Questions -
Question 1 - A game system sells for $325 with a markup of $65. Use the equation C = S - M to solve for the cost, where C is the cost, S is the selling price, and M is the markup.
a. $662
b. $260
c. $360
d. $242
e. $360
Question 2 - Use proportions to solve the problem. Jim drove 225 miles in 5 hours. If he can keep the same pace, how long will it take him to drive 1350 miles?
a. 60 hr
b. 30 hr
c. 40 hr
d. 1125 hr
Question 3 - Jake Dowell has total fixed monthly expenses of $1393 and his gross monthly income is $3813. What is his debt-to-income ratio? Round to the nearest percent.
a. 4%
b. 27%
c. 37%
d. 3%
Question 4 - Solve the problem using the tables attached.
What are the monthly payments on a $75,000 universal-life insurance policy for a 35-year old female using a preferred rate?
Question 5 - Find the monthly mortgage payment using
|
Purchase Price of Home
|
Down Payment
|
Interest Rate
|
Years
|
|
$64,400
|
$8,000
|
5.75%
|
22
|
Question 6 - Find the interest paid on a loan of $7216 at 13% annual simple interest for 1.7 years.
Question 7- Solve for the unknown in the equation.
8(B + 7) = 10B + 56
a. B = 0
b. B = 56
c. B = 112
d. B = -56
Question 8 - Find the ordinary interest on a loan of $2300 at 6% annual interest. The loan is due after 50 days.
Question 9 - Find the property tax. Round to the nearest cent.
Assessed value - $81,500
Tax rate - $6.80 per $100
a. $ 554.20
b. $1198.53
c. $5542.00
d. $11,985.29
Question 10 - Find the monthly payment for a 35-year fixed-rate loan of $410,000 at 5.2% annual interest.
Question 11 - Find the future value of a five-year investment of $7,525 at 5% interest, compounded quarterly.
Question 12 - Find the sales tax on $198.40 at 5.5%.
Question 13 - Barry Newman's savings account has a balance of $3535. After 2 years, what will the amount of interest be at 5% compounded annually? Use formula to solve the problem.
a. $367.34
b. $1767.50
c. $353.34
d. $362.34
Question 14 - If a 2% charge is added to the annual premium of $1334.30 when payments are made semiannually, how much would semiannual payments be?
a. $1334.30
b. $605.88
c. $355.39
d. $680.49
Question 15 - Use a formula to find the monthly payment on a home mortgage of $103,100 at 4.884% interest for 15 years.
a. $809.09
b. $4199.37
c. $389.47
d. $283.26
Question 16 - Mersha makes a deposit of $121.20 on January 15 from an account with a prior balance of $10,540.20. How would this be recorded in the following transaction register?
Question 17 - Bradley takes a fixed-rate, 20-year loan with a monthly payment of $1,450.00. The amount financed was $145,000. What is the total amount of interest charged?
a. $103,000
b. $203,000
c. $213,000
d. $209,000
e. $303,000
Question 18 - The Montgomerys borrowed $88,000 at 7.50% for 30 years to purchase a house. Find the total interest the Montgomerys will pay if they pay the loan on schedule.
a. $ 133,511.60
b. $ 122,672.00
c. $ 146,115.20
d. $ 138,828.80
Question 19 - Find the balance for the check stub.
|
Date
|
To
|
Amount
|
Balance Forward
|
Deposits
|
|
Dec.7
|
Payless Cleaners
|
$885.42
|
$4059.41
|
-
|
Question 20 - Find the total sales price of a vacuum cleaner that lists at $230.00 and is subject to a 4.5% sales tax.
Question 21 - Find the property tax on a property with an assessed value of $41,180 in a community with a tax rate of $50.50 per $1000 of assessed value. Round to the nearest cent.
a. $207.96
b. $2079.59
c. $815.45
d. $8154.50
Question 22 - Patricia took out a loan for an expensive sports car. The total interest for the 37 month loan was $24,261. Find the interest which will be refunded if she pays the loan in full with 4 payments remaining.
a. $364.28
b. $218.57
c. $207.06
d. $345.11
Question 23 - How much compound interest is earned on a deposit of $3100 at 0.75% compounded daily for 10 days?
a. $0.43
b. $0.64
c. $3100.64
d. $0.84
Question 24 - Reconcile the bank statement with the check registers balance. Find the current balance.
a. $2993.30
b. $2988.45
c. $3037.20
d. $2998.15
Attachment:- Assignment Files.rar