**BUSN 380 DEVRY WEEK 2 PROBLEM SET 2**

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**BUSN 380 DeVry Week 2 Problem Set 2**

**BUSN380**

**BUSN 380 DeVry Week 2 Problem Set 2**

Problem Set 2

- Thomas Franklin arrived at the following tax information:

- Gross salary, $46,660
- Interest earnings, $225
- Dividend income, $80
- One personal exemption, $3,400
- Itemized deductions, $7,820
- Adjustments to income, $1,150

What amount would Thomas report as taxable income?

- What would be the net annual cost of the following checking account?

Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 22 a month.

- What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of $39,870?
- A payday loan company charges 4 percent interest for a two-week period. What would be the annual interest rate from that company?
- 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.