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Business Mathematics

MGT 110

Business Mathematics

MGT 110

Course Description

Prerequisite: MATH LEVEL 3 and READING LEVEL 2 and WRITING LEVEL 2. Covers principles necessary for an understanding of math of the business world. Includes various methods of computing interest and bank discounts; installment buying; F.I.C.A. Federal Income Taxes and other payroll deductions; markup, cost and selling prices; various wage payment systems; sales and property taxes; insurance; measures of central tendency; and an introduction to the metric system. (45-0)

Outcomes and Objectives

Demonstrate an understanding of Basic Arithmetic.

Objectives:

  • Add, subtract, multiply, and divide whole numbers.
  • Add, subtract, multiply, and divide fractions.
  • Add, subtract, multiply, and divide decimals.
  • Describe basic rounding rules.
  • Describe chain calculations.

Demonstrate an understanding of installment plans.

Objectives:

  • Define an installment plan.
  • Solve problems relating to installment purchases.
  • Calculate the annual percentage rate using the appropriate table.
  • Calculate rebates involving installment plans.

Demonstrate an understanding of Formulas, Ratios, and Percent.

Objectives:

  • Solve equation for one variable.
  • Carry out fraction, decimal, and percent conversions.
  • Set up and simplify ratios and proportions.
  • Describe the meaning of percent.
  • Solve percent equations.

Demonstrate an understanding of Trade, Quantity, and Sales discounts.

Objectives:

  • Define the basic terminology relating to commercial discounts.
  • Explain the purpose of commercial discounts.
  • Solve problems using trade discounts.
  • Solve problems using quantity discounts.
  • Solve problems using sales discounts.

Demonstrate an understanding of Pricing.

Objectives:

  • Define the basic terminology relating to pricing.
  • Solve for markons based on cost and selling price.
  • Solve for markdowns.
  • Solve for pricing situations involving shrinkage, irregulars, and planned markdowns.

Demonstrate an understanding of simple interest.

Objectives:

  • Describe simple interest.
  • Solve problems involving simple interest computations.
  • Differentiate between maturity and present value.

Demonstrate an understanding of compound interest.

Objectives:

  • Differentiate between simple interest and compound interest
  • Solve compound interest problems using the compound interest formula.
  • Solve compound interest problems using the compound interest tables.
  • Solve present value problems using the present value tables.
  • Solve problems involving daily and continuous compounding using the appropriate tables.
  • Differentiate between the nominal and effective rate of interest.

Demonstrate an understanding of annuities.

Objectives:

  • Differentiate between an ordinary annuity and an annuity due.
  • Solve problems involving ordinary annuities utilizing the appropriate table.

Demonstrate an understanding of the median, mean, mode and range.

Objectives:

  • Solve problems involving mean, median, mode and range.

Demonstrate an understanding of the metric system.

Objectives:

  • Describe the various metric units.
  • Solve problems involving conversions between metric units of length, area, capacity, and weight.
  • Solve problems converting between metric and English units.
  • Solve problems involving conversions between Fahrenheit and Celsius temperature scales.