BUS 104 - Mathematics for Business
This course utilizes mathematical operations to solve practical business application problems which will develop a strong business mathematics and personal finance foundation. Students use arithmetic skills and equation solving techniques, exponential firnctions, arithmetic and geometric progressions, summation notation, and basic statistics. Students apply these to a variety of business-related tasks:
banking services, payroll calculations, taxes, risk management, mathematics of retailing, time value of money, stocks, bonds, insurance, financial statements, depreciation, inventory costs, stocks, bonds, metrii system and business statistics. The fundamentals of spreadsheet software will also be introduced.
Upon successful completion of this course, students should be able to:
Use arithmetic operations to balance a checkbook and reconcile a bank statement, apply the base, rate, portion formula in solving business problems, calculate trade and cash discounts on a bill, calculate markup and markdowns based on cost and selling price, calculate gross and net payroll figures, create four types of depreciation schedules including double-declining balance, calculate methods for valuing inventory including LIFO, FIFO and Weighted Average, define a mutual
fund and calculate net asset value.
Use equation solving skills to solve business problems.
Use arithmetic and geometric progressions to apply Time Value of Money (TVM) concepts to financial plans and decision making, compute finance charges in installment buying and revolving charge accounts, calculate simple interest, utilize the United States Banker Rule "US Rule" to calculate interest credits, read and interpret a simplified Balance Sheet, Income Statement and Ratio analysis, differentiate between interest-bearing and imputed-interest on noninterest
bearing notes, compare and contrast the comprehensive costs of home ownership vs renting, and calculate the current leld and the yield to maturity on securities.
Use summation notation to explain the "rule of 78" and utilize to compute rebates and payoffs and determine three types of "averages" (mean, median and mode).
Lecture Hours: 3
Course Prerequisites: MAT 060