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Questions and Answers of Personal Finance

Mike Jackson invested a total of $22,000 in the New Colony Pacific Region mutual fund. The management fee for this particular fund is 0.90 percent of the total asset value. Calculate the management
Ted Paulson needed money to pay for unexpected medical bills. To obtain $8,000, he decided to sale some of his shares in the Ridgemoor Capital Appreciation Fund. When he called the investment
Bill Matthews invested $12,500 in the Washington Mutual fund. The fund charges a 5.75 percent commission when shares are purchased. Calculate the amount of commission Bill must pay.
Jan Throng invested $42,000 in the Invesco Charter mutual fund. The fund charges a 5.50 percent commission when shares are purchased. Calculate the amount of commission Jan must pay.
Given the following information, calculate the net asset value for the Boston Equity mutual fund.Total assets.....................................$764 millionTotal
Assume you purchased a high-yield corporate bond with a face value of $1,000 at its current market price of $850 on January 2, 2007. It pays 5 percent interest and it will mature on December 31,
Calculate the interest amount and current yield for the following $1,000 bonds. Interest Rate Interest Amount Current Market Value Current Yield $1,020 $890 $1,080 6% 5.10% 4.70%
What is the current price for a $1,000 bond that has a price quote of 91?
Assume you are in the 33 percent tax bracket and purchase a 4.10 percent, tax-exempt municipal bond. Use the formula presented in this chapter to calculate the taxable equivalent yield for this
Assume that you are in the 39.6 percent tax bracket and you purchase a 3.90 percent, tax-exempt municipal bond. Use the formula presented in this chapter to calculate the taxable equivalent yield for
Calculate the purchase price for a 52-week, $1,000 treasury bill with a stated interest rate of 0.55 percent.
James McCulloch purchased a 30-year U.S. Treasury bond four years ago for $1,000. The bond paid 2.70 percent annual interest. Four years later, he sold the bond for $1,040.a. What is the annual
Sandra Waterman purchased a 52-week, $1,000 T-bill issued by the U.S. Treasury. The purchase price was $993.a. What is the amount of the discount?b. What is the amount Ms. Waterman will receive when
Jean Miller purchased a $1,000 corporate bond for $860. The bond pays 4 percent annual interest. Three years later, she sold the bond for $980. Calculate the total return for Ms. Miller’s bond
Calculate the annual interest and the semiannual interest payment for the following corporate bond issues with a face value of $1,000. Annual interest Rate Semiannual Interest Annual Interest Amount
Jackson Metals, Inc., issued a $1,000 convertible corporate bond. Each bond is convertible to 25 shares of the firm’s common stock.a. What price must the common stock reach before investors would
After researching Best Buy common stock, Sally Jackson is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 200 shares of Best Buy. At the time of the
Bill Campbell invested $4,000 and borrowed $4,000 to purchase shares in Walmart. At the time of investment, Walmart stock was selling for $62 a share.a. If Bill paid a $30 commission, how many shares
For four years, Mary Nations invested $4,000 each year in America Bank stock. The stock was selling for $34 in 2013, for $48 in 2014, for $37 in 2015, and for $52 in 2016.a. What is Mary’s total
Thompson Home Remodeling has a 1.30 beta. If the overall stock market increases by 9 percent, how much will the stock for Thompson Home Remodeling change?
Two years ago, you purchased 100 shares of Coca-Cola Company.Your purchase price was $39 a share, plus a total commission of $29 to purchase the stock. During the last two years, you have received
Assume you own shares in Honeywell, Inc. and that the company currently earns $6.04 per share and pays annual dividend payments that total $2.38 a share each year. Calculate the dividend payout for
James Hayes owns 370 shares of Ohio Utility preferred stock. If this preferred stock issue pays $1.90 per share, what is the total dollar amount Mr. Hayes will receive in one year?
In March, stockholders of 3D Systems Corporation approved a 2-for-1 stock split. After the split, how many shares of 3D Systems stock will an investor have if she or he owned 180 shares before the
Betty and John Martinez own 220 shares of AT&T common stock. AT&T's annual dividend is $1.92 per share. What is the amount of the dividend check the Martinez couple will receive for this year?
Eight years ago, Burt Brown lee purchased a U.S. government bond that pays 2.30 percent interest. The face value of the bond was $1,000. a. What is the dollar amount of annual interest
Assume that three years ago, you purchased a corporate bond that pays 5.30 percent. The face value of the bond was$1,000. Also assume that three years after your bond investment,comparable bonds are
Assume that at the beginning of the year, you purchase an investment for $7,200 that pays $100 annual income. Also assume the investment’s value has decreased to $6,800 bythe end of the year.a.
Assume that at the beginning of the year, you purchase an investment for$4,900 that pays $105 annual income. Also assume the investment’s value has increased to$6,300 by the end of the
Allen has purchased a whole life policy with a death benefit of $150,000. Assuming that he dies in 8 years and the average inflation has been 1 percent, what is the value of the purchasing power of
Beverly and Kyle Nelson currently insure their cars with separate companies, paying $650 and $575 a year. If they insured both cars with the same company, they would save 10 percent on the annual
For each of the following situations, what amount would the insurance company pay?a. Wind damage of $835; the insured has a $500 deductible.b. Theft of a home entertainment system worth $1,150; the
What would it cost an insurance company to replace a family’s personal property that originally cost $42,000? The replacement costs for the items have increased 15 percent.
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of thefollowing situations?a. $40,000, 15-year loan at 4.5 percentb. $76,000, 30-year
Using the tax table in Exhibit 4-7, determine the amount of taxes for the following situations:a. A head of household with taxable income of $75,751.b. A single person with taxable income
Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? Adjusted gross income,...........................................$66,686Itemized
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction?The standard deduction for her tax situation
Ross Martin arrived at the following tax information:Gross salary,............................................$56,145Interest earnings,.........................................$205 Dividend
Use future value and present value calculations (see tables in the Chapter 1appendix) to determine the following. a. The future value of a $400 savings deposit after eight years at an annual
For each of the following situations, compute the missing amount. a. Assets $45,000; liabilities $12,600; net worth $ _____.b. Assets $78,980; liabilities $ _____ ; net worth
Based on the following data, compute the total assets, total liabilities, and net worth. Liquid assets,..........................................$4,670Household
Based on these items, what is the total of the(a) Liquid assets(b) Current liabilities?Checking account balance.....................................$860Retirement account
Using a future value calculator available on the Internet or the formula or the tables included in the Chapter 1 Appendix, complete the following table.Then answer the questions that follow the
Assume that you purchased a corporate bond with a face value of $1,000.The interest rate is 3.60 percent. What is the dollar amount of annual interest you will receive each year?
Three years ago, you purchased 220 shares of IBM stock for $92 a share. Today, you sold your IBM stock for $140 a share. For this problem, ignore commissions that would be charged to buy and sell
Beth and Bob Mart in have a total take-home pay of $4,200 a month. Their monthly expenses total $3,100. Calculate the minimum amount this couple needs to establish an emergency fund. How did you
Your variable annuity has a mortality and expense risk charge at an annual rate of 2.15 percent of account value. Your average account value during the year is $20,000. What is your mortality and
You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $38,000 annually. You own a home with a $110,000 mortgage, and you owe $11,000 on car loans, $2,000 in
Suppose that yours is a typical family. Your annual income is $60,000. Using the easy method, what should be your need for life insurance?
You have a gross annual income of $62,000. Use the multiple of income method to determine the minimum amount of life insurance you should carry
How many years will it take Matt and Kristin to earn back in discounts the cost of the dead-bolts? The cost of the smoke detectors?
Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance. If$3,800 worth of jewelry and $2,800 worth of silver ware were
You estimate that you can save $3,800 by selling your home yourself rather than using a realestate agent. What would be the future value of that amount if invested for five years at 9 percent?
Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs for refinancing will be $1,670. How
What would be the total vehicle cost in each of these situations? Vehicle 1: A down payment of $3,500 with 48 monthly payments of $312. Vehicle 2: A down payment of $2,700 with 60
Dave borrowed $500 on January 1, 2017, and paid it all back at once on December 31, 2017. What was the APR?
Dave borrowed $500 for one year and paid $50 in interest. The bank charged hi ma $5 service charge. What is the finance charge on this loan
The disposable income from your part-time job in 2017 was $12,000. In 2016, you borrowed $500 at 18 percent interest. You repaid your loan with interest in 2017. How much would you have available for
What amount would you have if you deposited $2,500 a year for 30 years at 8 percent (compounded annually)?
Brenda Young desires to have $20,000 eight years from now for her daughter’s college fund. If shewill earn 4 percent (compounded annually) on her money, what amount should she deposit now?
If a person with a 28 percent tax bracket makes a deposit of $5,500 to a tax deferred retirement account, what amount would be saved on current taxes?
On December 30, you decide to make a $2,500 charitable donation. If you are in the 28 percent tax bracket, how much will you save in taxes for the current year? If you deposit that tax savings in a
Samuel Jenkins made two investments, the first was 13 months ago and the second was two months ago. He just sold both investments and has capital gain of $3,000 on each. If Samuel is in the 28
On January 1, 2016, Brooke Daniels who is single started a new job. She was eligible for health insurance but, decided not to take the insurance offered by her employer. She did not require any
If 400,000 people each receive an average refund of $2,450, based on an interest rate of4 percent, what would be the lost annual income from savings on those refunds?
Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounds to the nearest $50). In a recent year, if the exemption was worth $4,050 and inflation was 3.1
What would be the average tax rate for a person who paid taxes of $5,490 on a taxable income of $41,670?
Imari Brown is attending community college. She has $2,000 of education expenses. She claims herself on her tax return. She is trying to decide between the tuition and fees deduction
Kaye Blanchard is 50 years old. She has $30,000 of adjusted gross income and $8,000 of qualified medical expenses. She will be itemizing her tax deductions this year. How much of a tax deduction will
Hal Thomas wants to establish a savings fund from which a community organizationcould draw $800 a year for 20 years. If the account earns 3 percent, what amount would he have to deposit now to
Bill and Sally Kaplan have an annual spending plan that amounts to $36,000. If inflation is3 percent a year for the next three years, what amount will the Kaplans need for their living expenses three
Determining a Loan Payment Amount. If you borrow $8,000 with a 5 percent interest rate to be repaid in five equal payments at the end of the next five years, what would be the amount of each payment?
If a person spends $15 a week on coffee (assume $750 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 3 percent?
Carla Lopez deposits $3,200 a year into her retirement account. If these funds have an average earning of 9 percent over the 40 years until her retirement, what will be the value of her retirement
Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $15,000 available each year for various school and living expenses. If he earns 4
Elaine Romberg prepares her own income tax return each year. A tax prepare would charge her $80 for this service. Over a period of 10 years, how much does Elaine gain from preparing her own tax
Using time value of money tables, calculate the following:a. The future value of $450 six years from now at 7 percent.b. The future value of $900 saved each year for 10 years at 8
Leigh, Blake and Nicole’s grandparents were over to the house visiting for brunch. After sharing the story of Wild Willie, Smart Sam, and Dedicated Dave, the grandparents offered each grandchild a
You are financing a home for $100,000. The loan is a fixed-rate loan of 5%. Complete the following table to compare monthly payments and overall interest for the four different maturity periods
If you buy a bag of chips and a soda every Monday through Friday from a vending machine (at $1.00 per bag and $1.25 per pop), how much do you spend on the vending machine munchies over the course of
Your mutual fund has varying asset allocations of stocks, bonds, and short-term reserves; if it allocates 25% to stocks and 40% to bonds, what percentage of the mutual fund is comprised of short-term
You are selling your house and you think it will sell for $275,000. You talk to a real estate agent who is willing to list your house for $279,900. His fee is 7%. You currently owe $175,000 on your
Tanner is 18 years old and just found the car of his dreams. He got a full scholarship to play soccer in college. He has been working at the local grocery store since he was 16 years old, working
Harold and Maud just graduated from college, got married, and are starting their first jobs in Chicago. Harold is a school teacher and Maud is a marketing representative for the Chicago Blackhawks
If you wanted to venture into investing but felt you could start at a rate of only $5/day, what is the total amount you would be able to invest over the course of a year?
If you have a 5% front-load charge and you invest $1,000, how much of this money will be invested in the mutual fund?
Jewel’s offer of $150,000 for her first home has been accepted. She will make a down payment of 10%. Applied to the loan amount will be the bank’s loan-origination fee of 1% of the loan and a
If you have a 5% back-load charge and you invest $1,000, how much of this money will be invested in the mutual fund?
If you have a 5% front-load mutual fund and you withdraw $10,000 of your investment, how much will be subtracted from your withdrawal to pay commission fees?
What is your net cash flow if you had a total income last month of $2,000 but your expenses totaled $2,500, $500 of which was covered by your credit card?
If you have a 5% back-load mutual fund and you withdraw $10,000 of your investment, how much will be subtracted from your withdrawal to pay commission fees?
If the median income for someone with an associate’s degree is $9,100 higher annually than for someone with a high school degree, and the total cost of schooling for the two years costs $20,000, at
Margot just received $10,000 from her uncle for her new-born son Will. She would like to invest this money for Will’s college in 18 years. What type of mutual fund would you recommend to Margot and
If you wanted to have $5,000 saved up by the end of the year, what amount would you need to save on a monthly basis? A weekly basis? A daily basis?
It is graduation day for Jen. The past four years have flown by. She is excited to move to Madison and start her career. She has come such a long way from when she first moved to 906 East College
Geoff has two mutual fund options with the same investment objective and the same risks. One is a no-load mutual fund with an expense ratio of 0.50% and has historically returned 7.5%. The other fund
Jack just started a new job that offers a 401(k) retirement plan. His company will match his investment dollar for dollar up to 6% of his salary. Jack decides to invest 6%, so his total investment to
Your first job pays $36,000 per year. How much should you have in your emergency fund?
If you go out for lunch Monday through Friday between classes and spend between $7 and $11 for each meal, how much do you spend over the course of a 16-week semester?
You have $5,000 in your emergency fund. There has been a death in your family and you need to fly home to Alaska; the ticket price is $975. Your current budget allows for no more than $75/month to be

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