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Business Math 10th edition Cheryl Cleaves, Margie Hobbs, Jeffrey Noble - Solutions

Create a partial amortization schedule for the first two payments on a mortgage of $152,300 at 6.25% that has a monthly payment of $1,005.18 and is financed for 25 years?
Find the indicated amounts for the fixed rate mortgages. See Examples 1 - 3.
How much would Stephen's monthly payment increase for a 20-year mortgage over a 30-year mortgage?
The annual insurance premium on Maria Snyder's home is $2,074 and the annual property tax is $1,403. If her monthly principal and interest payment is $ 1,603, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI)?
Susan Blair has a 25-year home mortgage of $208,917 at 4.75% interest and will pay $1,798 annual insurance premium. Her annual property tax be $2,106. Find monthly PITI payment?
Use the formula or a calculator application to find the monthly payment on a home mortgage of $276,834 at 4.776% interest for 25 years?
Use the formula or a calculator application to find the monthly payment on a home mortgage of $192,050 at 5.125% interest for 30 years?
Stephen Black purchased a home for $155,000. Northridge Mortgage Inc. has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen will pay 25% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment?
If Stephen made the same loan for 20 years, how much interest would he save?
Make an amortization table to show the first two payments for the mortgages in Exercise 1 - 6. See Example 1.
Jake Drewrey is financing $142,500 for a ten-year fixed-rate mortgage at 5.75%. Create an amortization schedule for the first two payments?
Conchita Martinez will have a monthly interest and principal payment of $1,825.40. Her monthly real estate taxes will be $58.93 and her monthly homeowner's payments will be $84.15. If her gross monthly income is $6,793, find the housing ratio?
Jake Drewrey has total fixed monthly expenses of $ 1,340 and his gross monthly income is $3,875. What is his debt-to-income ratio? How does his ratio compare to the desired ratio?
Make an amortization table to show the first two payments for the mortgages in Exercises 1 - 6. See Example 1.
Make an amortization table to show the first two payments for the mortgages in Exercises 1 - 6. See Example 1.
Justin Wimmer is financing $169,700 for a home at 5.25% interest with a 20-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month?
Heike Drechsler is financing $84,700 for a home in the mountains. The 17-year fixed-rate loan has an interest rate of 6%. Create an amortization schedule for the first two months of the loan?
Conchita Martinez has made a $210,300 loan for a home near Albany, New York. Her 20-year fixed-rate loan has an interest rate of 5.50%. Create an amortization schedule for the first two payments?
Find the monthly payment.
Louise Grantham is buying a home for $198,500 with a 20% down payment. She has a 5.75% loan for 25 years. Create an amortization schedule for the first two months of her loan?
James Author's monthly principal plus interest payment is $1,565.74 and his annual homeowner's insurance premium is $1,100. His annual real estate taxes total $1,035. Find his PITI payment?
Find the loan-to-value ratio for a home appraised at $583,620 that the buyer will purchase for $585,000. The buyer plans to make a down payment of $175,000?
Use the formula or a calculator application to find the monthly payment on a home mortgage of $645,730 at 4.862% interest for 20 years?
Use the formula or a calculator application to find the monthly payment on a home mortgage of $219,275 at 5.265% interest for 30 years?
Create an amortization schedule for the first two months' payments on a mortgage of $487,700 with an interest rate of 6% and monthly payment of $2,926.20?
Calculate the monthly payment and the total interest Huliett would have to pay if he decided to make the loan for 30 years instead of 15 years?
Make an amortization schedule for the first three payments of the 15-year loan Huliett could make?
Make an amortization schedule for the first three payments of the 30-year loan Huliett could make?
Find Leshaundra's debt-to-income ratio if her fixed monthly expenses are $1,972 and her gross monthly income is $5,305?
Use the formula or a calculator application to find the monthly payment on a home mortgage of $249,500 at 5.389% interest for 30 years?
How does a mortgage relate to a sinking fund?
Owen is closing a real estate transaction on a farm in Yocona, Mississippi, for $385,900. His mortgage holder requires a 25% down payment and he also must pay $60.00 to record the deed, $ 1 (X) in attorney's fees for document preparation, and $350 for an appraisal report. Bob will also have to pay
Make a depreciation schedule for the first two years like Table 17-2 for a truck driven 28,580 miles the first year, 32,140 miles the second year, 29,760 miles the third year, 31,810 miles the fourth year, and 27,710 miles the fifth year. The expected life of the truck is 9 150,000 miles and it
Using the sum-of-the-years'-digits method, make a depreciation schedule for the first two years for a machine that costs $4,200 and will be worth $750 at the end of five years.
Make a depreciation schedule using the double-declining rate for three years for a computer system costing $21,000 with an estimated life of three years and a resale value of $ 1,000.
Find the depreciation for the first three years for a laser printer that costs $5,800 and was placed in service midyear under the MACRS as a five-year property.
Make a depreciation schedule like Table 17-6 for an asset that three-year property. $3,270 and was placed in service midyear under the MACRS as a
The Acme Management Corporation purchased a computer for $5,400. Its life expectancy is projected to be four years, and the salvage value will be $800. Make a straight-line depreciation schedule like Table 17-1.Q
Use the straight-line method to complete the depreciation table for an SUV that costs $44,000, has a residual value of $8,000, and has an estimated life of six years.
Use the sum-of-the-years'-digits depreciation method to make a depreciation schedule (first three years) for a forklift that cost $28,000, has an expected useful life often years, and has a residual value of $2,500.
A printing press that costs $285,900 is depreciated using the 1.5 declining-balance method. The scrap value of the press is estimated to be $3,000 and the press has an expected life of 20 years. Prepare the first four years of a depreciation schedule.
A tractor costs $25,000, has an expected life of 12 years, and has a salvage value of $2,500. Use straight-line depreciation to find the yearly depreciation. Make a depreciation schedule for the first three years' depreciation.
Prepare a straight-line depreciation schedule for the first four years of depreciation of a forklift that costs $9,450, is expected to be used for 12 years, and is projected to be scrapped for $500.
Make a straight-line depreciation schedule for an asset that costs $7,500 and has a scrap value of $1,200. The useful life of the asset is eight years.
A printing machine is expected to be operational for 90,000 hours. If the machine costs $84,500 and has a projected salvage value of $2,900, find the unit depreciation. The machine is used for 3,853 hours the first year. What is the first year's depreciation? Use the full calculator value of the
Stuart Dybeck purchased an asphalt packing machine for $56,900 and is using sum-of-the-years' digits depreciation to schedule depreciation over six years. If the residual value is $4,000, make the depreciation schedule.
Ron Tibbett is depreciating a panel truck purchased for $37,290. He will use double-declining-balance and depreciate over seven years. What is the yearly double-declining-balance rate rounded to the nearest ten-thousandth and the first year's depreciation?
Make a partial depreciation schedule for the first three years using the units-of-production depreciation for a laser engraver that costs $3H,(m and has a scrap value of $2,000. The engraver has an expected life of 500,000 hours and is expected to last 15 years.
A Western Star over-the-road tractor is purchased for $132,895 and placed in service in July 2010. The owner elects to depreciate this 3-year property using MACRS. Make a depreciation schedule showing each year's depreciation, accumulated depreciation, and end-of-year book value for the property.
Use the MACRS method to make a depreciation schedule for property that cost $4,800 and was placed in service midyear with a 3-year recovery period.
A 5-year property costing $286,000 is placed in service at midyear in 2011. The property is depreciated using MACRS. Prepare a depreciation schedule for the property.
Find the depreciation each year for a tractor that was purchased for $18,000 and placed in service midyear under the MACRS method of depreciation as a 3-year property.
Kentucky Thoroughbred Farms has a racehorse that is just over 2-years old. The racehorse, a 3-year property, is being placed in service midyear with a total cost of $83,500. Use the MACRS to find the depreciation that can be taken for the horse for each year of its service.
Make a depreciation schedule for the printer in Exercise 9 to show the depreciation for three years if it was operated 3,140 hours the second year and 6,820 hours the third year.
Wee-Kare purchased a van for $21,500 and will drive it 75,000 miles. If the resale value of the van is projected to be $6,500, find the unit depreciation. Wee-Kare drove the van 2,584 miles the second year. Find the year's depreciation.
Make a sum-of-the-years'-digits depreciation schedule for the first two years for an asset that costs $21,500 and will be worth $5,000 at the end of four years.
Concon Corp. bought office equipment for $6,000. At the end of three years, its scrap value is $750. Use a double-declining rate to make a depreciation schedule. An asset cannot be depreciated below its scrap value.
Make a depreciation schedule using a 150%-declining-balance for three years for furniture that costs $15,000 and has a salvage value of $500.
Find the depreciation for each of the final two years for properly purchased for $113,984 and placed in service under the MACRS as a 15-year property.
Make a depreciation schedule like Table 17-6 for the first three years for an asset that costs $141,250 and was placed in service midyear under the MACRS as a five-year property.
Make a depreciation schedule for Exercise 5 showing the first four years.
Fill in the unit depreciation and year's depreciation columns
Make a depreciation schedule to show the annual straight-line depreciation, accumulated depreciation, and end-of-year book value for furniture that costs $4,500 and has a scrap value of $700. The useful life of the furniture is five years.
Use the sum-of-the-years'-digits method to make a depreciation schedule for an asset that costs $7,500 and has a salvage value of $1,500. The asset is to be used for three years.
Use the double-declining-balance method to make a depreciation schedule for a piece of equipment that costs $2,780 and has a salvage value of $300. The equipment is expected to be used for four years.
Use the MACRS to make a depreciation schedule for a vehicle that was placed in service at midyear and cost $13,580. The vehicle is to be deprecia over a three-year period.
Using the three formulas in the How To on page 604, find the yearly depreciation using the straight-line method to write one formula to find the yearly depreciation?
Observing patterns in business formulas and calculations enables the businessperson to better estimate or predict results and trends. Examine Table 17-3 on page 610 and explain the pattern found in the Annual Depreciation column. Explain how each subsequent year's depreciation can be found without
Examine Table 17-5 and explain why the second year's depreciation percent is larger than any of the other years' percents.
Make a chart that shows the depreciation method and the value that is used as the basis for depreciation for the five depreciation methods described in this chapter.
Both declining-balance depreciation and MACRS depreciation use the total cost of an asset as the basis for depreciation. Explain the difference in the way the ending book value is handled in the two methods.
A new minivan was purchased for $24,400 and currently has an end-of-year book value of $20,081.20 after one year of operation. Find the year's rate of I depreciation. What will be the end-of-year book value of this minivan after two years if the rate of depreciation remains the same and
Find the cost of goods available for sale using the following table
Find the turnover rate at retail for a pottery shop if the beginning inventory at retail is $486,923 and the ending inventory at retail is $326,843. Sales for the period are $935,830.
Use the inventory table for Evanger's Canned Dog Food and net sales of $3,982 to estimate the cost of ending inventory with the gross profit method if gross profit on sales is 45%.
Department 1 had $5,200 in sales for the month, department 2 had $4,700, department 3 had $6,520, department 4 had $4,870 and department 5 had $2,010. The total overhead was $10,000. Find each department's overhead based on sales.
Tyson's Fixit Store has a monthly overhead of $9,200. Find each department's monthly overhead based on floor space using the following square feet for each department: hardware, 800; plumbing, 600; tools, 400; supplies, 600.
Find the cost of ending inventory using the following table showing
Find the cost of ending inventory and the cost of goods sold using the tables in Exercises 1 and 2.In Exercise 1In Exercise 2
Use the First-in, first-out method to find the cost of goods sold and the cost of ending inventory using the table from Exercise 1 and the fact that the ending inventory is 96 units.In Exercise 1
Use the last-in, first-out method to find the cost of goods sold and the cost of ending inventory using the table from Exercise 1 and the fact that the ending inventory is 200 units.In Exercise 1
Use the retail method to find the cost of goods sold and the cost of ending inventory using the table in Exercise 1, the following table, and the fact that sales are $5,000:Date of purchase Retail price per unitBeginning inventory...................... $ 26August
Find the turnover rate at cost for Phones and More, Inc. if it has a beginning inventory at cost of $51,266; an ending inventory at cost of $42,780; and cost of goods sold is $25,000.
Complete Inventory Table A for total cost of purchases, goods available for sale, cost of goods available for sale, and ending inventory using the specific inventory method. Total retail value is calculated in Exercise 21.
Determine the unit cost and cost of ending inventory for units in ending inventory for Inventory Table A.
Determine the unit costs for units in ending inventory for Inventory Table B.
Find the cost of goods sold for Inventory Table B.
Cost Table A shows a breakdown of the ending inventory from Inventory Table A according to various costs per unit. Complete Cost Table A.
Complete Inventory Table A for the total retail value.
Complete Inventory Table B for the total retail value.
Use Inventory Table A and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,440.
Use Inventory Table B and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 54% gross profit on sales is realized and net sales are $1,644.72.
Complete Inventory Table B for total cost of purchases, goods available for sale, cost of goods available for sale, and ending inventory. Total retail value is calculated in Exercise 24.Inventory Table B
Cost Table B breaks down the ending inventory from Inventory Table B. Complete Cost Table B.Cost Table B
Make a conversion factor for the data in Example 4 (p. 654) and use the conversion factor to calculate the overhead for each department.
Overhead for one month at the Allimore Department Store totaled $6,000. Find the overhead for each department, based on sales, if the store had the following monthly sales by department: toys, $4,000; appliances, $6,600; children's clothing, $6,800; books, $4,600; and furniture, $8,400. Round
Carlisle's Stock Trailer Sales had overhead expenses that totaled $4,932 during one month. The business had the following departmental sales for the month: cattle trailers, $8,523; utility trailers, $6,201; boat trailers, $2,932; parts, $1,392. Find the overhead for each department, based on sales.
Dale Crosby's Gift Shop had overhead expenses totaling $2,732 during the month of August. The business recorded departmental sales for the month of August as follows: china, $3,923; silver, $8,923; crystal, $2,932; linens, $1,923; new gifts, $6,291; antiques, $8,923. Use this information to find
Savemore Discount Clothing Store assigns overhead to its various departments according to the floor space used by each department. The store's total monthly overhead is $15,800. Find the overhead for each department using the following square feet for each department: women's clothing, 2,000; men's
Hughes' Trailer Manufacturer assigns overhead to its departments according to the floor space used by each department. The company's total monthly overhead for the month of April is $7,832. Find the overhead for each department using the following square feet for each department: welding bay,

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