1. Mr. Jordan purchased a piece of property for $300,000 and paid a down payment of $30,000 in cash and financed the balance. The loan terms require monthly payments for 30 years at a nominal interest rate of 3.75% compounded monthly. What is his monthly mortgage payment?
$1,149.85
$1,283.19
$1,250.41
$1,351.30
$1,018.41
2. Last year, Staples had sales of $500 million, and its inventory turnover ratio was 5.0. The company’s current assets totaled $200 million, and its current ratio was 1.0. What was the company’s quick ratio?
1.38
0.50
0.85
1.00
1.20