used its final 1/2 of a liter of pizza sauce to make some pizzas. They put 1/8 of a liter of sauce on each pizza. How many pizzas did they make?

14. An artist made a sculpture out of fabric and wire supported by sections of plastic pipe. She used 5/6 of a yard of plastic pipe divided into 5 equal pieces. How long was each piece?

15. Jason grew tomatoes this summer and used them to make 3/4 of a gallon of tomato sauce. He split it into 3 equal portions to freeze for using later. How many gallons was each portion?

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Unit 7: Computing Area and Household Equations

Important Questions:

1. Given a circle with the radius 3cm. Find its area. Take π = 3.14.

2. Given a parallelogram with the base 5in and the height 3in. Find the area of this parallelogram.

3. Given a triangle with the base 4cm and the height 2cm. Find its area.

4. Given a trapezoid with the height of 4in, and two parallel sides of 2in and 3in respectively. Calculate its area.

5. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . Be sure to do the 7 questions on: Volume with unit cubes 1

6. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

7. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

8. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

9. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

10. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

11. Answer the following website: https://www.khanacademy.org/math/geometry-home/geometry-volume-surface-area . See above khanacademy website for questions.

12. Find the simple interest on Rs. 68,000 at 16(2/3)% per annum for a period of 9 months?

13. Khan borrows some money at the rate of 6% p.a. for the first two years. He borrows the money at the rate of 9% p.a. for the next three years, and at the rate of 14% per annum for the period beyond five years. If he pays a total interest of Rs. 11400 at the end of nine years, how much money did he borrow?

14. The simple interest on a certain sum of money for 2(1/2) years at 12% per annum is Rs. 40 less than the simple interest on the same sum for 3(1/2) years at 10% per annum. Find the sum.

15. A man took a loan from a bank at the rate of 12 % p.a. simple interest. After three years he had to pay Rs. 5400 interest only for the period.

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Unit 8: Real Estate Math

Important Questions:

1. How much money must be loaned to receive $15,000 if the money is loaned for five years at 12% interest?

2. Mr. Johnson bought a house for $64,500. He later sold the house and broke even, after paying 8% of the selling price in commission, and escrow fees. How much had the lot increased in value?

3. Steve sold his home which had no loans against it. He received a settlement check from escrow for the amount of $96,400 after paying escrow fees of $1,365.00 plus a 6% real estate broker's commission. What was the selling price?

4. What is the salesman's 40% of a 6% commission on a $32,000 sale?

5. Ted paid $85,000 for a house, putting up a 15% cash down payment and borrowing the balance at 8.5% interest. The loan is payable over 30 years with monthly payments of $560, including principal and interest. If Ted makes the payments as scheduled, the percentage that the original cost of the house increased because of the use of credit is?

6. A $5,000 investment at 10% interest compounded annually earns how much in three years?

7. How much interest would a $6,000 loan earn in five years at 10% simple interest?

8. An agent lists a seller's house for 6 percent commission. The final agreed sales price is $205,000. How much commission did the seller pay?

9. Hector and Maria Hernandez have paid a total of $10,500 in mortgage interest and $1,500 in property taxes in this tax year. If they are in the 28% tax bracket, their tax savings is:

10. Cindy purchased a lot for $40,000. She has been asked to build an apartment house with a projected income of $20,000 per year. Her accountant estimates all expenses, including proper management, repairs, etc., to be $12,000 per year. Cindy wants a 10% return on her investment. Which of the following is nearest to the amount she can afford to pay for the erection of the building?

• $110,000

• $50,000

• $120,000

• $100,000

11. A building that has an effective gross income of $65,000 and total operating expenses of $6,500 has a net income ratio of:

• .16

• .19

• .90

• .10

12. In order to be able to earn $90.00 per month from an investment that yields a 6% return, you must invest?

• $9,000

• $18,000

• $2,500

• $15,000

13. A buyer is obtaining a conventional loan that requires 29/33 ratios. He earns $75,000 a year, and has a $450 car payment. What is his maximum PITI payment?

• $1,812.50

• $21,750.00

• $1,612.50

• $2,475.00

14. If building costs increase by 15%, the purchasing power of the investment dollar decreases by:

• 13%

• 20%

• 25%

• 33-1/3%

15. Lynn sold a home for $27,000. She made a 15% profit. What did the home cost?

• $18,333

• $20,000

• $20,833.33

• $23,478

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Unit 9: Fundamental Finance

Important Questions:

1. Raphael Winston is paid $15.60 for each hour he works. What is his gross pay for a week in which he works 43 hours?

2. Penelope Schoneberg's overtime is figured on a 40-hour week. Last week she worked 45.6 hours. This week she worked 9.7 hours on Monday, 8.3 Hours on Tuesday, 8 Hours on Wednesday, 9.1 hours on Thursday, and 8.6 hours on Friday. How many overtime hours did she work in the two weeks?

3. Eddie Fantin is paid every two weeks. For the first week of his pay period he worked 42 hours, 4 of which were overtime hours. In the second week he worked 40 regular hours and 7 overtime hours. His regular pay rate is $14.40 an hour with time-and-a-half for overtime. What are his regular, overtime, and total wages for two weeks?

4. Karolyn Yoder is paid a salary of $4,600 a month. What are her total annual earnings?

5. Gaston Kohl is paid a straight commission of 6.5% on all sales. In March his sales were $105,000. What were his commission earnings in March?

6. Doris Bommarito is paid a commission of 1.4% on all monthly sales above $80,000. Her sales for November were $382,000. What commission amount did she earn for the month?

7. Steven Kahn is paid $4.25 for each wooden duck he paints that passes inspection. What is his pay on a day when he paints 38 ducks, 2 of which were rejected?

8. What tip will Brady get if a customer adds a 15% tip to his $18.52 meal cost?

9. Amanda delivers newspapers to subscription customers. She receives an average annual tip of $12 from her 156 customers. What is her tip income for the year?

10. The average annual pay of 4 construction workers is $46,800. Three of the workers earned these annual announcements of pay: $44,200; $47,450; $45,900. What was the annual pay of the fourth worker?

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Unit 10: Personal Finance, taxes, housing and loans

Important Questions:

1. What will my mortgage rate be today (Google it)?

2. How long is my mortgage rate good for that you just looked up?

3. How do you calculate a mortgage payment?

4. What is a refinance?

5. What is PITI?

6. How much are closing costs and what is it?

7. What is an FHA loan?

8. If your loan amount is $200,000 and you are being charged 1 point. What amount of money is that?

9. What is the difference between a 15 year adjustable rate mortgage and a 30 year fixed rate?

10. Is there anything we can do to increase my credit score to get a better rate?

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