§3.1–3 Content Check

  1. What is the difference between a flat tax and a progressive tax?
  2. Look this up: How much was the standard deduction on last year’s federal income taxes?
  3. A loan company charges $40 simple interest for a one month loan of $900. Find the monthly rate they are charging.
  4. Build a formula for the growth of $1000 deposited in a bank account offering 0.5% annual percentage rate, compounded monthly.