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22/08/2022
1. 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%
2. 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
3.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
4.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
5. 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
6. 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
7. 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
8. 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.
9. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% 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
10. 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.
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