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For Problems 7-10, assume you get a 30-year $170,000 mortgage loan at 7.5% interest, with monthly payments of $1,188.66.
Calculate the total interest for the entire 30 years. $257,917.60
For Problems 7-10, assume you get a 30-year $170,000 mortgage loan at 7.5 interest, with monthly payments of $1,188.66.
The lender requires an escrow account. Property taxes are currently $1,950 per year and insurance is $550. What additional account is required each month for taxes and insurances (TI)? $208.33
Your payment will likely change in the future, as property taxes and insurance change. (T or F) True
For Problems, 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest.
Problem 17: Calculate the monthly payment (PI). $613.96
Problem 18: Based on making 360 pay $131,025.60
Problem 21: After making payments for 10 years, what is your balance? $77,678.99
Problem 24: How many years will it take for 1/3 of the loan balance to be repaid? 17.65 years
You get a $550,000 mortgage loan with 11/4 points. What dollar amount do you pay for points? $6,875
Many businesses that use a perpetual inventory system verify their inventory with a periodic physical inventory. (T or F) True
For Problems 2-7, assume that your business business buys a delivery truck for $25,000 on January 12. You project that the truck will be worth $5,000 at the end of its 5-year useful life.
Problem 2: What is the asset's basis? $25,000
Problem 3: What is the useful life? 5 years
Problem 4: What is the salvage value? $5,000
Problem 5: What is the depreciable basis? $20,000
Problem 7: What is the book value at the end of year 3? $13,000
For MACRS, salvage value is always 20% of cost. (T or F) False
For Problems 18-21, determine the recovery period.
Problem 18: Copy machine 5 years
Problem 21: Fence 15 years
For Problems 4-7, consider weekly TV sales of Judy's Appliance store. Eight TV sets were sold: $359, $329, $285, $575, $3,700, $285, $359, and $285.
Problem 4: What is the mean? $772.13
Problem 5: What is the median? $344
Problem 6: Which TV was the most popular? (That is, what is the mode?) $285
Created by: ch0506712