I need the work for each question, how to plug the specific formula for each question. don't answer with just the answer and no work thanks!

Question 1(2 points

Julian and Morgan obtain a 30-year 4/1 ARM at 3.9% with a 3/13 cap structure in the amount of $182,345. What is the remaining balance on the mortgage after the first four years? (2 points)

a

$141,062.12

b

$168,476.64

c

$172,148.77

d

$173,946.01

Question 2(2 points)

Use the table to answer the question that follows.

DayStockTickerHighlowClose1UnixUNI45.8738.1139.122UnixUNI43.7731.8933.583UnixUNI47.1236.4738.584UnixUNI41.4439.1040.915UnixUNI48.4941.8842.73

Bailey bought 121 shares of Unix stock on Day 1 at the low price. What is the return on her investment if she sold the stock on Day 5 at the high price? (2 points)

a

14.83%

b

21.41%

c

24.72%

d

27.24%

Question 3(2 points)

Violet obtained a 25-year, fixed-rate mortgage for $176,900 on a home that cost her $194,300. If the interest rate on the mortgage is 4.82%, how much are Violet's monthly payments? (2 points)

a

$1,015.67

b

$1,115.58

c

$8,526.58

d

$9,365.27

Question 4(2 points)

Rylee is from Sweden and will be visiting the United States next month. She needs to exchange her Swedish krona for American dollars. If the exchange rate is USD to SEK = 6.20997, how many dollars would she receive for 2400 krona? (2 points)

a

$386.48

b

$258.75

c

$16,710.43

d

$14,903.93

Question 5(2 points)

Nevaeh finances $147,500 to purchase a townhouse with a 30/8 balloon mortgage at 3.6%. What is the remaining balance at the end of the mortgage? (2 points)

a

$83,122.40

b

$93,916.00

c

$113,753.73

d

$122,166.82

Question 6(2 points)

Colin and Payton bought 79 shares of Stock A at $63 per share, 43 shares of Stock B at $119 per share, and a ten-year $7,500 bond with a 14.91% coupon for $7,000. Colin and Payton sold all stocks and bonds yesterday. Stock A was $78 per share and Stock B had a value of $131 per share. If neither stock paid a dividend, which investment has the highest rate of return? (2 points)

a

Stock A

b

Stock B

c

Bond

d

Stock A and Bond

Question 7(2 points)

Use the table to answer the question that follows.

52W high52W lowStockTickerDivYield %P/EVol 00'sHighLowCloseNet chg75.4355.45UnixUNI22.0847898.7487.5188.28+9.1145.2314.77ZycodecZYC67.52102266.7457.5263.14-0.89

Isabelle bought 113 shares of Unix stock at its lowest price last year. She also bought 95 shares of Zycodec at its highest price last year. If she sold all her shares of both stocks today at their closing prices, what is her overall rate of return? (2 points)

a

28.37%

b

33.88%

c

51.24%

d

59.21%

Question 8(2 points)

Khloe has a savings account that earns 3.13% compounded monthly. If she has $2,378 in the account today, what will the account balance be in 11 years? (2 points)

a

$2,447.13

b

$2,452.43

c

$3,337.70

d

$3,353.86

Question 9(2 points)

Adrian and Eva received a mortgage for $245,350 on a house that cost $266,100. They purchased 3 discount points and 2 origination points. What is the cost for the discount and origination points? (2 points)

a

discount points: $4,907.00; origination points: $7,360.50

b

discount points: $5,322.00; origination points: $7,903.00

c

discount points: $7,360.50; origination points: $4,907.00

d

discount points: $7,903.00; origination points: $5,322.00

Question 10(2 points)

Piper invested $7,400 in a Certificate of Deposit, $4,980 in a corporate bond, $5,100 in a common stock, and $6,350 in a preferred stock, The COD has a rate of return of 3.4%; the corporate bond is 5.8%; the common stock's rate of return is -1.9%; and the preferred stock has a rate of return of 4.6%. What is Piper's weighted mean rate of return? (2 points)

a

4.60%

b

3.90%

c

2.98%

d

3.09%

Question 11(2 points)

Justin makes annual contributions of $2,975 to a 401(k). His employer matches 75% of his contributions. His account will grow at an average rate of 7.4% every year. He is currently taxed at 28%, but anticipates being taxed at 15% during retirement. If Justin retires in 37 years, what is the value of his 401(k) at that time? (2 points)

a

$445,376.26

b

$493,151.07

c

$660,204.81

d

$779,408.45

Question 12(2 points)

Carson is accepted for a 20/10 balloon mortgage at 4.27%. If Carson finances $235,750, how much will his balloon payment be? (2 points)

a

$142,623.08

b

$143,130.58

c

$148,713.09

d

$188,077.31

Question 13(2 points)

Caden and Lydia currently owe $213,482 on their mortgage. If the value of their condominium is $305,600, how much equity do they have in the house? (2 points)

a

$46,059

b

$92,118

c

$106,741

d

$152,800

Question 14(2 points)

Xavier deposits $6 daily into an interest-bearing account to save for renovations to his bathroom. The account earns 4.57% which compounds annually. What is the present value of the investment if Xavier renovates his bathroom in five years? (2 points)

a

$11,785.32

b

$10,033.83

c

$7,843.83

d

$9,595.32

Question 15(2 points)

Use the table to answer the question that follows.

RORPortfolio 1Portfolio 2Portfolio 34.3%$3,525$751$965-3.4%$800$1,475$3,5709.7%$2,130$1,155$2,8802.7%$1,050$955$3,66011.4%$230$1,005$700

Calculate the weighted mean of the RORs for each portfolio. Which list shows a comparison of the overall performance of the portfolios, from worst to best? (2 points)

a

Portfolio 1, Portfolio 2, Portfolio 3

b

Portfolio 2, Portfolio 1, Portfolio 3

c

Portfolio 3, Portfolio 1, Portfolio 2

d

Portfolio 3, Portfolio 2, Portfolio 1

Question 16(2 points)

Reagan has a savings account that earns 1.87% interest, compounding quarterly. If she needs $20,857 for a down payment on a house in nine years, how much money will she need to invest in the account today? (2 points)

a

$10,704.95

b

$17,633.17

c

$19,355.32

d

$20,508.99

Question 17(2 points)

Paige made a down payment of 12% on a home she purchased for $403,450 and financed the rest. What is the total cost of intangible taxes if her state charges 0.2% for intangible taxes? (2 points)

a

$484.14

b

$710.07

c

$806.90

d

$968.28

Question 18(2 points)

In order for Miles to purchase a boat in eight years, he will deposit $150 every quarter to a savings account with 2.98% interest, compounded monthly. What is the future value of this account in eight years? (2 points)

a

$5,412.92

b

$5,426.36

c

$16,238.76

d

$16,279.09

Question 19(2 points)

Autumn is depositing $575 at the beginning of every six months into an account with an interest rate of 3.67%, compounded semiannually. She wants to renovate her kitchen in seven years. How much will Autumn have in the account at the time of the renovation? (2 points)

a

$4,331.53

b

$4,253.48

c

$9,084.33

d

$9,251.03

Question 20(2 points)

Hayden and Brianna received a mortgage in the amount of $164,320 for a condominium that cost $198,450. The documentary stamp tax fee for mortgages in their state is $0.35 per $100 or portion thereof. How much did Hayden and Brianna pay for the documentary stamp tax? (2 points)

a

$575.12

b

$575.40

c

$694.58

d

$694.75

Question 21(2 points)

Faith wants to retire in 35 years. She makes annual contributions to a Roth IRA in the amount of $3,950. She is taxed at 35% today, but anticipates that will change to 25% in her retirement. If the average annual rate of return on the account is 6.3%, what is the net value of Faith's IRA account when she retires? (2 points)

a

$305,053.33

b

$351,984.61

c

$420,925.32

d

$434,750.32

Question 22(2 points)

Aaliyah obtained a 25-year, fixed rate mortgage for $220,500 on a home that cost her $243,950. If the interest rate on the mortgage is 6.15%, how much interest will Aaliya pay over the life of the mortgage? (2 points)

a

$257,766

b

$188,341

c

$234,316

d

$211,791

Question 23(2 points)

Ryder and Katelyn's assets and liabilities are shown below.

Home Value$114,500Credit Card Balance$15,430Personal Loan$4,309Furniture$4,150Electronic Equipment$7,312Car Loan$12,670Savings Account Balance$7,475Mortgage$34,567Investments$2,046Car Value$18,545

What is Ryder and Katelyn's net worth? (2 points)

a

$51,546

b

$71,126

c

$78,752

d

$87,052

Question 24(2 points)

Quinn wants to retire when she is 67 years old. She plans on investing $1,850 each quarter with an average annual return of 3.4% adjusted for inflation. Interest compounds quarterly. If Quinn is 32 years old, how much will she have in savings at the beginning of her retirement? (2 points)

a

$120,940.62

b

$494,187.65

c

$518,700.36

d

$711,834.71

Question 25(2 points)

Alexandra received a mortgage for $313,800 on a home that cost $340,000. Her mortgage broker charges a fee of $195 plus 6.7%. How much is Alexandra paying in brokerage fees? (2 points)

a

$22,780.00

b

$22,975.00

c

$21,024.60

d

$21,219.60

Question 26(2 points)

Ariana has a choice between four different prescription plans through her health insurance. Option A offers a $105 monthly premium with a $15 co-pay per prescription; Option B offers a $100 monthly premium with a $20 co-pay per prescription; Option C offers a $115 monthly premium with a $10 co-pay per prescription; and Option D offers a $110 monthly premium with a $12 co-pay per prescription.

Which option is the most expensive if Ariana fills 13 prescriptions each month? (2 points)

a

Option A

b

Option B

c

Option C

d

Option D

Question 27(2 points)

Jake and Kate made a down payment of 16% on a house that cost $267,450. They are charged an origination fee of 0.5%, an intangible tax of 0.2%, and bought two discount points. What did Jake and Kate pay in total for the down payment, fees, taxes, and points? (2 points)

a

$43,947.38

b

$47,285.16

c

$48,857.77

d

$50,013.15

Question 28(2 points)

Bentley and Lilly have been accepted for a 25/7 balloon mortgage at 4.48%. If Bentley and Lilly finance $387,300, how much will they pay in principal and interest over the life of the loan? (2 points)

a

$404,651.04

b

$498,607.42

c

$499,795.17

d

$644,502.00

Question 29(2 points)

The economy today grows at a rate of 2.2% semiannually. Ayden has an annuity that pays $1,655 at the beginning of every six month period. What is the value of Ayden's annuity if he receives it in a lump sum now instead of over the next 18 years? (2 points)

a

$47,862.22

b

$48,978.46

c

$49,517.22

d

$50,633.46

Question 30(2 points)

Nathaniel is 72-years-old and a heart attack survivor. His doctor tests his heart regularly with an electrocardiogram to ensure his heart has not worsened. Through a coinsurance agreement, his health insurance policy pays 65% of the cost for tests 1 - 4, 70% of the cost for tests 5 - 8, 75% of the cost for tests 9 - 12, and 80% of the cost for scans 13 - 16. Nathaniel must pay for any tests beyond the 16th. If each test costs $140 and he receives 22 each year, what is Nathaniel's out-of-pocket expense? (2 points)

a

$1,456

b

$1,624

c

$2,464

d

$616

Question 31(2 points)

Colton is buying a home and wants to apply for an adjustable-rate mortgage. His mortgage broker offers him a 5/1 ARM at 4.1% with a 2/12 cap. If Colton chooses this mortgage, what is the maximum interest rate his broker may charge him during the sixth year? (2 points)

a

4.1%

b

5.1%

c

6.1%

d

16.1%

Question 32(2 points)

Annabelle bought 3 points on a 15-year, fixed-rate mortgage with a rate of 5.97%. If she had not purchased points, her interest rate would have been 6.72%. If Annabelle finances $227,650, how much money did she save over the life of the loan by purchasing points? (2 points)

a

$9,975.30

b

$16,804.80

c

$14,528.30

d

$6,829.50

Question 33(2 points)

Jaxon purchased his first home for $155,600. He obtained a 30-year, fixed-rate mortgage with an interest rate of 7.15% in the amount of $150,400. The seller paid $2,180.45 in property taxes for the coming year. If the date of the closing was June 22, and Jaxon owned the property on that date, how much will he owe in prorated taxes and interest? (2 points)

a

$265.16

b

$1,292.00

c

$1,152.21

d

$1,417.35

Question 34(2 points)

Use the table to answer the question that follows.

Tax NameInvestment EarningsTax RateDividend Income TaxStock dividendsIf in bottom 2 tax brackets, not taxed If in top 4 brackets, taxed at 15%Interest Income TaxBond couponsTaxed as ordinary income: 10% to 35% Exception: Municipal bond coupons are not taxed.Capital Gains TaxGain from sale of

stocks or bondsHeld for 1 year or less (short-term): taxed as ordinary income Held for more than 1 year (long-term): taxed as dividend income

Aidan is paying his taxes and realizes that he was in the first tax bracket (10%) last year. Eleven years ago, he bought a common stock for $705. The same stock was sold last year for $947. During the same year, he earned $565 in dividends and $780 in coupons on a corporate bond. What will Aidan pay in taxes for last year's investments? (2 points)

a

$78.00

b

$84.75

c

$162.75

d

$199.05

Question 35(2 points)

Jeremiah invested $1,200 in a Certificate of Deposit, $3,500 in a corporate bond, $900 in a common stock, and $2,475 in a preferred stock, The COD has a rate of return of 2.1%; the corporate bond is -1.3%; the common stock's rate of return is 4.1%; and the preferred stock has a rate of return of 5.5%. What is the weighted mean, mean and median overall rate of return on Jeremiah's investment portfolio? (2 points)

a

Weighted Mean: 1.9%; Mean: 2.6%; Median: 3.1%

b

Weighted Mean: 1.9%; Mean: 3.3%; Median: 3.1%

c

Weighted Mean: 2.6%; Mean: 1.9%; Median; 2.1%

d

Weighted Mean: 2.6%; Mean 2.6%; Median: 2.1%

Question 36(2 points)

Hudson will visit Russia in one week. He needs to exchange his American dollars for Russian rubles. If the exchange rate is USD to RUB = 27.874, how many rubles would he receive for $600? (2 points)

a

22

b

69

c

16,724

d

46,457

Question 37(2 points)

Riley made a 18% down payment on a home that cost $212,400. He financed the remaining amount using a 25-year, fixed-rate mortgage at 5.85%. His monthly payment will be $1,106.25. Riley will pay for two discount points, a 0.5% origination fee, brokerage fee, state documentary taxes on the deed and the mortgage, and the intangible tax.

• Discount points equal 1% of the mortgage amount.
• Documentary stamp tax on deed is $0.70 per $100 or portion thereof.
• Documentary stamp tax on mortgage is $0.35 per $100 or portion thereof.
• Mortgage broker fee is $185 plus 3% of the mortgage amount.
• Intangible tax is 0.2% of the mortgage amount.

What is the total cost of Riley's home including the principal, interest, down payment, and fees? (2 points)

a

$382,351.08

b

$556,484.08

c

$384,629.00

d

$346,767.20

Question 38(2 points)

Brandon wants to retire in 42 years. He makes annual contributions to a Traditional IRA in the amount of $2,200. He is taxed at 33% today, but anticipates that will change to 15% in his retirement. If the average annual rate of return on the account is 4.9%, what is the effective value of Brandon's IRA account when he retires? (2 points)

a

$194,240.39

b

$246,424.38

c

$259,419.03

d

$260,919.93

Question 39(2 points)

Dominic considers buying 2 points on a 25-year, fixed rate mortgage for $187,600. His interest rate will be 5.45% if he does not purchase the points. If he does purchase the points, his interest rate will decrease to 5.2%. What would be the break-even point on Dominic's mortgage considering the cost of the points? (2 points)

a

5 years, 8 months

b

8 years, 4 months

c

11 years, 4 months

d

13 years, 11 months

Question 40(2 points)

Fifteen years ago, Asher bought four different stocks at their lowest price of the day. He purchased 57 shares of McDoe's at $78 per share; 78 shares of Younger, Inc. cost him $23 per share; 90 shares of Alfa Goods went for $86 per share; and 64 shares of Hooper, Rex, and Co. had a price of $69 per share. Today, he sold all of his shares in each company. He received $5,313 for McDoe's, with annual dividends of $12 per year, $2,776 for Younger, Inc, $9,657 for Alfa Goods, and $6,701 for Hooper, Rex, and Co. On which investment did Asher receive the greatest rate of return? (2 points)

a

McDoe's

b

Younger, Inc.

c

Alfa Goods

d

Hooper, Rex, and Co.

Question 41(2 points)

Adam is approved for a 25-year 6/1 ARM at 4.35% with a 4/14 cap structure in the amount of $308,400. Assuming Adam is charged the maximum interest rate, what will his monthly payments be at the beginning of the seventh year? (2 points)

a

$1,431.85

b

$1,688.04

c

$2,080.06

d

$2,291.86

Question 42(2 points)

Sebastian and Caroline obtained a 30-year, fixed rate mortgage for $154,850 on a home that cost them $169,900. If the interest rate on the mortgage is 5.57%, what is the total cost of the principal and interest at the end of the mortgage? (2 points)

a

$318,970.80

b

$322,110.60

c

$349,974.00

d

$353,416.78