Week 7 Assignment
The application assessment consists of five short answer questions. All work must be neat, detailed and clearly labeled. Final answers should be identified by either circling or underlining. Submit your work to the appropriate drop box as a Microsoft Word or PDF document.
1. A customer purchased a lawn mower for a total purchase price of $318.75. If the state has a sales tax rate of 7.75%, what was the selling price of the lawn mower?
2. Nancy Regan purchased a new diamond bracelet for $12,600. The state sales tax is 6% and the federal excise tax on the jewelry is 11%. What is the total purchase price of the bracelet? Round your answer to the nearest cent.
3. The Franklin Family wants to buy a home. They narrowed the choice down to a $125,000 home in Louisville and a $138,000 home in Big Creek. With regard to property taxes, Louisville has an assessment rate of 100% and a tax rate of $1.85 per $100 of assessed value, while Big Creek has an 80% assessment rate and a tax rate of 21.6 mills. Determine which house has the higher property tax, and by how much? Round to the nearest cent.
4. Allen was involved in an auto accident in which he was at fault. His car sustained damages in the amount of $1,327. The other vehicle had damages costing $1,309 in repairs. Allen was not injured, but the driver of the other car required medical treatment costing $22,619 and a passenger's injuries totaled $24,051. Additional property damage amounted to $3,460. Allen's policy includes 50/100/50 liability, $250 deductible collision and full coverage comprehensive. Determine the amount of damages the insurance company is required to pay?
5. Determine the annual insurance premiums for a policy insuring a male age 40, who wants to purchase a whole life policy with a face value of $50,500. Use Table 19-1 from your text.
6. During a violent windstorm, your car was damaged by a fallen tree. The estimated cost of repair was determined to be $3,822. If your policy carries $500 deductible for collision and $100 deductible for comprehensive, determine how much of the cost of the damages you will be required to pay.
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