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Terms in this set (27)
Refer to Narrative 11-1. Ben wants to have $14,000 in 13 years. Calculate how much he should invest now at 6% interest, compounded semiannually in order to reach this goal.
$6491.66
$7,297.80
$9,205.88
$10,794.12
6491.66
(used PV calculator)
Refer to Narrative 11-1. Al invests $5,500, at 6% interest, compounded monthly for one year. Calculate the annual percentage yield for his investment. (Round the annual percentage yield to the nearest hundredth percent)
6.40%
6.17%
5.25%
62.00%
6.17%
Refer to Narrative 11-1. Tim invests $8,000, at 8% interest, compounded annually for 15 years. Calculate the compound interest for his investment.
$17,377.35
$17,565.40
$1,765.40
$17,556.40
17,377.35
Marcus takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent)
$10,191.25
$10,265.00
$300.83
$9,800.83
9,800.83
Refer to Narrative 11-1. You wish to have $17,000 in 11 years. Find how much you should invest now at 12% interest, compounded quarterly in order to have $17,000, 11 years from now. Then calculate the amount of interest.
$4,630.29
$12,369.73
$4,887.16
$12,112.84
$12,369.73
Toby signed a simple discount promissory note for $20,000. The discount rate is 8.5%, and the term of the note is 90 days. What are Todd's proceeds on the loan?
$19,200
$16,000
$19,600
$19,575
$19,575
Use Table 12-2 from your text to find how much should be deposited now at 8% interest, compounded semiannually, to yield an annuity payment of $400 at the Beginning of each six months, for 2 years.
$1,510.04
$1,110.04
$1,451.96
$1,354.22
$1,510.04
Kareem wants to have $500 at the end of every year for 20 years. The bank pays 11% interest, compounded annually. Kareem calculates that the present value of the ordinary annuity is $3,981.67. What would be the present value if payments were to be received at the BEGINNING of every period rather than the end?
$5,183.91
$5,525.98
$4,043.26
$4,419.65
$4,419.65
Find the sinking fund payment you would need to make at the end of each year, at 5% interest compounded annually, to amount to $8,000 in 2 years. (Use the appropriate formula)
$2,719.86
$1,537.27
$2,128.56
$3,902.44
$3,902.44
Marcus deposited $1,000, at the END of every month for 3 years in a savings account. If the account paid 12% interest, compounded monthly, use Table 12-1 from your text to find the future value of his account.
$3,374.40
$4,320.00
$40,320.00
$43,076.8
$43,076.88
Robert wants to have $2,300 at the end of every three months for 8 years. The bank pays 8% interest, compounded quarterly. Bobby calculates that the present value of the ordinary annuity is $53,977.16. What would be the present value if payments were to be received at the BEGINNING of every period rather than the END? (Use Table 12-2 from your text)
$52,016.20
$55,056.71
$55,344.83
$55,986.21
$55,056.71
Find the median of the following numbers: 17, 89, 89, 85, 11, 94, 55
62.9
85.0
89.0
76.3
85.0
(What is in the middle?)
A finance company offers a 36-month installment loan with an APR of 10.5%. Jerry wishes to use the loan to finance an engagement ring for $21,500. After first using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
$698.81
$785.35
$659.93
$597.22
$698.81
Kelly purchased a sports car costing $31,200. She made a down payment of $4,700 and financed the balance with an installment loan for 48 months. If the payments are $688.12 each month, use Table 13-1 from your text to find the APR.
10.75%
9.85%
12.15%
11.25%
11.25%
Adrea wishes to take out an installment loan to finance the purchase of a small antique dining set costing $71,500. Her loan requires a 22.5% down payment and equal payments of $2,557 for 40 months. What is the amount of the finance charge on this loan?
$46,867.50
$45,695.27
$43,580.64
$48,350.00
46,867.50
Refer to Narrative 14-1. A house is selling for $190,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,250 in other closing costs; and the existing mortgage, with a balance of $70,000; what proceeds will they receive on the sale of the property?
$118,750
$125,380
$107,350
$94,840
$107,350
James has a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following activity:
Statement of Account Billing Cycle: May 1-31
May 1 Balance
$279.28
May 9 Payment
45.30
May 18 Yo Yogurt (credit)
65.83
May 26 Fresh Flowers
92.33
May 30 Liu Printing
81.88
$342.36
$453.49
$171.74
$345.95
345.95
(not sure)
Liz has a revolving credit account at an annual percentage rate of 12%. Use the average daily balance method to find the new balance given the following statement of account:
STATEMENT OF ACCOUNT Billing cycle: January 1-31
January 1 Previous month's balance
$434.11
January 9 Payment
38.95
January 18 Velazquez Decks
77.87
January 22 Motorcycle Mecca
80.17
January 30 Valencia Beauty Salon (Credit)
111.43
$170.41
$185.54
$446.36
$128.35
446.36
Eddy purchased a club membership costing $2,530. He made a down payment of $530 and financed the balance with an installment loan for 48 months. If the payments are $52.67 each month, use Table 13-1 from your text to find the APR.
19.75%
16.00%
12.00%
17.50%
12.00%
Robin is single. Her taxable income is $74,811. Find the tax liability using the 2013 Tax Table post on the Blackboard.
$14,894
$16,046
$15,697
$14,635
$14,635
Randy buys a lawn tractor costing $935.90. The store charges $35 for assembly and $30 for delivery. State taxes are 4% and local sales taxes are 2%. What is the total purchase price?
$1,060.95
$1,057.05
$1,040.94
$1,000.90
$1,057.05
Aliza had a tax liability of $6,218 last year. She was entitled to tax credits of $758 and withholding amounted to $540 per month. Aliza owed other taxes of $626. Calculate the amount of the refund or the amount of additional taxes due (as the case may be).
$1,020 Refund
$4,920 Due
$2,345 Refund
$394 Refund
$394 Refund
You are the accountant for a corporation whose net income before taxes was $13,741,400. Find the tax liability using the 2013 Corporate Tax Rate Schedule from your handout.
$4,672,076
$4,709,490
$5,388,219
$6,941,677
4,709,490
Texas Manufacturing had a net income before taxes of $2,934,400. Find the tax liability using the 2013 Corporate Tax Rate Schedule from your handout.
$609,796
$997,696
$635,000
$144,704
$997,696
Aliza had a tax liability of $6,218 last year. She was entitled to tax credits of $758 and withholding amounted to $540 per month. Aliza owed other taxes of $626. Calculate the amount of the refund or the amount of additional taxes due (as the case may be).
$1,020 Refund
$4,920 Due
$2,345 Refund
$394 Refund
$394 Refund
Randy buys a lawn tractor costing $935.90. The store charges $35 for assembly and $30 for delivery. State taxes are 4% and local sales taxes are 2%. What is the total purchase price?
$1,060.95
$1,057.05
$1,040.94
$1,000.90
$1,060.95
The total assessed property value in Tinseltown is $77,000,500. Budget planners have determined that $5,140,900 will be required to provide all government services next year. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $1000 and round to the nearest hundredth)
$06.62/thousand
$6.66/thousand
$66.76/thousand
$667.60/thousand
$66.76/thousand
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