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