Calculating the eic credit for single taxpayer

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Reference no: EM131990438

1. Mr. Nailor invests $5,000 in a money market account at his local bank. He receives annual interest of 8% compounded for four years. How much total return will his investment earn during this time period?

A. $3,675

B. $1,800

C. $6,254

D. $8,570

2. The euro is

A. established in all of the European countries.

B. a common currency, but countries that use it are allowed to have their own monetary policy.

C. the most important international currency.

D. all of these options are true.

3. For 2017 what is the maximum amount of earned income taken into account in calculating the EIC credit for a single taxpayer with one qualifying child?

A) $6,670 B) 10,000 C) 14,040 D) 18,190.

4. Assume you have taken out a partially amortizing loan for $325,000 that has a term of 7 years but amortizes over 30 years. Calculate the balloon payment at maturity (year 7) if the interest rate on this loan is 4.5%.

Reference no: EM131990438

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