Math 123
Fall 2018
Dr. Lily Yen
Quiz 3
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Score: /21
Problem 1: Answer the questions. Write out steps for each.
a. Convert the fraction one and three quarters into a percent.
. Find 35 % of 250.
c. If you want to give 24 jelly beans from a pile of 80 jelly beans, what percentage should
you give?
d. 98 is 49 % of what number?
e. When you ordered 200-dollar worth of food and drinks in Les Verses in Montreal, how
much in taxes do you need to pay? Hint: Québec has a 15 % service tax.
Score: /5
Problem 2: Solve for the indicated variable.
a. Solve for I in m = P+I
n
. Solve for x in (1.1)x = 5. Provide accuracy to two decimal places.
c. Solve for r in A = P (1 + r)t
Score: /7
Problem 3: Baby Nathanael was born in May this year. During the summer, his parents
won a lottery worth over ten million dollars. Suppose they would like to put aside part of
their winnings for Nathanael’s university education in a guaranteed investment certificate
(GIC) at 2.5 % compounded semi-annually. They would like to have at least $60 000 from
the entire GIC (interest plus principal) by the time Nathanael is ready for university in
September the year he turns eighteen. How much should they have invested in this GIC fo
him before September of this year?
Score: /3
Problem 4: Suppose you are given the principal of $12 400 you still owe in your home
theatre system last month at an annual interest rate of 12 %. Suppose the minimum monthly
payment is computed based on the finance charge plus 2 % of principal. Find this month’s
minimum payment due.
Score: /3
Problem 5: A new Tesla costs $ XXXXXXXXXXSuppose you take out an add-on interest loan fo
3 years at an annual interest rate of 5 %, what will be your monthly payments? Also find
the finance charges per month.
Score: /3
Page 2 Math 123
81-1s1rebwx.pdf
Chapter 8: Consumer Mathematics
8.1 Percents, Taxes, and Inflation
What does % mean? Remember that percent is literally translated as
divided by 100, so you just need to turn given fractions into anothe
fraction with 100 as its denominator, or vice versa. Let us train ou
skills on fraction, decimal and percent (all the same idea based on
fractions).
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fraction decimal percent
2
5
0.06
40%
0.375
3
200
0.3
5%
0.08
25%
3
8
3
1
8
%
2.5
1
1
3
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How about repeating decimals? In the last entry of the table, you
noticed that 1/3 was a problem because you can’t divide it perfectly.
When you can’t divide perfectly, then a fraction will turn into repeating
decimals because
You need a data bank of repeating decimals. Find 1/3, 1/6, 1/7,
1/9, and 1/11 as decimals.
Now try to fill the following.
fraction decimal percent
2
5
0.06
28%
0.6
7
20
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