If you want to make a 20% profit from 200 shillings, what price do you place on your goods?
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- You are shopping and see an item that is normally priced for $900 on sale for 45% off. However, you have a coupon for an additional 25% off. (The cashier will apply your coupon to the sale price, not the normal price.) What is the final cost of the item (before sales tax) after the sale and coupon discounts? Ans: The final cost is $how did you get the $239.50?If money is worth more than 0% to you, would you rather receive $10,000/year for 5 years or receive $5,000/year for 10 years? What is your preference if you must pay these amounts, rather than receive them?
- Suppose you want to buy a new house. You currently have $20,000, and you figure you need to have a 10% down payment plus an additional 5% in closing costs. If the type of house you want costs about $150,000 and you can earn 8.5% per year, how long will it be before you have enough money for the down payment and closing costs?How much do you need to save each year for 30 years in order to have $775,000, assuming you are investing the money in an account that earns 8%? How much of the $750,000 comes from principal (you’re out of pocket costs)?Suppose that your car should be sold now for $5000. Is this a sunk cost? Give the explanation.
- Suppose you want to buy a new house. You currently have $15 000 and you figure you need to have a 10% down payment plus an additional 5% of the loan amount in closing costs. If the type of house you want costs about $150 000 and you can earn 7,5% per year, how long will it be before you have enough money for the down payment and closing costs?Pierre Martina is comparing the cost of credit to the cash price of an item. If Pierre makes a $150 down payment and pays $37 a month for 24 months, how much more will that amount be than the cash price of $752? (Input the amount as a positive value.)Let's try some questions: Fred buys a new truck by paying $15,000 cash and trading in his old truck ($10,000 market value). What is the cash equivalent price of the truck?
- What is the relationship between present value and future value? • Suppose you need $15,000 in 3 years. If you can earn 6% annually, how much do you need to invest today? • If you could invest the money at 8%, would you have to invest more or less than at 6%? How much?How much do you need to save each year for 30 years in order to have $775,000, assuming you are investing the money in an account that earns 8%? How much of the $775,000 comes from contributions (your out of pocket costs)?You find a $50 USD bill in one of your parent’s old coats and they let you keep it. You decide to spend it on a pair of pants that normally cost $59.99 but are on sale for 30% off. Of course, you will also have to pay 8% tax. How much change (if any) will you get from the $50 USD bill?