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1. (TCO C) _____ is not a liquid asset.

(Points : 4) A bond mutual fund An interest-paying checking account A passbook savings account A checking account A money market mutual fund

2. (TCO C) Higher interest rates on certificates of deposit are associated with (Points : 4) higher account balances. shorter maturities. longer maturities. A and B A and C

3. (TCO C) Advantages of buying a used car rather than a new car include (Points : 4) good mechanical condition. the fact that it will depreciate more quickly. the fact that there are more choices available. the fact that it's less expensive. All of the above

4. (TCO C) Jackie is in the 28% marginal tax bracket and has no other itemized deductions

except those related to her home. If her standard deduction is $4,750 and she incurs the following costs related to housing, how much tax savings will she receive as a result of her home purchase? Mortgage interest Principal repayment Homeowner's insurance Real estate taxes Homeowner's association fees (Points : 4) $13,250 $5,040 $3,710 Mortgage interest $14,000 $2,800 Real Estate Taxes $4,000 None Total Deductions $18,000 Minus Standard Deductions - $4,750 Total combined deductions $13,250 Times Marginal tax bracket $13,250 X .28= $3,750 $14,000 Deductible in full $800 not deductible $1,000 not deductible $4,000 Deductible in full $1,200 not deductible

5. (TCO C) If you purchase a $110,000 home and make a 10% down payment, how much would one point cost at closing? (Points : 4) $765 $990 $1,100 $1,530 $1,800 Calculations: $110,000 x .10 =11,000 $110,000-11,000= $99,000 One point: $99,000 x .01=$990

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