Financial Planning

Business Math Midterm Review Sheet

Simple Interest:
Principal
$1359

Rate
4.3%

Time
2 years

Interest
$

$1295

2%

3 years

$869

1.4%

1 year

$1642

3.2%

2 years

$475

3%

6 years

Compound Interest
1. Principle Amount $12,000
$_____________
Annual Rate: 3.5%

Total Amount:

Compounded annually for 3 years

2. Principle Amount $9792

$_____________
Annual Rate: 4%
Compounded semi-annually for 2 years

Total Amount:

Convert the following decimals to percentages:

a. .235

_________

b. 0.834 _________
c. 1.246 _________
d. 25.964

_________

e. 0.587 _________

Rounding
f. 56.98023

____________

g. 3.89

____________

h. 123.7392

____________

i.

92.894

____________

j.

7.8345

____________

Writing Numbers
Write the number in word form
1.

645,702

________________________________________________

2. 2,342,201

________________________________________________

3. 4.47

________________________________________________

4. 2,642.05

________________________________________________

5. 3,871.17

________________________________________________

Write the word form in numbers

1. One hundred forty

____________

2. Ninety-five thousand, two hundred fifty

____________

3. Seventy-three and seventy-two hundredths

____________
4. Five thousand, six hundred and thirty-four hundredths

____________
5. Six billion and thirty-four hundredths

____________

Convert the following percents to decimals:

a. 527% ________
b. 16% ________
c. 926% ________
d. 9%

________

e. 70%

________

Sales Tax: Complete the following tax problems. Use the NJ 7% tax rate to
find the final cost of these products:

a. 20oz Sprite $1.69

$______________

b. Meed Spiral Notebook $4.67

$______________

c. iphone Cell Phone $324.95

$______________

d. Northface Backpack $52.88

$______________

Counting Change:
1. 7 ones, 1 dime, 3 nickel and 3 penny equals? ___________
2. 4 five, 3 ones, 1 quarter, 3 dime and 3 pennies? ____________
3. 3 five, 4 dime and 2 pennies? _______________

Tipping Problem:
Ava and Jude ordered the following at the pizza restaurant where service
was adequate:
1 Chicken parm hero
$7.50
1 Cheese steak deluxe
$8.50
1 Large house salad
$7.50
1 Dr. Pepper
$2.20
1 Iced Tea
$3.00
1 Apple pie
$4.50
1 Vanilla ice cream
$3.50
$ What is the subtotal amount? $
$ What is the sales tax amount at 7%? $
$ What is the tip amount at 15% of the subtotal? $
$ What is the total bill? $
They split the bill what is each persons portion? $

Rule of 72
1. You want to know how long it will take for $500 to double in value. Use the
rule of 72 to determine how long it will take to double your money assuming
your earn a 10% interest.

Answer:

72/10 = 7.2 years