## 02 Jul consumer mathematics related

Question Description
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.

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