## MTH 132 - Business Mathematics at Virginia Western Community College

### Course Description

Effective: 2017-08-01

Provides instruction, review, and drill in percentage, cash and trade discounts, mark-up, payroll, sales, property and other taxes, simple and compound interest, bank discounts, loans, investments, and annuities. This course is intended for occupational/technical programs.

Lecture 3 hours. Total 3 hours per week.

3 credits

### General Course Purpose

This course is intended for students entering degree and certificate programs in accounting, administrative support, business management, marketing or similar fields. It provides instruction of business concepts dependent on mathematical skills for understanding and application.

### Course Prerequisites/Corequisites

Prerequisites: Competency in MTE 1-3 or as demonstrated through placement or unit completion or equivalent or Corequisite: MCR 8

### Course Objectives

- Communication
- Interpret and communicate quantitative information and mathematical and statistical concepts using language appropriate to the context and intended audience.
- Problem Solving
- Make sense of problems, develop strategies to find solutions, and persevere in solving them.
- Reasoning
- Reason and draw conclusions or make decisions with quantitative information.
- Evaluation
- Critique and evaluate quantitative arguments that utilize mathematical, statistical, and quantitative information.
- Technology
- Use appropriate technology in a given context.
- Communication and Basic Skills
- Solve application problems by interpreting the materials presented, including determining the nature and extent of the information needed, and present the answer in standard English.
- Estimate and consider answers to mathematical problems in order to determine reasonableness.
- Correctly calculate sums, differences, products and quotients of whole numbers, fractions and mixed numbers, and decimal numbers without the use of a calculator.
- Perform basic calculator operations.
- Solve a formula for any specified variable.
- Convert decimal numbers and fractions to and from percents.
- Banking Applications
- Solve word problems using the basic percentage formula.
- Identify the component parts of a check, check stub and deposit slip.
- Perform simple banking transactions, rectify bank statements.
- Calculate simple interest, compound interest and simple discount.
- Use the formulas for maturity value and present value for simple interest loans.
- Use tables to calculate present value and future value.
- Find the monthly mortgage payment, interest and PITI and prepare a partial amortization schedule.
- Calculate sales, property, loans with closed-end credit and open-end credit.
- Taxes
- Calculate Payroll, income taxes.
- Calculate gross earnings based on salaries, commissions and wages.
- Calculate overtime earnings for wages, salaries, and commissions.
- Calculate State withholding taxes.
- Calculate FICA and Medicare taxes for employees and self-employed individuals.
- Calculate Federal withholding taxes using the wage bracket and percentage methods.
- Calculate an employer's Federal Tax Liability.
- Business Applications
- Complete an invoice.
- Calculate the selling price for an item using markup and markdown.
- Use the basic percentage formula to calculate trade, chain, quantity and cash discounts, and net cost.
- Use complements to calculate net cost.
- Calculate the equivalent single discount for a series discount.
- Determine the last date of a discount period.
- Calculate the selling price for an item using markup and markdown.
- Determine the break-even point and the amount of a profit/loss.

### Major Topics to be Included

- Communication and Basic Skills
- Banking Applications
- Taxes
- Business Applications