Reaserching Gators

Real World Applications

You have just graduated from high school and planning to move out on your own. You have to get a job to pay the bills and plan a budget to take care all of your other basic needs. Work each of the situations carefully and give the answer that is best for each situation.

1. You have a chance to get a job at MelMax Enterprises. There you will work in sales. You will earn $245 a week plus $3.25 for each item sold. Create a chart and write an equation to show how you will get paid.

Items sold 0 1 2 3 4 5 6 7

Money earned

2. You see a house for sale listed at $78,500. A realtor can gives you several mortgage options for the house. 1) 25 yrs, at 6.7% 2) 30 yrs, at 5.6% and 3)50 yrs, at 4.1%. Find the interest that would be paid on each option to show which is the better deal.

3. To get to work you will buy a new car. The car cost $23,000. You elect to pay for the car over a 5 year period at a rate of 5.6%. Calculate the interest you will pay on the car then the total amount for the car. After you have found the total amount of the car calculate your monthly payments over the 60 months.

4. You went shopping to buy a new outfit for work. You see an outfit on sale for 40% off. If the original cost of the outfit is $160.00, how much will you pay for the outfit