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What are jamie total finance charges

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Problem 1: Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jamie's total finance charges?

A. $457,425.60

B. $600,000.00

C. $606,823.20

D. $626,863.20

Problem 2: What is true of a sinking fund?

A. It doesn't compound its money.

B. It aids in meeting a future obligation.

C. It's not really an annuity.

D. It requires one lump sum payment at the beginning.

Problem 3: Bayani is charged 2 points on a $120,000 loan at the time of closing. The original price of the home before the down payment was $140,000. How much do the points in dollars cost Bayani?

A. $4,200

B. $2,800

C. $2,400

D. $8,200

Problem 4: A new piece of equipment costs $18,000 with a residual value of $600 and an estimated useful life of five years. Assuming twice the straight-line rate, the book value at the end of Year 2 using the declining balance method is

A. $6,480.

B. $18,000.

C. $7,200.

D. $11,520.

Reference no: EM132674900

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