
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
expand_more
expand_more
format_list_bulleted
Question

Transcribed Image Text:Form Three
Consumer Arithmetic Assignment
You are now twenty-six years old with a first degree, and a promotion at your company is
inevitable. With this promotion, your salary will be $ 4200.00 (XCD), before deductions, every
month. You are excited because the salary increase will enable you to possibly:
(a) Purchase a Toyota Aqua 2018 model
(b) Rent a studio apartment in the north
(c) All of the above.
In all this excitement, you need to remember that:
(1) your income tax is 10% of your gross income
(2) you pay $160 (XCD) to the National Insurance Cooperation (NIC)
(3) your health and life insurance policies amount to $140 (XCD)
(4) you pay $800 (XCD) monthly to "Bank of St. Lucia" for your student loan
(5) your postpaid cell phone bill with "Flow" is $115 (XCD)
(6) you spend an average of $800 (XCD) at the supermarket and $200 (XCD) at the
salon every month
(7) your Netflix monthly subscription is $7.99 (US)
(8) your Amazon Prime monthly subscription is $14.99 (USD)
(9) your Spotify monthly subscription is $10.99 (USD)
(10) you keep $200 (XCD) for emergency purposes
(11) you save 5% of your gross monthly salary at the Janou Credit Union
The conversion rate from USD to XCD is USD1 to XCD 2.7026.
Your parents have advised that based on your gross monthly income, you can afford all the
financial changes you would like to make. However, you must thoroughly investigate how you
can afford these financial changes for two years. Any lending institution you approach requires
your debt-service ratio to be 60%.
First, prepare a document that presents the following data:
Detailed information on:
(a) The total deductions that differentiate gross and net pay
(b) Purchasing a vehicle from an identified company using a specific lending institution.
Include insurance premiums, road tax, car servicing cost (four per year), and fuel.
(c) Renting a studio apartment that needs to be fully furnished with an average utility cost of
$300 (XCD) for water and electricity. Identify the furniture you need, where you intend to
purchase, and the most economical option.
Then, you need to compare the two options to determine which option is more financially
economical over two years. You need calculations to support your decision. Finally, given your
financial responsibilities and constraints, you will conclude what course of action is best for you
in the long term.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps

Knowledge Booster
Similar questions
- How should be the process to follow on this question, please? You buy 2,300 pens at the beginning of the school year. You estimate that 20% of them will have to be put on your "discount plate" at the end of the term on which everything is priced at $1. Generally, about 32% of the "discount plate" items will be damaged or broken and will have to be thrown away. The pens cost you $1.27 per pen and you want an average markup of 37% based on selling price. At what price must they start selling the pens?arrow_forwardTaxable Income: A woman earned wages of $48,200, received $1200 in interest from a savings account, and contributed $2900 to a tax-deferred retirement plan. She also had deductions totaling $6580. She was entitled to a personal exemption of $4,050 a standard deduction Find her gross income, adjusted gross income, and taxable of $6,300. income. Her gross income is A b. Her adjusted gross income is c. Her taxable income is Desk 1 Z Oarrow_forward(a) Mr. Price recorded a hilarious video on Tik Tok. Each day since then, the number of views was 7% less than the day before. Write an expression v (n) that represents the total number of views of Mr. Price's video n days after he recorded it. (Use a, in the expression to represent the total number of views on the first day.) v (n) =arrow_forward
- D2arrow_forwardIs there a way I could have Bartleby extend my help ? I could pay up front again. I got another homework due tomorrow..arrow_forward19. Lacey is standing on top of one of the tallest buildings in her town. She stands at the edge of the roof and drops a basketball. The ball falls 120 feet to the pavement below and begins bouncing. Each successive bounce is 20% shorter than the previous bounce. Which explicit formula describes this situation? an = 120(0.80)"-1 An 120(0.20)"-1 O an 120(80)"-1 an = 20(0.80)"-1arrow_forward
- What would Jeremy's taxable income be if he were to choose a standard deduction of $5700 instead of itemizing his deductions? Would it be higher or lower?arrow_forwardA job pays a salary of $45,000 the first year. During the next 25 years, the salary increases by 2,500 each year. What is the salary for this person over 20 years? Be sure to round your answer to the nearest cent and turn in all work giving mathematical evidence of your answer.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Advanced Engineering MathematicsAdvanced MathISBN:9780470458365Author:Erwin KreyszigPublisher:Wiley, John & Sons, IncorporatedNumerical Methods for EngineersAdvanced MathISBN:9780073397924Author:Steven C. Chapra Dr., Raymond P. CanalePublisher:McGraw-Hill EducationIntroductory Mathematics for Engineering Applicat...Advanced MathISBN:9781118141809Author:Nathan KlingbeilPublisher:WILEY
- Mathematics For Machine TechnologyAdvanced MathISBN:9781337798310Author:Peterson, John.Publisher:Cengage Learning,

Advanced Engineering Mathematics
Advanced Math
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Wiley, John & Sons, Incorporated

Numerical Methods for Engineers
Advanced Math
ISBN:9780073397924
Author:Steven C. Chapra Dr., Raymond P. Canale
Publisher:McGraw-Hill Education

Introductory Mathematics for Engineering Applicat...
Advanced Math
ISBN:9781118141809
Author:Nathan Klingbeil
Publisher:WILEY

Mathematics For Machine Technology
Advanced Math
ISBN:9781337798310
Author:Peterson, John.
Publisher:Cengage Learning,

