1.The tax rate on Jerome Jame's $112,000 vacation home is 25 mills. The property is assessed at full value. How much will Jerome pay in taxes this year?
A. $7,800
B. $28,000
C. $780
D. $2,800
2.At a certain university the student to teacher ratio is 16:1. If there are 2,000 students enrolled, how many
teachers must be employed to maintain this ratio?
A. 200
B. 125
C. 28,000
D. 215
3.John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and
make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to
what actual yearly rate of interest?
A. 33%
B. 63%
C. 36%
D. 3.6%
4. Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of
$34. What actual yearly interest rate did Noel pay?
A. 68.75%
B. 34.38%
C. 29.09%
D. 14.55%
5.The gross income of Abelina Bennett is $215 per week. Her deductions are: $15.16, FICA tax; $29.33,
income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income?
A. $202.10
B. $157.61
C. $170.51
D. $57.39

1) 25 mills mean 25 per 100.
112,000 / 100 = 1,120 * 25 = 28,000
2) 16:1 ratio students to teacher. 2,000 students
2,000 / 16 = 125 teachers needed
3) & 4) I'm not sure of my answer.
5)
Gross income : 215
Fica tax: 15.16
income tax: 29.33
state tax: 2% of 215 = 4.30
city tax : 1% of 215 = 2.15
retirement fund: 3% of 215 = 6.45
total deduction: 57.39
net income = 215 - 57.39 = 157.61

## Answers

## JamieJamieJamie

1) 25 mills mean 25 per 100. 112,000 / 100 = 1,120 * 25 = 28,000 2) 16:1 ratio students to teacher. 2,000 students 2,000 / 16 = 125 teachers needed 3) & 4) I'm not sure of my answer. 5) Gross income : 215 Fica tax: 15.16 income tax: 29.33 state tax: 2% of 215 = 4.30 city tax : 1% of 215 = 2.15 retirement fund: 3% of 215 = 6.45 total deduction: 57.39 net income = 215 - 57.39 = 157.61

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