1. Lawerence works as a car salesman. He is paid a monthly salary of 1,050 plus 3% of his total sales. What is Lawerence's total annual pay if his average monthly sales are $26,000?
F) 13,300
G) 38,600
H) 31,578
I) 21,960
2. You have the option of two checking accounts:
OPTION 1) $100 minimum balance, 1% monthly interest, $5 monthly fee
OPTION 2) $500 minimum balance, 0% interest, $o monthly fee
If you deposit $1,200 a month into your checking account, then which of the following statements is true?
F) You will have $512 more available to spend after one month if you choose Option 1.
G) You will have $500 more available to spend after one month if you choose Option 1.
H) You will have $412 more available to spend after one month if you choose Option 1.
I) You will have $407 more available to spend after one month if you choose Option 1.
3. According to the amortization schedule, which of the following statement is false?
F) 77.6% of the first monthly payment is applies towards interest on the loan.
G) Approximately 1.48% off the principal is paid during the first 12 months of the loan.
H0 P(n) = 100000 - 536.83n can be used to calculate the balance on the loan if n is the number of payments.
J) P(n) = 536.82n can be used to calculate the total amount paid on the mortgage if n is the number of payments.
4. Brett smith insured his home for $245,000. If his insurance rate is $0.94 per $100, his annual premium is which of the following?
F) $2450
G) $24525
H) $2303
I) 2603
Read more: Lawrence work as a car salesman?
