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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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# What is Sales tax rates?

### Resolved Question:

Sales tax rates are:
the same in all states.
different in many states.
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 ___________.
\$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 ____________.
\$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 __________.
\$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 ___________.
\$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 ________________.
\$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)
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_________.
\$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:
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)
67 percent
7/12 of policy
5/12 of policy
33 percent
None of these

Submitted: 4 years ago.
Category: Homework
Expert:  Chris M. replied 4 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2757
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)

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