MGF 1107 Miami Dade College MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
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1 Review Persoal Fiace Name MGF 1107 Miami Dade College MULTIPLE CHOICE. Choose the oe alterative that best completes the stateme or aswers the questio. 1) What umber is 32% of 48? 1) A) 1536 B) C) D) ) 21 is 6% of what umber? 2) A) 126 B) 350 C) 35 D) ) 0.22 is 22% of what umber? 3) A) 1 B) 0.1 C) D) ) Jeas with a origial price of $58 are o sale at 25% off. What is the sale price of the jeas? (Roud to the earest ce, if ecessary.) A) $56.55 B) $72.50 C) $14.50 D) $ ) A dress regularly sells for $117. The sale price is $95. Fid the perce decrease of the sale price from the regular price. A) 23.2% B) 18.8% C) 81.2% D) 431.8% Fid the gross icome, the adjusted gross icome, ad the taxable icome. 6) A taxpayer eared wages of $65,100, received $840 i ierest from a savigs accou, ad coributed $2300 to a tax-deferred retireme pla. He was eitled to a persoal exemptio of $3500 ad had deductios totalig $5680. A) $68,240; $64,740; $59,060 B) $65,940; $63,640; $54,460 C) $68,240; $64,740; $60,140 D) $65,940; $63,640; $60,140 4) 5) 6) Use the 2012 FICA tax rates i the table below to solve the problem. 7) If you are ot self-employed ad ear $128,000, what are your FICA taxes? 7) A) $2612 B) $15,152 C) $6476 D) $7232 1
2 The pricipal represes a amou of moey deposited i a savigs accou subject to compoud ierest at the give rate. Fid how much moey will be i the accou after the give umber of years (Assume 360 days i a year.), ad how much ierest was eared. A = P A A = Pert Y = 8) Pricipal: $9000 Rate: 4% Compouded: aually Time: 3 years A) amou i accou: $28,080.00; ierest eared: $19, B) amou i accou: $1,125,000.00; ierest eared: $1,116, C) amou i accou: $10,123.78; ierest eared: $ D) amou i accou: $10,146.78; ierest eared: $ ) Pricipal: $8000 Rate: 4% Compouded: semiaually Time: 5 years A) amou i accou: $ ; ierest eared: $ B) amou i accou: $ ; ierest eared: $ C) amou i accou: $ ; ierest eared: $ D) amou i accou: $11,841.95; ierest eared: $ ) If you placed $1 io a accou that paid ierest at a rate of 5% ad compouded the ierest mohly, how much would that accou be worth i 300 years? A) $1,584, B) $ C) $3,168, D) $ ) A mother ivests $9000 i a bak accou at the time of her daughter's birth. The ierest is compouded quarterly at a rate of 7%. What will be the value of the daughter's accou o her tweieth birthday, assumig o other deposits or withdrawals are made durig this period? A) $ B) $50, C) $10, D) $36, ) 9) 10) 11) A = P A A = Pe rt Y = 12) How much moey should be deposited today i a accou that ears 6% compouded semiaually so that it will accumulate to $9000 i 2 years? A) $ B) $10, C) $ D) $ ) 2
3 Fid the value of the auity ad the ierest. Roud to the earest dollar. A = P[(1 + r) t ] r A = P r A r 13) Periodic Deposit: $100 at the ed of each year Rate: 4% compouded aually Time: 9 years A) $921; $21 B) $1058; $158 C) $3558; $2658 D) $342; $558 14) Periodic Deposit: $1000 at the ed of each year Rate: 6.5% compouded aually Time: 13 years A) $19,500; $6500 B) $17,371; $4371 C) $34,884; $21,884 D) $3276; $9724 Provide a appropriate respose. 15) True or False? Ivestig i stocks ad bods is risky because it is possible to lose all or part of your pricipal. A) True B) False 16) True or False? People who buy bods ow a share of a compay, same as whe they buy stock i the compay. A) True B) False 13) 14) 15) 16) 3
4 P r Use PMT = 1 + r - to determie the regular payme amou, rouded to the earest dollar. 17) The price of a home is $250,000. The bak requires a 15% dow payme ad two pois at the time of closig. The cost of the home is fiaced with a 20-year fixed-rate mortgage at 6.5%. a. Fid the required dow payme. b. Fid the amou of the mortgage. c. How much must be paid for the two pois at closig? d. Fid the total cost of ierest over 20 years, to the earest dollar. A) a. dow payme: $37,500 b. amou of mortgage: $212,500 c. pois paid at closig: $5000 d. total cost of ierest over 20 years: $167,742 B) a. dow payme: $37,500 b. amou of mortgage: $212,500 c. pois paid at closig: $5000 d. total cost of ierest over 20 years: $130,242 C) a. dow payme: $37,500 b. amou of mortgage: $212,500 c. pois paid at closig: $4250 d. total cost of ierest over 20 years: $380,242 D) a. dow payme: $37,500 b. amou of mortgage: $212,500 c. pois paid at closig: $4250 d. total cost of ierest over 20 years: $167,742 18) The price of a home is $330,000. The bak requires a 5% dow payme. After the dow payme, the balace is fiaced with a 20-year fixed-rate mortgage at 8%. Determie the mohly mortgage payme (excludig escrowed taxes ad isurace) to the earest dollar. A) $2637 B) $2722 C) $2610 D) $ ) I terms of payig less i ierest over the full term of the mortgage, which is more ecoomical for a $200,000 mortgage : 30-year fixed at 7.00% or 20-year fixed at 6.50%? A) They are the same. B) The 20-year fixed rate at at 6.50% is more ecoomical. C) The 30-year fixed rate at at 7.00% is more ecoomical. 17) 18) 19) Use the followig advice from most fiacial advisors to solve the problem. Sped o more tha 28% of your gross mohly icome for your mortgage payme. Sped o more tha 36% of your gross mohly icome for your total mohly debt. Roud all calculatios to the earest dollar, if ecessary. 20) Suppose that your gross aual icome is $96,000. (a) What is the maximum amou you should sped each moh o a mortgage payme? (b) What is the maximum amou you should sped each moh for total credit obligatios? (c) If your mohly mortgage payme is 65% of the maximum amou you ca afford, what is the maximum amou you should sped each moh for all other debt? A) (a) $2240; (b) $2880; (c) $368 B) (a) $26,880; (b) $34,560; (c) $17,088 C) (a) $2240; (b) $2880; (c) $1424 D) (a) $2240; (b) $2880; (c) $ ) 4
5 1) C 2) B 3) A 4) D 5) B 6) B 7) C 8) C 9) A 10) C 11) D 12) A 13) B 14) A 15) A 16) B 17) D 18) D 19) B 20) C
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