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Questions and Answers of Finance

Anita Loyd cams $1,775 semimonthly. She is single and claims two withholding allowances. She also pays $12.83 each pay period for nonexempt health insurance. What is her net pay?
Elisa Marus has three employees who earn $2,500, $2,980, and $3,200 monthly. How much SUTA tax will she need to pay at the end of the first quarter if the SUTA tax rate is 5.4% of the first $7,000
Computer Solutions, Inc. has a payroll in which the total employee withholding is $1,250.37; the total employee Social Security tax is $267.96; the total employer Social Security tax is $395.56; the
Use Figures 10-4 and 10-5 to find the amount of federal income tax to be withheld from Joey Surrette's gross biweekly earnings of $2,555 if Joey is married and claims 3 withholding allowances.
Stacey Ellis is paid at the following differential piece rate: 1-100, $2.58; 101-250, $2.72; 251 and up, $3.15. Find her gross earnings for completing 475 pieces.
Anita Loyd works 45 hours in one week, is paid $18.98 per hour, and earns 1.5 times her hourly wage for all hours worked over 40 in a given week. Calculate Anita's gross pay using the method
Shameka Jones earns $112,820 and is paid semimonthly. Her last pay stub for the year shows $197.43 is deducted for Social Security and $68.16 is deducted for Medicare. Should she call her payroll
Most businesses prefer to use the method used in Exercise 1 to calculate gross pay. Discuss reasons for this preference.
If a person is paid weekly and is married, use Figure 10-5 to find the annual salary range that causes a portion of the person's salary to fall in the "28% bracket" for withholding purposes.
Compare the annual salary range found in Exercise 5 with the annual salary range for a person who is paid biweekly, is married, and whose salary is in the "28% bracket."
Find the annual salary range a married person who is paid semimonthly would need to earn to fall in the "28% bracket." Use Table 3b of Figure 10-5. Compare the ranges for weekly, biweekly, and
Use Exercises 5, 6, and 7 to make a general statement about the amount of withholding tax on an annual salary for the various types of pay periods. To what can you attribute any differences you noted?
Many people think that if an increase in earnings moves their salary to a higher tax bracket, their entire salary will be taxed at the higher rate. Is this true? Give an example to justify your
Complete the following time card for Janice Anderson in Figure 10-6. She earns time and a half overtime when she works more than eight hours on a weekday or on Saturday. She earns double time on
A loan of $1,200 at 10% annually made on October 15 and due on March 20 of the following non-leap year (a) The exact interest (b) The ordinary interest. Round answers to the nearest cent.
Find the discount (ordinary interest) and proceeds on a promissory note for $2,000 made by Barbara Jones on February 10, 2011, and payable to First State Bank on August 10, 2011, with a discount rate
MAK, Inc., accepted an interest-bearing note for $10,000 with 9% annual ordinary interest. The note was made on April 10 and was due December 6. MAK needed cash and took the note to First United
Malinda Levi borrows $12,000 on a 9.5%, 90-day note. On the 30th day, Malinda pays $4,000 on the note. If ordinary interest is applied, what is Malinda's adjusted principal after the partial payment?
Shameka Bonner has a simple discount note for $11,000, at an ordinary bank discount rate of 11%, for 120 days. What is the effective interest rate? Round to the nearest tenth of a percent.
Bennett Sales holds a 180-day note of $7,500 that has an interest rate of 8% annually. After 60 days, the note is sold to a bank at a discount rate of 7% annually. Find the proceeds on the
Madison Duke needed start-up money for her bakery. She borrowed $ 1,200 for 30 months and paid $360 simple interest on the loan. What interest rate did she pay?
Raul Fletes needed money to buy lawn equipment. He borrowed $500 for seven months and paid $53.96 in interest. What was the rate of interest?
Linda Davis agreed to lend money to Alex Luciano at a special interest rate of 9% per year, on the condition that he borrow enough that he would pay her $500 in interest over a two-year period. What
Jake McAnally needed money for college. He borrowed $6,000 at 12% simple interest per year. If he paid $360 interest, what was the duration of the loan?
Find the due date of a loan that is made on February 10 of a leap year and is due in 60 days.
The loan in Exercise 11 was made to avoid a $ 100 price increase that will take place on June 20. The equipment is needed now but the money to pay for the equipment will not be available until the
Find the adjusted balance due at maturity for a 90-day note of $15,000 at 13.8% ordinary interest if a partial payment of $5,000 is made on the 60th day of the loan.
Raul Fletes borrowed $8,500 on a 300-day note that required ordinary interest at 11.76%. Raul paid $4,250 on the note on the 60th day. How much interest did he save by making the partial payment?
A loan made on March 10 is due September 10 of the following year. Find the exact time for the loan in a non-leap year and a leap year.
Find the exact time of a loan made on March 25 and due on November 15 of the same year by adding the exact days in each month.
A loan is made on January 15 and has a due date of October 20 during a leap year. Find the exact time of the loan using Table 11-1.
Find the due date for a loan made on October 15 for 120 days.
A loan is made on March 20 for 180 days. Find the due date.
Find the maturity value of the undiscounted promissory note shown in Figure 11 -2.
Roland Clark has a simple discount note for $6,500, at an ordinary bank discount rate of 8.74%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent.
What is the effective interest rate of a simple discount note for $30,800, at an ordinary bank discount rate of 14%, for 20 days? Round to the nearest tenth of a percent.
Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $19,750, at an ordinary bank discount rate of 7.82%, for 90 days. Find the effective rate rounded to
Matt Crouse needs to calculate the effective interest rate of a simple discount note for $12,800, at an ordinary bank discount rate of 8.75%, for 150 days. Find the effective rate rounded to the
Carter Manufacturing holds a note of $5,000 that has an interest rate of 11% annually. The note was made on March18 and is due November 13. Carter sells the note to a bank on June 13 at a discount
A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10. Find (a) The exact interest (b) The ordinary interest. Round answers to the nearest cent.
Find the discount and proceeds using the banker's rule on a promissory note for $1,980 at 8% made by Alexa Green on January 30, 2012, and payable to Enterprise Bank on July 30, 2012.
Allan Stojanovich can purchase an office desk for $1,500 with cash terms of 2/10, n/30. If he can borrow the money at 12% annual simple ordinary interest for 20 days, will he save money by taking
Shaunda Sanders borrows $16,000 on a 10.8%, 120-day note. On the 60th day, Shaunda pays $10,000 on the note. If ordinary interest is applied, what is Shaunda's adjusted principal after the partial
Bam Doyen has a simple discount note for $6,250, at an ordinary bank discount rate of 9%, for 90 days. What is the effective interest rate? Round to the nearest tenth of a percent.
Custom Computers holds a 120-day note of $8,000 that has an interest rate of 6% annually. After 60 days, the note is sold to a bank at a discount rate of 5% annually. Find the proceeds on the
Find the exact interest on a loan of $850 at 11 % annually. The loan was made January 15 and was due March 15.
Michael Denton has a simple discount note for $2,000, at an ordinary bank discount rate of 12%, for 240 days. What is the effective interest rate? Round to the nearest tenth of a percent.
Find the duration of a loan of $3,000 if the loan required interest of $213.75 and was at a rate of °4% annual simple interest.
Find the rate of simple interest on a $1,200 loan that requires the borrower to repay a total of $ 1,302 after one year.
Jerry Brooks purchases office supplies totaling $1,890. He can take advantage of cash terms of 2/10, n/30 if he obtains a short-term loan. If he can borrow the money at 10^% annual simple ordinary
Jackson Manufacturing holds a 150-day note of $10,000 that has an interest rate of 7% annually. After 90 days, the note is sold to a bank at a discount rate of 6% annually. Find the proceeds on the
A loan of $3,000 was made for 210 days. If ordinary interest is $218.75, find the rate.
Find the exact time from October 12 to March 28 of the following year (a leap year).
Find the exact time from January 28, 2012, to July 5, 2012.
Sondra Davis borrows $6,000 on a 10%, 120-day note. On the 60th day, Sondra pays $2,000 on the note. If ordinary interest is applied, what is Sondra's adjusted principal after the partial payment?
When solving problems, one should devise a method to estimate the solution. Describe a strategy for estimating the interest in the first example of Section 11-1.
Use the formula I = P(R × D/365) to find the exact interest on $100 for 30 days and 7.50%. D is the exact number of days.
Find the exact interest on $1,000 for 60 days at 5.3% annual interest rate.
The ordinary interest using exact time (banker's rule) will always be higher than exact interest using exact time. Explain why this is true.
Show how the formulas I = PRT and MV = P + I lead to the formula MV = P(1 + RT).
The maturity value for a loan of $2,000 at 9% interest for two years was found to be $4,360. Examine the solution to identify the incorrect mathematical process. Explain the correct process and
At this time you are expected to pay the balance of the loan in the balloon payment shown above. Don't panic! Usually the loan is refinanced for another year. But beware-you may have to pay a higher
Use the following activity chart for a credit card to find the unpaid balance on November 1. The billing cycle ended on October 31, and the finance charge is 1.5% of the average daily balance.
Find the annual percentage rate on a loan of $ 1,500 for 18 months if the loan requires $190 interest and is repaid monthly
Find the annual percentage rate on a loan of $3,820 if the monthly payment is $130 for 36 months,
A vacuum cleaner was purchased on the installment plan with 12 monthly payments of $36.98 each. If the cash price was $415 and there was no down payment, find the annual percentage rate.
A merchant charged $420 in cash for a dining room set that could be bought for $50 down and $40.75 per month for 10 months. What is the annual percentage rate?
An electric mixer was purchased on the installment plan for a down payment of $60 and 11 monthly payments of $11.05 each. The cash price was $170. Find the annual percentage rate.
A computer was purchased by paying $50 down and 24 monthly payments of $65 each. The cash price was $1,400. Find the annual percentage rate to the nearest tenth of a percent.
A Hepplewhite sofa costs $3,780 in cash. Jaquanna Wilson will purchase the sofa in 36 monthly installment payments. A 13% per year finance charge will be assessed on the amount financed. Find the
A fishing boat is purchased for $5,600 and financed for 36 months. If the total finance charge is $ 1,025, find the annual percentage rate using Table 12-1.
An air compressor costs $780 and is financed with monthly payments for 12 months. The total finance charge is $90.
Jim Meriweather purchased an engraving machine for $28,000 and financed it for 36 months. The total finance charge was $5,036.
A computer with software costs $2,987, and Docie Johnson has agreed to pay a 19% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each
Calculate the refund fraction for a 60-month loan that is paid off with 18 months remaining.
Find the refund fraction on an 18-month loan if it is paid off with 8 months remaining.
Stephen Helba took out a loan to purchase a computer. He originally agreed to pay off the loan in 18 months with a finance charge of $205. He paid the loan in full after 12 payments. How much finance
Jamel Cisco has a Visa Card with an annual percentage rate of 16.8%. The unpaid balance for his June billing cycle is $1,300.84. During the billing cycle he purchased a printer cartridge for $42.39,
Chaundra Mixon has a Master Card with an annual percentage rate of 19.8%. The unpaid balance for her August billing cycle is $675.21. During the billing cycle she purchased shoes for $87.52, a suit
Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an
Jim Riddle has a credit card that charges 10% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 15 days his balance was $2,534.95.
Make a chart to show the transactions for Rick Schiendler's credit card account in which interest is charged on the average daily balance. The cycle begins on May 4, and the cycle ends on June 3. The
Suppose you have borrowed money that is being repaid at $45 a month for 12 months. What is the finance charge refund after making eight payments if the finance charge is $105?
You have purchased a new stereo on the installment plan. The plan calls for 12 monthly payments of $45 and a $115 finance charge. After nine months you decide to pay off the loan. How much is the
A new desk for an office has a cash price of $ 1,500 and can be purchased on the installment plan with a 12.5% finance charge. The desk will be paid for in 12 monthly payments. Find the amount of the
On January 1 the previous balance for Lynn's charge account was $569.80. On the following days, purchases were posted:On January 16 a $50 payment was posted. Using the average daily balance method,
Find the annual percentage rate on a loan for 25 months if the amount of the loan without interest is $300. The loan requires $40 interest. interest.
Find the annual percentage rate on a loan of $700 without interest with 12 monthly payments. The loan requires $50
A queen-size brass bed costs $1,155 and is financed with monthly payments for three years. The total finance charge is $415.80. Find the annual percentage rate.
John Edmonds borrowed $500. He repaid the loan in 22 monthly payments of $26.30 each. Find the annual percentage rate.
A loan of $3,380 was paid back in 30 monthly payments with an interest charge of $620. Find the annual percentage rate.
A 6 × 6 color enlarger costs $1,295 and is financed with monthly payments for two years. The total finance charge is $310.80. Find the annual percentage rate.
Find the refund fraction on a 48-month loan if it is paid off after 20 months.
Find the interest refunded on a 15-month loan with total interest of $72 if the loan is paid in full with six months remaining.
Find the annual percentage rate on a loan of $1,600 for 24 months if $200 interest is charged and the loan is repaid in monthly payments.
Find the annual interest rate on a loan that is repaid monthly for 26 months if the amount of the loan is $1,075. The interest charged is $134.85.
Office equipment was purchased on the installment plan with 12 monthly payments of $11.20 each. If the cash price was $120 and there was no down payment, find the annual percentage rate.
Maurice Van Norman made a 48-month loan that has interest of $1,987. He paid the loan in full with 11 months remaining. The interest is refunded based on the rule of 78. Find the amount of interest
Larry Williams made a 60-month loan that has interest of $2,518. He paid the loan in full with 21 months remaining. The interest is refunded based on the rule of 78. Find the amount of interest to be
A 30-month loan that has interest of $3,987 is paid in full with 7 months remaining. Find the amount of interest to be refunded using the rule of 78.

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