1.Complete the following table:Purchase priceof productDownpayment AmountfinancedNumber of monthly payments Amount of monthly paymentsTotal of monthly paymentsTotal financechargeChevy Volt$41,000$10,000$ 84 $410$ $ 2. Joyce took out a loan for $21,900 at 12 percent on March 18, 2010, which will be due on January 9, 2011. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount (Use Table 7.1): rev: 06_28_2011, 06_15_2012 $2,167.10$24,068.10$24,038.40$2,138.403. Assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations and round your final answers to the nearest cent.)FICAMaritalstatusAllowancesclaimedEmployeeGross payFITS.S.Med.Net payPat BrownM4$1,600$ $ $ $ 4. The more allowance claimed on Form W-4 means:Less money deducted for FITMore money deducted for FITNo FIT ever deductedFUTA increaseAll of these5. Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $15,250. He put $3,000 down and financed the rest with a 36-month, 7.5% loan.What is his monthly car payment by table lookup? (Use loan amortization table) (Round your answer to the nearest cent.) Monthly payment$ 8. Len Mast earned $2,300 for the last 2 weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len’s income tax? Use the percentage method. (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) Income tax$ 9. Leslie Hart borrowed $15,600 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 15 months in one payment with interest.a.How much interest must Leslie pay?(Do not round intermediate calculation. Round your answer to the nearest cent.) Interest$ b.What is the maturity value?(Do not round intermediate calculation. Round your answer to the nearest cent.) Maturity value$ 9. Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is percent. Matty’s principal balance at the beginning of June is: (Use 360 days.) (Do not round intermediate calculations and Round your answer to the nearest dollar amount.)rev: 04-06-2011$65,741$64,471$65,705$56,471
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