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1.What is the future value...

1.What is the future value of an ordinary annuity of $18,000 per year, for two yrs, at 11% interest compounded annually?

2.Sheila has a revolving department store credit card account with an annual percentage rate of 18%. Last month’s balance on the account was $562.98. During the current month, she made purchases totaling $98.22 and made a payment of $150. The store uses the unpaid balance method. According to this information, what must be the amount of the finance charge? Round to the nearest cent.

3.Using the information from Question 2, what is the current account balance?

4.How much money must be deposited now, at 8% interest compounded semiannually, to yield and annuity payment of $2000 at the end of each six month period, for a total of four yrs? Round to the nearest cent.

5.Carol wants to purchase a used car. She has two payment options. The first option is to pay a cash payment of $5400. The second is to finance the car with a two-year installment loan. The loan requires a 15% down payment and 24 equal monthly payments of $206.55. According to this info, what would the finance charge be?

6.Using the info from Question 5, what is the total deferred payment price of the car?

7.What sinking fund payment would be required at the end of each six-month period, at 12% interest compounded semiannually, in order to amount to $40,000 within four yrs?

8.The Raize family is purchasing a home for $105,000. They will put down 20% of the purchase price and will be charged 2 points as part of the closing costs. What is the dollar amount of the downs payment?

9.A sporting goods store recorded net sales of $526,200 for the year. The store’s beginning inventory at retail was $232,100 and it’s ending inventory at retail was $215,100. What would be the inventory turnover at retail, rounded to the nearest cent?

10.The figure below lists financial information for the month of June for Cat’s Car Wash. Using the retail method of inventory, estimate the value of the ending inventory at cost on June 30.

Cost Retail

Beginning inventory $23,000 $28,750

Net purchase (June) $4,500 $5,625

Net Sales (June) $26,000

11.What is the total amount of tax due on a property with an assessed value of $135,600? The property tax rate is 47.2 mills.

12.Given: Net sales $40,00, beginning inventory at retail $14,000, ending inventory at retail $20,000, cost of goods sold $19,500. Rounding to the nearest hundredth, the inventory turnover at retail is?

13.Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is?

14.Imagine that you’re the owner of a beauty salon. The figure below contains yo9ur records of annual inventory figures for permanent waves. Using the FIFO method of inventory pricing, what is the dollar value of ending inventory if there were 400 units an hand on December 31? Round to the nearest dollar.

Annual inventory of Payment Waves

January 18 Purchase 250 units @ $2.89

March 18 Purchase 275 units @ $ 3.05

June 16 Purchase 300 units @ $2.62

September 1 Purchase 100 units @ $4.10

December 9 Purchase 275 units @ $3.23

15.Using the info shown in the figure above, suppose that the ending inventory on December 31 was 600 units. What would be the dollar value of the ending inventory using the LIFO method of inventory pricing? Round to the nearest dollar.

16.Given: Selling price of $125,000; down payment of $20,000; mortgage rate of 10% for 30 yrs. Calculate the total cost of interest.

17.The tax rate of .0984 in decimals can be expressed as __________ mills.

18.Mr. Barch purchased 1,500 shares of common stock at $5 per share. He later sold the shares at $6.75 per share. During the time he owned the shares, Rosewood paid a dividend of $1.25 per share. Assume that no broker’s commissions were paid. What is his return on investment?

19.A company purchased an air conditioning system for $8,400. The shipping charges on the system were $325, and the setup costs were $900. The system is expected to last for five yrs and has a residual value of $1,400. If you us the straight-line method to calculate the depreciation for this system, what would be the annual depreciation?

20.A company declared a dividend of $332,800. The company has issued 64,000 shares of common stock. What are the dividends per share of common stock?

21.Mrs. Clark bought a dryer for a total of $752.50, including state sales tax. If the state sales tax rate is 7%, what was the amount of sales tax on the dryer?

22.Dawson Inc., paid a dividend of $0.65 per share last year. If the current selling price of the stock is $25.12, what is the current yield on the stock? Round to the nearest tenth percent.

2.Sheila has a revolving department store credit card account with an annual percentage rate of 18%. Last month’s balance on the account was $562.98. During the current month, she made purchases totaling $98.22 and made a payment of $150. The store uses the unpaid balance method. According to this information, what must be the amount of the finance charge? Round to the nearest cent.

3.Using the information from Question 2, what is the current account balance?

4.How much money must be deposited now, at 8% interest compounded semiannually, to yield and annuity payment of $2000 at the end of each six month period, for a total of four yrs? Round to the nearest cent.

5.Carol wants to purchase a used car. She has two payment options. The first option is to pay a cash payment of $5400. The second is to finance the car with a two-year installment loan. The loan requires a 15% down payment and 24 equal monthly payments of $206.55. According to this info, what would the finance charge be?

6.Using the info from Question 5, what is the total deferred payment price of the car?

7.What sinking fund payment would be required at the end of each six-month period, at 12% interest compounded semiannually, in order to amount to $40,000 within four yrs?

8.The Raize family is purchasing a home for $105,000. They will put down 20% of the purchase price and will be charged 2 points as part of the closing costs. What is the dollar amount of the downs payment?

9.A sporting goods store recorded net sales of $526,200 for the year. The store’s beginning inventory at retail was $232,100 and it’s ending inventory at retail was $215,100. What would be the inventory turnover at retail, rounded to the nearest cent?

10.The figure below lists financial information for the month of June for Cat’s Car Wash. Using the retail method of inventory, estimate the value of the ending inventory at cost on June 30.

Cost Retail

Beginning inventory $23,000 $28,750

Net purchase (June) $4,500 $5,625

Net Sales (June) $26,000

11.What is the total amount of tax due on a property with an assessed value of $135,600? The property tax rate is 47.2 mills.

12.Given: Net sales $40,00, beginning inventory at retail $14,000, ending inventory at retail $20,000, cost of goods sold $19,500. Rounding to the nearest hundredth, the inventory turnover at retail is?

13.Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is?

14.Imagine that you’re the owner of a beauty salon. The figure below contains yo9ur records of annual inventory figures for permanent waves. Using the FIFO method of inventory pricing, what is the dollar value of ending inventory if there were 400 units an hand on December 31? Round to the nearest dollar.

Annual inventory of Payment Waves

January 18 Purchase 250 units @ $2.89

March 18 Purchase 275 units @ $ 3.05

June 16 Purchase 300 units @ $2.62

September 1 Purchase 100 units @ $4.10

December 9 Purchase 275 units @ $3.23

15.Using the info shown in the figure above, suppose that the ending inventory on December 31 was 600 units. What would be the dollar value of the ending inventory using the LIFO method of inventory pricing? Round to the nearest dollar.

16.Given: Selling price of $125,000; down payment of $20,000; mortgage rate of 10% for 30 yrs. Calculate the total cost of interest.

17.The tax rate of .0984 in decimals can be expressed as __________ mills.

18.Mr. Barch purchased 1,500 shares of common stock at $5 per share. He later sold the shares at $6.75 per share. During the time he owned the shares, Rosewood paid a dividend of $1.25 per share. Assume that no broker’s commissions were paid. What is his return on investment?

19.A company purchased an air conditioning system for $8,400. The shipping charges on the system were $325, and the setup costs were $900. The system is expected to last for five yrs and has a residual value of $1,400. If you us the straight-line method to calculate the depreciation for this system, what would be the annual depreciation?

20.A company declared a dividend of $332,800. The company has issued 64,000 shares of common stock. What are the dividends per share of common stock?

21.Mrs. Clark bought a dryer for a total of $752.50, including state sales tax. If the state sales tax rate is 7%, what was the amount of sales tax on the dryer?

22.Dawson Inc., paid a dividend of $0.65 per share last year. If the current selling price of the stock is $25.12, what is the current yield on the stock? Round to the nearest tenth percent.

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