16) Sarah Fields wants to borrow $121,000 at 6.5% to buy a house. How much inter

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16) Sarah Fields wants to borrow $121,000 at 6.5% to buy a house. How much interest would she save by going with a 15-year mortgage over a 25-year mortgage? 

A) $68,752.20 

B) $168,940.20 

C) $85,595.40 

D) $55,321.20

Apr 26th, 2015

D) $55,321.20

You are looking for the difference between interest paid for a 15 year mortgage or 25 year mortgage. Since some interest will be paid for both, this is why the answer is D--it is the difference between them. 


Apr 26th, 2015

6) Irene Farley earns a semimonthly salary of $7714.27. She has a $100 adjustment-to-income flexible benefits package, is married, and claims 4 withholding allowances. Find the federal tax withholding to be deducted from her semimonthly paycheck using the percentage method tables. 

A) $1350.93 

B) $3110.17 

C) $1378.93 

D) $1528.26

Apr 26th, 2015

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