02 Jul consumer mathematics related
Option #1: Consumer Mathematics Option 1
Question #1 – Income Tax
Compute the FICA taxes for a self-employed individual who make an annual net profit of $153,000. If the same person’s net income was reduced to $103,000, what would be the FICA taxes for those earnings?
Question #2 – Annuity Payment
Jake is saving money for a down payment on a car. He needs $1,800 in 10 months to make his down payment and is saving money in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that Jake make monthly investments, what annuity payment must Jake make to save enough for his down payment?
Question #3 – Mortgage Financing
Paul wants a home that costs $195,000. He wants to finance the home for 15 years with a 5% annual rate mortgage. He plans to pay $60,000 as a down payment. Calculate his projected monthly mortgage payment.
•Show all your work so that the instructor clearly sees how you solved the problem.
•Make sure your final answer is clear and visible.
Must present solution in a word document.
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