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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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Sales tax rates are: Answer the same in

Resolved Question:

Sales tax rates are:

Answer

the same in all states.

different in many states.

exempt from all businesses.

not used by retailers, only wholesalers.

none of these.


Question 2


A home with a market value of $240,000 is assessed at 40 percent of the market value. The assessed value is ___________.

Answer

$144,000.00

$96,000.00

$69,000.00

$9,600.00

None of these


Question 3


Lizzy Clar bought a home for $160,000 putting down $30,000. The rate of interest is 7 percent for 25 years. The total yearly mortgage payment is ____________.

Answer

$11,029.20

$11,920.20

$919.10

$18,782.40

None of these


Question 4


Total sales of $400,000 that included a 6 percent sales tax yields actual-sales of __________.

Answer

$42,800.00

$37,537.58

$377,358.49

$48,200.00

None of these


Question 5


Jen Rich bought a new Toyota for $18,200 that included a 5 percent sales tax. The actual cost of the car (round to nearest dollar) before the tax is ___________.

Answer

$17,334.00

$17,333.00

$17,335.00

$19,110.00

None of these


Question 6


Joe Jay purchases a new colonial home for $260,000 putting down 20 percent. He decided to use Loyal Bank for his mortgage. They were offering 6 1/2 % for 25 year mortgage. The principal after the 1st payment had a balance outstanding of ________________.

Answer

$207,270.95

$207,720.59

$207,720.95

$207,270.95

none of these


Question 7


The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is_________.
(Be sure to round tax rate to nearest hundred thousandths before converting to mills)

Answer

5.72

57.2467

57.124

17.50

none of the above


Question 8


Megan Mei is charged 2 points on a $120,000 loan at time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan_________.

Answer

$2,400.00

$2,800.00

$4,200.00

$8,200.00

None of these


Question 9


A premium for fire insurance could be lower than someone else's if the:

Answer

building is wood.

roof is not fire resistant.

building is close to a fire hydrant.

goods within the store are flammable.

none of these.



Question 10


If the insured cancels a fire insurance policy after seven months, the refund will be _________. (Use table in handbook)

Answer

67 percent

7/12 of policy

5/12 of policy

33 percent

None of these
Submitted: 2 years ago.
Category: Homework
Expert:  Chris M. replied 2 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2479
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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