BUSN 380 study Great Stories/busn380study.com BUSN 380 study Great Stories/busn380study.com | Page 29

Processing fee, 25 cents per check;
Checks written, an average of 22 a month.
3. What would be the average tax rate for a person who paid taxes of
$4,864.14 on a taxable income of $39,870?
4. A payday loan company charges 4 percent interest for a two-week
period. What would be the annual interest rate from that company?
5. What is the annual opportunity cost of a checking account that
requires a $350 minimum balance to avoid service charges? Assume
an interest rate of 6.5 percent.
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BUSN 380 Week 2 Quiz Set 1
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Question 1. 1. (TCO 2) This type of tax is assessed on specific goods
and services at the time of purchase.
Estate
Inheritance