BUSN 380 DEVRY WEEK 2 PROBLEM SET 2
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<strong>BUSN</strong> <strong>380</strong> <strong>DEVRY</strong> <strong>WEEK</strong> 2 <strong>PROBLEM</strong> <strong>SET</strong> 2<br />
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<strong>BUSN</strong> <strong>380</strong> DeVry Week 2 Problem Set 2<br />
<strong>BUSN</strong><strong>380</strong><br />
<strong>BUSN</strong> <strong>380</strong> DeVry Week 2 Problem Set 2<br />
Problem Set 2<br />
1. Thomas Franklin arrived at the following tax information:<br />
Gross salary, $46,660<br />
Interest earnings, $225<br />
Dividend income, $80<br />
One personal exemption, $3,400<br />
Itemized deductions, $7,820<br />
Adjustments to income, $1,150<br />
What amount would Thomas report as taxable income?<br />
2. What would be the net annual cost of the following checking account?<br />
Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 22 a month.<br />
3. What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of<br />
$39,870?<br />
4. A payday loan company charges 4 percent interest for a two-week period. What would be the annual<br />
interest rate from that company?<br />
5. What is the annual opportunity cost of a checking account that requires a $350 minimum balance to<br />
avoid service charges? Assume an interest rate of 6.5 percent.
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