Accounting questions | Business & Finance homework help

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 monthCash price: $5,600Down payment: $0Cash or trade months with bank-approved credit; amount financed: $5,600Finance charge: $2,806Total payments: $8,406What 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. $411,858.00B. $411,588.00C. $88,632.90D. $88,362.90 3.Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at5% for 35 years. What are Jen’s total finance charges?A. $606,823.20B. $457,425.60C. $626,863.20D. $600,000.00 4.Cost of car: $26,000Residual value: $6,000Life: 5 yearsUsing the given information, determine the depreciation expense for the first year straight-line method?A. $6,000B. $4,000C. $4,400D. $5,200 5. John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. Thebank’s loan was for 60 months, and the finance charges totaled $4,900. What is his monthly payment?A. $332.33B. $232.33C. $323.33D. $313.33 6. At the beginning of each year, Bill Ross invests $1,400 semiannually at 8% for nine years. Using thetables in the Business Math Handbook that accompanies the course textbook, determine the cash value ofthe annuity due at the end of the ninth year.A. $37,399.68B. $38,739.68C. $37,339.68D. $37,939.86 7. Dick Hercher bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained amortgage for 25 years at 8%. What is the total interest cost of the loan?A. $242,144.00B. $184,000.00C. $242,411.00D. $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 isA. $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 hismonthly payment.A. $1,139.40B. $1,319.40C. $1,319.04D. $1,216.80 10. A truck costs $35,000 with a residual value of $2,000. Its service life is five years. Using the decliningbalancemethod at twice the straight-line rate, the book value at the end of year 2 isA. $22,000.B. $35,000.C. $12,600. D. $33,000.

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