Mathematics - MATH 101
Business Mathematics (3-0) 3 Cr. Hrs.
This course offers a review of fundamentals of arithmetic along with coverage of percentage, simple and compound interest, taxes, insurance, bonds and their applications to business practice.
(A requirement that must be completed before taking this course.)
- MATH 45 with a minimum grade of 2.0 or a minimum score of 16 ACT-Math, 22 SAT-Math, 60 CPT-Arithmetic or 240 NGA-Arithmetic.
Upon successful completion of the course, the student should be able to:
- Calculate basic arithmetic problems with whole numbers, fractions, decimals, percents and ratios.
- Solve algebraic equations and word problems.
- Use key terminology related to business mathematics.
- Balance a checking account.
- Compute gross pay, employee deductions and employer contributions.
- Solve problems involving simple and compound interest, promissory notes and present value.
- Calculate maturity dates, values and time periods related to loans.
- Calculate various types of discounts on invoices.
- Compute markup and markdown on items.
- Calculate present or future value of an annuity.
- Calculate amount of a sinking fund and amortization payment.
- Calculate payments and costs associated with both open- and closed- end credit.
- Determine the most cost effective mortgage based on the payment details and costs.
- Calculate depreciation using standard methods.
- Solve problems involving life, property and motor vehicle insurances.
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