Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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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. |
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| Calculate the total interest for the entire 30 years. | $257,917.60
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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. |
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| 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
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| Your payment will likely change in the future, as property taxes and insurance change. (T or F) | True
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| For Problems, 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. |
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| Problem 17: Calculate the monthly payment (PI). | $613.96
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| Problem 18: Based on making 360 pay | $131,025.60
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| Problem 21: After making payments for 10 years, what is your balance? | $77,678.99
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| Problem 24: How many years will it take for 1/3 of the loan balance to be repaid? | 17.65 years
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| You get a $550,000 mortgage loan with 11/4 points. What dollar amount do you pay for points? | $6,875
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| Many businesses that use a perpetual inventory system verify their inventory with a periodic physical inventory. (T or F) | True
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| 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. |
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| Problem 2: What is the asset's basis? | $25,000
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| Problem 3: What is the useful life? | 5 years
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| Problem 4: What is the salvage value? | $5,000
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| Problem 5: What is the depreciable basis? | $20,000
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| Problem 7: What is the book value at the end of year 3? | $13,000
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| For MACRS, salvage value is always 20% of cost. (T or F) | False
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| For Problems 18-21, determine the recovery period. |
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| Problem 18: Copy machine | 5 years
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| Problem 21: Fence | 15 years
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| 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. |
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| Problem 4: What is the mean? | $772.13
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| Problem 5: What is the median? | $344
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| Problem 6: Which TV was the most popular? (That is, what is the mode?) | $285
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