Question 1

Solve for the missing value. Round to four decimal places.
-n = 24; i = 0.09; PMT = $1; PV = ?

Accepted Answer

A) $12.5156 
B) $9.5802 
C) $9.7066 
D) $9.8226 
A) $12.5156 
B) $9.5802 
C) $9.7066 
D) $9.8226

Question 2

Solve the problem. Round to the nearest cent as needed.
-Samantha's savings account has a balance of $4643.After 25 years,what will the amount of interest be at 6% compounded annually?

Accepted Answer

A) $15,289.16 
B) $15,275.16 
C) $15,284.16 
D) $2785.80 
A) $15,289.16 
B) $15,275.16 
C) $15,284.16 
D) $2785.80

Question 3

Use the formula A = P(1 + rt) to find the indicated quantity.
-P = $7996; r = 6%; t = 10 months.Find A.

Accepted Answer

A) $8475.76 
B) $8395.80 
C) $399.80 
D) $6663.33 
A) $8475.76 
B) $8395.80 
C) $399.80 
D) $6663.33

Question 4

Solve the problem.
-Jennifer invested $6000 in her savings account for 7 years.When she withdrew it,she had $9004.82.Interest was compounded continuously.What was the interest rate on the account? Round to the nearest tenth of a percent.

Accepted Answer

A) 5.7% 
B) 5.95% 
C) 5.9% 
D) 5.8% 
A) 5.7% 
B) 5.95% 
C) 5.9% 
D) 5.8%

Question 5

Solve the problem. Round to the nearest cent as needed.
-The monthly payments on a $79,000 loan at 14% annual interest are $982.76.How much of the first monthly payment will go toward interest?

Accepted Answer

A) $921.67 
B) $845.17 
C) $137.59 
D) $1106.00 
A) $921.67 
B) $845.17 
C) $137.59 
D) $1106.00

Question 6

Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated.
-PMT = $7,500,i = 3% interest compounded semiannually for 3 years

Accepted Answer

A) $46,721.63 
B) $38,642.00 
C) $546,721.63 
D) $265,225.00 
A) $46,721.63 
B) $38,642.00 
C) $546,721.63 
D) $265,225.00

Question 7

A child receives a $10,000 gift toward a college education from her grandparents on her first birthday.How much money will it be worth in 17 years if it is invested at 8.25% compounded quarterly? Round your answer to the nearest cent.

Accepted Answer

The answer of A child receives a $10,000 gift toward...

Question 8

Use I = Prt for simple interest to find the indicated quantity.
-I = $750; r = 6%; t = 6 months.Find P.

Accepted Answer

A) $22.50 
B) $25,750 
C) $24,250 
D) $25,000 
A) $22.50 
B) $25,750 
C) $24,250 
D) $25,000

Question 9

Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year.
-Month: February (28 days)Previous month's balance: $1240 Interest rate: 22%

Accepted Answer

A) $15.96 
B) $19.71 
C) $18.22 
D) $8.31 
A) $15.96 
B) $19.71 
C) $18.22 
D) $8.31

Question 10

Find the payment necessary to amortize the loan.
-$2200; 12% compounded quarterly; 8 quarterly payments

Accepted Answer

A) $282.23 
B) $313.64 
C) $442.87 
D) $313.40 
A) $282.23 
B) $313.64 
C) $442.87 
D) $313.40

Question 11

Provide an appropriate response.
-Find the amount due on a loan of $8,500 at 7.5% simple interest at the end of 4 years.

Accepted Answer

The answer of Provide an appropriate response.
-Find the amount due...

Question 12

You have agreed to pay off a $8,000 loan in 30 monthly payments of $298.79 per month.The interest rate of the loan is 0.75% per month on the unpaid balance.What is the unpaid balance after 12 monthly payments have been made?

Accepted Answer

The answer of You have agreed to pay off a...

Question 13

Find i (the rate per period) and n (the number of periods) for the loan at the given annual rate.
-Quarterly Payments of $3000 are made for 4 years to repay a loan at 10.2% compounded quarterly.

Accepted Answer

A) i = 0.102; n = 16 
B) i = 0.0255; n = 16 
C) i = 0.0255; n = 4 
D) i = 0.006375; n = 4 
A) i = 0.102; n = 16 
B) i = 0.0255; n = 16 
C) i = 0.0255; n = 4 
D) i = 0.006375; n = 4

Question 14

Cara needs $9,000 in 12 years.What amount can she deposit at the end of each quarter at 6% interest compounded quarterly so she will have her $9,000?

Accepted Answer

A) $125.68 
B) $133.23 
C) $533.49 
D) $129.37 
A) $125.68 
B) $133.23 
C) $533.49 
D) $129.37

Question 15

Use I = Prt for simple interest to find the indicated quantity.
-P = $3000; t = 90 days; I = $105.Find r.(Use 360 days in a year.)

Accepted Answer

A) 3.5% 
B) 14.2% 
C) 9.7% 
D) 14.0% 
A) 3.5% 
B) 14.2% 
C) 9.7% 
D) 14.0%

Question 16

Provide an appropriate response.
-An investment company pays 7% compounded quarterly.What is the effective rate? (Compute the answer to two decimal places).

Accepted Answer

The answer of Provide an appropriate response.
-An investment company pays...

Question 17

Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal
form.
-0.25 to percent

Accepted Answer

A) 0.0025% 
B) 25% 
C) 2.5% 
D) 2.25% 
A) 0.0025% 
B) 25% 
C) 2.5% 
D) 2.25%

Question 18

Solve the problem.
-How long will it take for $3000 to grow to $22,600 at an interest rate of 3.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

Accepted Answer

A) 6.51 yr 
B) 65.14 yr 
C) 0.65 yr 
D) 6513.99 yr 
A) 6.51 yr 
B) 65.14 yr 
C) 0.65 yr 
D) 6513.99 yr

Question 19

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days.
-HarbourTown Marina purchased four boat lifts for raising and lowering large boats into the water.The boat lifts cost $61,300 each.They borrowed the money from the bank for 240 days at 10%.Find the maturity value.

Accepted Answer

A) $65,386.67 
B) $261,546.67 
C) $67,430.00 
D) $269,720.00 
A) $65,386.67 
B) $261,546.67 
C) $67,430.00 
D) $269,720.00

Question 20

Solve the problem. Round to the nearest cent as needed.
-Brandon's savings account has a balance of $4069.After 4 years what will the amount of interest be at 5% compounded quarterly?

Accepted Answer

A) $899.73 
B) $894.73 
C) $101.73 
D) $885.73 
A) $899.73 
B) $894.73 
C) $101.73 
D) $885.73

Solve for the missing value. Round to four decimal places. -n = 24; i = 0.09; PMT = $1; PV = ?

Solve the problem. Round to the nearest cent as needed. -Samantha's savings account has a balance of $4643.After 25 years,what will the amount of interest be at 6% compounded annually?

Use the formula A = P(1 + rt) to find the indicated quantity. -P = $7996; r = 6%; t = 10 months.Find A.

Solve the problem. -Jennifer invested $6000 in her savings account for 7 years.When she withdrew it,she had $9004.82.Interest was compounded continuously.What was the interest rate on the account? Round to the nearest tenth of a percent.

Solve the problem. Round to the nearest cent as needed. -The monthly payments on a $79,000 loan at 14% annual interest are $982.76.How much of the first monthly payment will go toward interest?

Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated. -PMT = $7,500,i = 3% interest compounded semiannually for 3 years

A child receives a $10,000 gift toward a college education from her grandparents on her first birthday.How much money will it be worth in 17 years if it is invested at 8.25% compounded quarterly? Round your answer to the nearest cent.

Use I = Prt for simple interest to find the indicated quantity. -I = $750; r = 6%; t = 6 months.Find P.

Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year. -Month: February (28 days)Previous month's balance: $1240 Interest rate: 22%

Find the payment necessary to amortize the loan. -$2200; 12% compounded quarterly; 8 quarterly payments

Provide an appropriate response. -Find the amount due on a loan of $8,500 at 7.5% simple interest at the end of 4 years.

You have agreed to pay off a $8,000 loan in 30 monthly payments of $298.79 per month.The interest rate of the loan is 0.75% per month on the unpaid balance.What is the unpaid balance after 12 monthly payments have been made?

Find i (the rate per period) and n (the number of periods) for the loan at the given annual rate. -Quarterly Payments of $3000 are made for 4 years to repay a loan at 10.2% compounded quarterly.

Cara needs $9,000 in 12 years.What amount can she deposit at the end of each quarter at 6% interest compounded quarterly so she will have her $9,000?

Use I = Prt for simple interest to find the indicated quantity. -P = $3000; t = 90 days; I = $105.Find r.(Use 360 days in a year.)

Provide an appropriate response. -An investment company pays 7% compounded quarterly.What is the effective rate? (Compute the answer to two decimal places).

Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal form. -0.25 to percent

Solve the problem. -How long will it take for $3000 to grow to $22,600 at an interest rate of 3.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days. -HarbourTown Marina purchased four boat lifts for raising and lowering large boats into the water.The boat lifts cost $61,300 each.They borrowed the money from the bank for 240 days at 10%.Find the maturity value.

Solve the problem. Round to the nearest cent as needed. -Brandon's savings account has a balance of $4069.After 4 years what will the amount of interest be at 5% compounded quarterly?

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Exam 3: Mathematics of Finance

Solve for the missing value. Round to four decimal places. -n = 24; i = 0.09; PMT = $1; PV = ?

Solve the problem. Round to the nearest cent as needed. -Samantha's savings account has a balance of $4643.After 25 years,what will the amount of interest be at 6% compounded annually?

Use the formula A = P(1 + rt) to find the indicated quantity. -P = $7996; r = 6%; t = 10 months.Find A.

Solve the problem. -Jennifer invested $6000 in her savings account for 7 years.When she withdrew it,she had $9004.82.Interest was compounded continuously.What was the interest rate on the account? Round to the nearest tenth of a percent.

Solve the problem. Round to the nearest cent as needed. -The monthly payments on a $79,000 loan at 14% annual interest are $982.76.How much of the first monthly payment will go toward interest?

Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated. -PMT = $7,500,i = 3% interest compounded semiannually for 3 years

A child receives a $10,000 gift toward a college education from her grandparents on her first birthday.How much money will it be worth in 17 years if it is invested at 8.25% compounded quarterly? Round your answer to the nearest cent.

Use I = Prt for simple interest to find the indicated quantity. -I = $750; r = 6%; t = 6 months.Find P.

Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year. -Month: February (28 days)Previous month's balance: $1240 Interest rate: 22%

Find the payment necessary to amortize the loan. -$2200; 12% compounded quarterly; 8 quarterly payments

Provide an appropriate response. -Find the amount due on a loan of $8,500 at 7.5% simple interest at the end of 4 years.

You have agreed to pay off a $8,000 loan in 30 monthly payments of $298.79 per month.The interest rate of the loan is 0.75% per month on the unpaid balance.What is the unpaid balance after 12 monthly payments have been made?

Find i (the rate per period) and n (the number of periods) for the loan at the given annual rate. -Quarterly Payments of $3000 are made for 4 years to repay a loan at 10.2% compounded quarterly.

Cara needs $9,000 in 12 years.What amount can she deposit at the end of each quarter at 6% interest compounded quarterly so she will have her $9,000?

Use I = Prt for simple interest to find the indicated quantity. -P = $3000; t = 90 days; I = $105.Find r.(Use 360 days in a year.)

Provide an appropriate response. -An investment company pays 7% compounded quarterly.What is the effective rate? (Compute the answer to two decimal places).

Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal form. -0.25 to percent

Solve the problem. -How long will it take for $3000 to grow to $22,600 at an interest rate of 3.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days. -HarbourTown Marina purchased four boat lifts for raising and lowering large boats into the water.The boat lifts cost $61,300 each.They borrowed the money from the bank for 240 days at 10%.Find the maturity value.

Solve the problem. Round to the nearest cent as needed. -Brandon's savings account has a balance of $4069.After 4 years what will the amount of interest be at 5% compounded quarterly?

Linear Equations and Graphs

Linear Inequalities and Linear Programming

Logic, sets, and Counting

Probability

Markov Chains

Limits and the Derivative

Mathematical Functions and Limits

Filters