Question

1. Suppose you negotiate a selling price of $29,995 for a Ford Explorer. You make a down payment of 10% of the selling price and finance the remaining balance for 5 years at an annual interest rate of 8.3%. The sales tax is 8.3% of the selling price, and the license fee is 0.4% of the selling price. Find the monthly payment. (Round your answer to the nearest cent.)

$ _________

2. A mutual fund has $600 million worth of stock, $600,000 in cash, and $1 million in other assets. The fund's total liabilities amount to $2 million. There are 10million shares outstanding. You invest $9,000 in this fund. How many shares are you purchasing? (Round your answer down to the nearest whole number.)

_________ shares

3. A credit card account had a $285 balance on March 5. A purchase of $181 was made on March 12, and a payment of $100 was made on March 28. Find the average daily balance if the billing date is April 5. (Round your answer to the nearest cent.)

$ ________

4. Use the given partial stock table. Round dollar amounts to the nearest cent when necessary.

Consider the following for Boeing (BA).

(a) What is the difference between the highest and lowest prices paid for this stock during the last 52 weeks?

$ _______

(b) Suppose that you own 850 shares of this stock. What dividend do you receive this year?

$ _______

(c) How many shares of this stock were sold during the trading day?

_______ shares

(d) Did the price of a share of this stock increase or decrease during the day shown in the table?

1-increase

2- decrease   

(e) What was the price of a share of this stock at the start of the trading day?

$ _______

Answer 1