How many hours to you plan on working? Many salaries positions require you to work 50 to 60 hours per week. Decide on that number and then multiply that by 52... take that total and divide it into your 28,200 and you will have your hourly rate.
how many hours will you have to work a week? 40 hours a week? that would be 2080 hours a year and if you divide $28200 by 2080 you get something a bit over $10/hour, which is not much, because social security / medicare will be 7.5% off that, and you will pay some federal and state tax withholding. If it is a part time salary, then you are making over $10+ an hour
ousehold budget, you need to understand them. The good news is that if you approach them methodically, you will not only understand the calculations, you will also understand what really goes into an interest rate. It makes no difference whether you are calculating interest for a savings account, a credit card account, or corporate bonds; the calculations all derive from the same concepts. However, as more features or fees are added, calculations and payments become murkier. The key is to break down the calculation and understand the components. The approach outlined here will make the concept and calculations of annual interest rates much clearer.The best way to get comfortable with interest rates is to build from the simplest solution to the most complex. Therefore, you should start with a basic 1-year interest rate. This first example pays interest once a year and is compounded annually. The following components are involved: 1) Principal, which is the amount of money you start with; and 2) The interest rate you will be paid on your principal. The basic calculation is as follows: * Principal x Rate equals Interest Payment So, for example, if you have an interest rate of 5 percent and $1,000 worth of principal, you will do the following: * $1,000 x 0.05 equals $50What about using the same annual rate for multiple years? Anytime you compound your interest rate, you need to take into account the change in principal at each compounding date. This can be demonstrated by looking at a 2-year calculation broken down year by year. The calculation for the total principal and interest would be: * (Principal x Rate) plus Principal equals Total Payment Simplifying this, the calculation is: * Principal x (1 plus Rate) equals Total Payment Therefore, at the end of year one, the principal is: * $1,000 x 1.05 equals $1,050 For 2 years the total payment will be: * Year 1: $1,000 x 1.05 equals $1,050.00 * Year 2: $1,050 x 1.05 equals $1,102.50 Rather than recalculating the interest every year, the interest payment can be derived by multiplying the rate by the number of years and multiplying that result by the number of years. Putting that in a formula, it appears as follows: * ((1 plus r) to the power of Y) x Principal equals Total Payment Where r equals interest rate and Y equals the number of years. Therefore, based on the example above: * ((1 plus 0.05) to the power of 2) x $1,000 equals $1,102.50 The same calculation can be done regardless of the number of years.You will often see interest that is not paid annually or compounded annually. If it is not paid annually but is calculated annually, the calculation is very straight forward: * Rate / (# of Annual Payments) equals Interest Payment Thus, if you are paid twice a year on a 5 percent corporate bond with a $1,000 face value, your semi-annual payment equals 2.5 percent times 1,000, or $25. However, if you have a bank account that pays 5 percent interest and compounds semi-annually, the formula would be: * (1 plus (R / (number of times interest rate is compounded)) to the power of P) x Principal Where P equals number of times the principal is compounded. Therefore, taking an example of a bank account that starts with $1,000 of principal and compounding it at semi-annual rate over 2 years, you get the following result: * (1 plus 2.5 percent) to the power of 4 x $1,000 equals $1,103.81You may hear the term APR (short for Annual Percentage Rate) and wonder whether it is the same as the interest rate. The answer is "not exactly." Think of the interest rate as the starting point and the effective rate as what you will actually pay. The difference is based on how the rates are charged and any additional charges. A nominal interest rate is the rate that is being charged for interest on an annual basis. However, it is the fine print that makes the difference on your rate. The effective rate must take into account the compound rate and fees. Therefore, when looking at an APR, it is the effective APR that is important, which is why it is required by government agencies.Just like most math problems, annual interest rates are easier to understand when you follow a methodical approach. Even as additional components are added to the calculation, the same basic concept is there. This is true whether you are trying to understand a problem or the monthly payments on a mortgage or a credit card. The most important factor of any interest rate is what the actual monthly payment is, rather than what the rate is quoted at. Despite any efforts by lenders or banks, once you break down the fees and know the calculations, you can determine the true effective annual interest rate.These days, almost all mortgages amortize principal over the life of the loan. However, this was not always the way. Prior to the Great Depression, most loans were interest-only. Banks found that they preferred lenders with more equity in the house, and amortizing mortgages became the standard. Now the interest rate is charged against the remaining principal every month. Towards the end of the loan, most of the payment will go towards paying down the mortgage.
With two weeks of vacation and ten days of holiday, the work year is 2000 hours. Simple division - $14 per hour.
there are 2080 working hours in a year
a man-year is 2000 man-hours, maybe a little less.
about $13.50
