Payment Plans + Review 2023

Front

What is the ownership percentage of Tim if he invests $143,000 with Tammy in a ratio of 4:8?

Back

33.33%

Front

How do you calculate gross pay for a week if you work 47 hours and earn $15.90 per hour with time and a half for overtime?

Back

Gross pay = (40 hours * $15.90) + (7 hours * $15.90 * 1.5) = $802.95

Front

What is the final payment required by Steph to avoid finance charges if she buys a $8725 bedroom set with a minimum monthly payment of $100 for 18 months?

Back

$7025.00

Front

How much is the down payment required for a house costing $250,000 with a 20% down payment requirement?

Back

$50,000

Front

What will Lisa have in her account after investing $2000 in a certificate of deposit at 4.2% interest compounded monthly for 3 years?

Back

$2268.07

Front

Define 'deferred payment plan'.

Back

A payment plan that allows a buyer to pay for a purchase over time, often with no immediate payment required.

Front

What is the formula to calculate the percentage of ownership in a partnership?

Back

Ownership Percentage = (Individual Investment / Total Investment) * 100

Front

What does 'time and a half' mean in terms of overtime pay?

Back

Time and a half means that employees earn 1.5 times their regular hourly wage for hours worked beyond the standard workweek.

Front

How do you calculate the total amount paid in a deferred payment plan?

Back

Total Amount Paid = Monthly Payment * Number of Months

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal * Rate * Time