Question

1. Nancy Baker is buying a condominium for $390,000. She is making a down payment of $75,000. At the closing, she must pay the bank 1.5 points. What is the cost of the 1.5 points owed to the bank?

2. Mel Jones bought a set of new tires for his car at a cost of $1,100.00 The sales tax rate is 5.75% and the excise tax rate is 8% What is the total cost of the tires?

3. Alice Jennings bought a diamond necklace on-line for $8,000. She must pay a 6.25% sales tax and a 4% excise tax. The jeweler is shipping the necklace so Alice must also pay a $115.00 shipping and insurance charge. What is the total cost of the necklace?

Answer 1