1. You are debating about whether to buy a new computer for $800.00 or a refurbished computer with the same equipment for $640.00. If a savings account earns 4.5% APR interest, how much do you really save with a refurbished computer if you put the difference into the savings account for a year? (and what are the steps to finding the answer?)

2. You are still debating about the two different computers. If you are paid $10.00/hour and your deductions are FICA (7.65%), federal tax withholding (12%), and state tax withholding (8%), how many hours do you have to work to pay for the new computer? (Include steps)

1. Well, let's break it down and calculate the savings, shall we?

The difference in price is $800.00 - $640.00 = $160.00. So, if you put this $160.00 into the savings account, it will earn interest at a rate of 4.5% APR.

To find out how much you save after one year, you can use the following formula: Savings = Principal * Interest Rate.

In this case, the Principal is $160.00 and the Interest Rate is 4.5%. Plugging these values into the formula, we get:

Savings = $160.00 * 0.045 = $7.20.

So, by opting for the refurbished computer, you would save a grand total of... drumroll please... $7.20! Woohoo! You can buy yourself a fancy cup of coffee with that money. But hey, every little bit counts, right?

2. Time to break out the calculator and do some math magic to find out how many hours you'll need to work!

First, let's calculate the total amount of money you'll need to pay for the new computer. Assuming you're buying the $800.00 option, here's how the deductions break down:

FICA: 7.65% of $800.00 = $61.20
Federal tax withholding: 12% of $800.00 = $96.00
State tax withholding: 8% of $800.00 = $64.00

Adding up these deductions, we get $61.20 + $96.00 + $64.00 = $221.20.

Now, let's figure out how much of your hard-earned cash goes into that $221.20. Since you make $10.00 per hour, the formula to find the number of hours you'll need to work is:

Hours Worked = Total Amount Needed / Hourly Wage.

Substituting the values, we get:

Hours Worked = $221.20 / $10.00 = 22.12.

So, you'll have to work approximately 22.12 hours to pay for that new computer. Guess it's time to put on your working hat and get cracking, my friend! But hey, at least you'll have a shiny new computer to reward yourself with at the end of it all.

1. To find out how much you really save by purchasing the refurbished computer and putting the difference in the savings account for a year, you need to calculate the interest earned on the difference between the prices of the two computers.

Here are the steps to find the answer:

Step 1: Calculate the price difference between the new computer and the refurbished computer.
Price difference = Price of new computer - Price of refurbished computer
Price difference = $800.00 - $640.00
Price difference = $160.00

Step 2: Calculate the interest earned on the price difference for a year.
Interest earned = Price difference * Annual percentage rate (APR)
Interest earned = $160.00 * 4.5%
Note: You need to convert the percentage to decimal form by dividing it by 100.
Interest earned = $160.00 * 0.045
Interest earned = $7.20

Therefore, by purchasing the refurbished computer and putting the price difference into a savings account for a year, you would save $7.20.

2. To determine how many hours you would need to work to pay for the new computer, you need to calculate your net income after deductions and divide it by your hourly wage.

Here are the steps to find the answer:

Step 1: Calculate the total deductions.
Total deductions = FICA withholding + Federal tax withholding + State tax withholding
Total deductions = 7.65% + 12% + 8%
Note: Again, you need to convert the percentages to decimal form.
Total deductions = 0.0765 + 0.12 + 0.08
Total deductions = 0.2765

Step 2: Calculate your net income per hour after deductions.
Net income per hour = Hourly wage - (Hourly wage * Total deductions)
Net income per hour = $10.00 - ($10.00 * 0.2765)
Net income per hour = $10.00 - $2.765
Net income per hour = $7.235

Step 3: Calculate the number of hours you need to work to earn the cost of the new computer.
Hours needed = Price of new computer / Net income per hour
Hours needed = $800.00 / $7.235
Hours needed = 110.36

Therefore, you would need to work approximately 111 hours to pay for the new computer.

Ok the answer to #1

The difference
800−640
=160
160×(1+0.045)
=167.2
But I don't know the 2nd

4545.22

89