Sales tax rates are:Answerthe same in all states.different in many states.exempt from all businesses.not used by retailers, only wholesalers.none of these.
Question 2A 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$9,600.00None of these
Question 3Lizzy 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$18,782.40None of these
Question 4Total 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$48,200.00None of these
Question 5Jen 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$19,110.00None of these
Question 6Joe 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$207,270.95none of these
Question 7The 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)Answer5.7257.246757.12417.50none of the above
Question 8Megan 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$8,200.00None of these
Question 9A premium for fire insurance could be lower than someone else's if the:Answerbuilding is wood.roof is not fire resistant.building is close to a fire hydrant.goods within the store are flammable.none of these.
Question 10If the insured cancels a fire insurance policy after seven months, the refund will be _________. (Use table in handbook)Answer67 percent7/12 of policy5/12 of policy33 percentNone of these