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determine thedifference between the monthly payments




Question;determine the;difference;between the monthly payments on a $120,000 home at 61?2% and at 8% for 25 years;$140.10 per month;Cash price;$5,600;Down payment: $0;Cash or trade;months with bank-approved credit, amount financed: $5,600;Finance charge;$2,806;Total payments;$8,406;What is the APR;by table lookup?;A. 16.50%?16.75%;B. 16.75%?17.00%;C. 17.00%?17.25%;D. 17.25%?17.50%;8. Joe Sullivan;invests $9,000 at the end of each year for 20 years. The rate of interest Joe;gets is 8%;annually. Using;the tables in the Business Math Handbook that accompanies the course textbook;determine the;final value of Joe's investment at the end of the 20th year on this ordinary;annuity.;A. $411,858.00;B. $411,588.00;C. $88,632.90;D. $88,362.90;Jen purchased a;condo in Naples, Florida, for $699,000. She put 20% down and financed the rest;at;5% for 35 years.;What are Jen's total finance charges?;A. $606,823.20;B. $457,425.60;C. $626,863.20;D. $600,000.00;Cost of car;$26,000;Residual value;$6,000;Life: 5 years;Using the given;information, determine the depreciation expense for the first year;straight-line method?;A. $6,000;B. $4,000;C. $4,400;D. $5,200;17. John Sullivan;bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it.;The;bank's loan was;for 60 months, and the finance charges totaled $4,900. What is his monthly;payment?;A. $332.33;B. $232.33;C. $323.33;D. $313.33;18. At the;beginning of each year, Bill Ross invests $1,400 semiannually at 8% for nine;years. Using the;tables in the;Business Math Handbook that accompanies the course textbook, determine the cash;value of;the annuity due;at the end of the ninth year.;A. $37,399.68;B. $38,739.68;C. $37,339.68;D. $37,939.86;20. Dick Hercher;bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained;a;mortgage for 25;years at 8%. What is the total interest cost of the loan?;A. $242,144.00;B. $184,000.00;C. $242,411.00;D. $327,372.80;22. Lee Company;has a current ratio of 2.65. The acid test ratio is 2.01. The current;liabilities of Lee are;$45,000. Assuming;there are no prepaid expenses, the dollar amount of merchandise inventory is;A. $28,800.;B. $90,450.;C. $28,008.;D. $90,540.;23. Ben Brown;bought a home for $225,000. He put down 20%. The mortgage is at 6 ?% for 30;years.;Using the tables;in the Business Math Handbook that accompanies the course textbook, determine;his;monthly payment.;A. $1,139.40;B. $1,319.40;C. $1,319.04;D. $1,216.80;24. A truck costs;$35,000 with a residual value of $2,000. Its service life is five years. Using;the decliningbalance;method at twice;the straight-line rate, the book value at the end of year 2 is;A. $22,000.;B. $35,000.;C. $12,600.;D. $33,000.;25.


Paper#38345 | Written in 18-Jul-2015

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