Semester II Review

$11,725

Billy Adams has a 4-year-old sedan and wants to know the average retail price. He learns that the average retail value for this type of car is $12,010 if the car has air conditioning. The options on Billy's car total $450 dollars, and he would need to deduct $735 because the air conditioning does not work. What is the car's average retail price? (9.3)

$3,716.68

Bonita Wolfe purchased a media system for her home which included a television for $1,398.77, a computer for $895.60, surround sound for $1560.99, and a DVD player for $231.15. She lives in Florida and pays 7% sales tax. If she made a down payment of 15% and financed the rest using the store's installment plan, what amount did she finance? (8.2)

$803.10

Cesar Santiago recorded his housing expenses for the month of September as follows: $575.16 for mortgage payment, $23.70 for insurance premium, $87.40 for real estate taxes, $76.36 for electricity, $21.18 for telephone service, and $19.30 for water. What is his total monthly housing cost?(10.8)

$24.00

Chico Alvarez obtained a loan of @2,400 to install a new roof on his home. The interest rate is 12% and the monthly payment is $113.04. What is the interest on the first monthly payment? (8.4)

$1249.69

Craig Allen is considering purchasing a new home. He estimates the following monthly housing expenses: $972.45 for his mortgage payment, $27.75 for his insurance premium, $95.25 for real estate taxes, $98.64 for electricity, $44.40 for telephone service, and $11.20 for water. What is his total monthly housing cost?(10.9)

$9,739

A car available for lease requires a $1,900 deposit, $70 title fee, and a $65 license fee. The monthly lease payment is $214 for 36 months. What is the total cost of the lease? (9.6)

True

A credit card can be used to purchase items on credit as well as debit.

False

A finance charge is applied to your account each month whether you have an unpaid balance or not. It is a charge for having the account.

$264

Dantae Michel's charge account statement showed a previous balance of $277.45, a finance charge of $3.22, new purchases of $299.37. What is his new balance?(7.1)

$2,258.33

Tina Avallone and her husband are buying a $219,000 home. Their annual housing expenses are: mortgage payments, $15,400; real estate taxes, $3,600; annual homeowner's insurance premium. $1,895; maintenance on the home, $3,200; and utilities, $3980. The lost interest on the down payment is $1,001 and the tax savings is ($1,976). What is there average monthly expense?(10.9)

$44,928.15

Tony Addison obtained a 20-year, $45,000 mortgage loan from the United Savings with in interest rate of 8.5%. His monthly payment is $390.60. After the first monthly payment, what is the new principal? (10.4)

$258.19

Pauline Davis's charge account statement shows an unpaid balance of $255. The monthly finance charge is 1.25% of the unpaid balance. What is the new account balance?(7.2)

$3,245.55

Raven Sandler uses her car to drive to and from work. Her driver-rating factor is 3.85. Her insurance coverage includes 100/300 bodily injury and $100,000 property damage. Her car is in age group A and insurance rating group 14. What is her annual premium?

$181,190

Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% sown payment and Shawn chooses to finance the property for 30 years at 8% interest. What is the total amount of interest charged, rounded to the nearest dollar? (10.1-10.2)

$3,282.88

Simon Finch's bank granted him a single-payment loan of $3,250 to pay a car repair bill. He repaid the loan in 31 days at ordinary interest rate of 11.75%. What is the maturity value of the loan? *8.1)

False

The down payment is the final payment you make when paying off a loan.

True

Many credit card companies allow you to review your account statement online.

$30,379

Jacob Johnson is shopping for a new truck. He found one with the following prices on the advertised sticker. Base price $28,150, Optional equipment: Anti Lock brakes $900, Automatic transmission $630, and Destination Charge $699. What is the total sticker price? (9.1)

$31,275.48

Lonnie Burrows is purchasing a sedan with a $29,375 base price, $4,200 options total, and $840 destination charge. The dealer's costs are 91.7% of the base price and 83.3% of the options price. What is the dealer's cost? (9.2)