Question 1

How long does it take for an account containing $7,000 to be worth $15,900 if the money is invested at 9% compounded monthly? Round your answer to the one decimal place. ​

Accepted Answer

A) 10.7 years 
B) 7.6 years 
C) 9.1 years 
D) 9.9 years 
E) 11.4 years 
A) 10.7 years 
B) 7.6 years 
C) 9.1 years 
D) 9.9 years 
E) 11.4 years

Question 2

A young couple wants to have a college fund that will pay $25,000 at the end of each half-year for 8 years. If they can invest at annual rate of 8%, compounded semiannually, how much do they need to invest at the end of each 6-month period for the next 18 years in order to begin making their college withdrawals 6 months after their last investment? Round your answer to the nearest cent. ​

Accepted Answer

A) $6,186.94 
B) $3,754.04 
C) $12,292.74 
D) $2,918.14 
E) $1,823.25 
A) $6,186.94 
B) $3,754.04 
C) $12,292.74 
D) $2,918.14 
E) $1,823.25

Question 3

Given 5 and 30 year loans with the same interest rate, the 30 year loan results in more of each payment being directed toward principal.

Accepted Answer

A) True 
B) False 
A) True 
B) False

Question 4

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent. ​

Accepted Answer

A) $29,594.17 
B) $5,741.36 
C) $44,828.96 
D) $14,219.12 
E) $22,464.10 
A) $29,594.17 
B) $5,741.36 
C) $44,828.96 
D) $14,219.12 
E) $22,464.10

Question 5

A pump removes   of the water in a container with every stroke. How much water remains in the container after 3 strokes if it originally contained 36 cm3? ​

Accepted Answer

A)    
B)    
C)    
D)    
E)    
A)    
B)    
C)    
D)    
E)

Question 6

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent. ​

Accepted Answer

A) Payment size is $3,335.60 and the total interest paid is $604,135.00. 
B) Payment size is $3,052.53 and the total interest paid is $1,304,135.00. 
C) Payment size is $3,335.60 and the total interest paid is $1,304,135.00. 
D) Payment size is $3,180.45 and the total interest paid is $604,135.00. 
E) Payment size is $3,052.53 and the total interest paid is $445,112.50. 
A) Payment size is $3,335.60 and the total interest paid is $604,135.00. 
B) Payment size is $3,052.53 and the total interest paid is $1,304,135.00. 
C) Payment size is $3,335.60 and the total interest paid is $1,304,135.00. 
D) Payment size is $3,180.45 and the total interest paid is $604,135.00. 
E) Payment size is $3,052.53 and the total interest paid is $445,112.50.

Question 7

Find An:   . Round your answer to the nearest dollar. ​

Accepted Answer

A) $86,002 
B) $141,632 
C) $99,394 
D) $110,638 
E) $108,647 
A) $86,002 
B) $141,632 
C) $99,394 
D) $110,638 
E) $108,647

Question 8

A woman buys an apartment house for $1,250,000 by making a down payment of $275,000 and amortizing the rest of the debt with semiannual payments over the next 8 years. The annual interest rate on the debt is 9.0%, compounded semiannually. Find the total amount paid over the life of the loan (excluding the down payment). Round your answer to the nearest cent. ​

Accepted Answer

A) $5,554,559.05 
B) $694,319.88 
C) $4,165,919.29 
D) $1,388,639.76 
E) $2,777,279.53 
A) $5,554,559.05 
B) $694,319.88 
C) $4,165,919.29 
D) $1,388,639.76 
E) $2,777,279.53

Question 9

As a result of a November 2004 court settlement, Goldman Gadgets agreed to pay $16.5 million to Fender Motor Company, with $13 million of it going to a Fender charitable trust. If the trust invested this money at an annual rate of 7.0%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 17 years? Round your answer to the nearest cent. ​

Accepted Answer

A) $1,574,511.95 
B) $919,232.70 
C) $939,817.47 
D) $1,011,357.60 
E) $1,331,527.51 
A) $1,574,511.95 
B) $919,232.70 
C) $939,817.47 
D) $1,011,357.60 
E) $1,331,527.51

Question 10

During four years of college, Nolan MacGregor's student loans are $4,700, $3,500, $4,200, and $4,500 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year loan earns an annual rate of 1% interest for   year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. Round your answer to the nearest cent. ​

Accepted Answer

A) $18,134.13 
B) $17,371.25 
C) $17,544.96 
D) $17,767.92 
E) $18,357.08 
A) $18,134.13 
B) $17,371.25 
C) $17,544.96 
D) $17,767.92 
E) $18,357.08

Question 11

What does 040 represent in the following equation? ​   ​

Accepted Answer

A) future value of the annuity 
B) total number of payments(periods) 
C) interest rate per period 
D) interest rate per year 
E) none of these choices 
A) future value of the annuity 
B) total number of payments(periods) 
C) interest rate per period 
D) interest rate per year 
E) none of these choices

Question 12

Find S :   . Round your answer to the nearest dollar. ​

Accepted Answer

A) S = $937,388 
B) S = $58,587 
C) S = $7,030 
D) S = $234,347 
E) S = $337,947 
A) S = $937,388 
B) S = $58,587 
C) S = $7,030 
D) S = $234,347 
E) S = $337,947

Question 13

What are the next three terms in the arithmetic sequence 7, 0, -7,...? ​

Accepted Answer

A) -14, -21, -28 
B) 14, 21, 28 
C) -7, -14, -21 
D) -7, 21, -28 
E) 7, 14, 28 
A) -14, -21, -28 
B) 14, 21, 28 
C) -7, -14, -21 
D) -7, 21, -28 
E) 7, 14, 28

Question 14

If $8,000 is invested at an annual rate of 7.5% compounded continuously, find the future value after 7.5 years. Round your answer to the nearest cent. ​

Accepted Answer

A) $17,868.03 
B) $16,160.44 
C) $24,641.73 
D) $14,040.44 
E) $2,218,178.28 
A) $17,868.03 
B) $16,160.44 
C) $24,641.73 
D) $14,040.44 
E) $2,218,178.28

Question 15

During four years of college, Nolan MacGregor's student loans are $3,700, $4,700, $4,400, and $4,100 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. Assume the freshman year loan earns an annual rate of 1% interest for   year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. After the grace period, the loan is amortized over the next 10 years at an annual rate of 3%, compounded quarterly. Find the quarterly payment. Round your answer to the nearest cent. ​

Accepted Answer

A) $293.17 
B) $461.36 
C) $169.74 
D) $1,384.07 
E) $509.21 
A) $293.17 
B) $461.36 
C) $169.74 
D) $1,384.07 
E) $509.21

Question 16

If $11,000 had been invested in the Fictious Fund on June 30, 1991, then on June 30, 2000 the investment would have been worth $34,575.25. What interest rate compounded annually would this investment have earned? Round your answer to two decimal places. ​

Accepted Answer

A) 27.14% 
B) 13.57% 
C) 11.27% 
D) 15.33% 
E) 6.79% 
A) 27.14% 
B) 13.57% 
C) 11.27% 
D) 15.33% 
E) 6.79%

Question 17

During four years of college, Nolan MacGregor's student loans are $3,900, $4,400, $3,900, and $3,700 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate of 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. Assume the freshman year loan earns an annual rate of 1% interest for   year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. After the grace period, the loan is amortized over the next 10 years at an annual rate of 3%, compounded quarterly. Suppose Nolan decides to pay an additional $90 above the calculated quarterly payment, how much will Nolan save by paying the extra $90 with each payment? Round your answer to the nearest cent. ​

Accepted Answer

A) $4,084.39 
B) $2,084.39 
C) $1,284.39 
D) $37,865.32 
E) $484.39 
A) $4,084.39 
B) $2,084.39 
C) $1,284.39 
D) $37,865.32 
E) $484.39

Question 18

Find the sum of the first 208 terms of the arithmetic sequence 12, 10, 8,... ​

Accepted Answer

A) -39,520 
B) -42,640 
C) -40,560 
D) -37,440 
E) -44,720 
A) -39,520 
B) -42,640 
C) -40,560 
D) -37,440 
E) -44,720

Question 19

A woman buys a car for $45,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $800 for 3 years, how much must she have for a down payment? Round your answer to the nearest dollar. ​

Accepted Answer

A) $29,500 
B) $27,103 
C) $20,914 
D) $19,132 
E) $25,050 
A) $29,500 
B) $27,103 
C) $20,914 
D) $19,132 
E) $25,050

Question 20

A company that purchases a piece of equipment by borrowing $500,000 for 10 years at annual rate of 6%, compounded monthly, has monthly payments of $5,551.03. During the first year, how much interest does the company pay? Round your answer to the nearest cent. ​

Accepted Answer

A) $28,976.19 
B) $104,248.41 
C) $45,629.27 
D) $56,731.32 
E) $78,935.42 
A) $28,976.19 
B) $104,248.41 
C) $45,629.27 
D) $56,731.32 
E) $78,935.42

How long does it take for an account containing $7,000 to be worth $15,900 if the money is invested at 9% compounded monthly? Round your answer to the one decimal place.

Given 5 and 30 year loans with the same interest rate, the 30 year loan results in more of each payment being directed toward principal.

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent.

A pump removes of the water in a container with every stroke. How much water remains in the container after 3 strokes if it originally contained 36 cm³?

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent.

Find A_n: . Round your answer to the nearest dollar.

What does 040 represent in the following equation?

Find S : . Round your answer to the nearest dollar.

What are the next three terms in the arithmetic sequence 7, 0, -7,...?

If $8,000 is invested at an annual rate of 7.5% compounded continuously, find the future value after 7.5 years. Round your answer to the nearest cent.

If $11,000 had been invested in the Fictious Fund on June 30, 1991, then on June 30, 2000 the investment would have been worth $34,575.25. What interest rate compounded annually would this investment have earned? Round your answer to two decimal places.

Find the sum of the first 208 terms of the arithmetic sequence 12, 10, 8,...

A woman buys a car for $45,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $800 for 3 years, how much must she have for a down payment? Round your answer to the nearest dollar.

A company that purchases a piece of equipment by borrowing $500,000 for 10 years at annual rate of 6%, compounded monthly, has monthly payments of $5,551.03. During the first year, how much interest does the company pay? Round your answer to the nearest cent.

Algebraic Concepts

Linear Equations and Functions

Quadratic and Other Special Functions

Matrices

Inequalities and Linear Programming

Exponential and Logarithmic Functions

Introduction to Probability

Further Topics in Probability; Data Description

Derivatives

Applications of Derivatives

Derivatives Continued

Indefinite Integrals

Definite Integrals: Techniques of Integration

Functions of Two or More Variables

Filters

Exam 7: Mathematics of Finance

How long does it take for an account containing $7,000 to be worth $15,900 if the money is invested at 9% compounded monthly? Round your answer to the one decimal place. ​

Given 5 and 30 year loans with the same interest rate, the 30 year loan results in more of each payment being directed toward principal.

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent. ​

A pump removes of the water in a container with every stroke. How much water remains in the container after 3 strokes if it originally contained 36 cm3? ​

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent. ​

Find An: . Round your answer to the nearest dollar. ​

What does 040 represent in the following equation? ​ ​

Find S : . Round your answer to the nearest dollar. ​

What are the next three terms in the arithmetic sequence 7, 0, -7,...? ​

If $8,000 is invested at an annual rate of 7.5% compounded continuously, find the future value after 7.5 years. Round your answer to the nearest cent. ​

If $11,000 had been invested in the Fictious Fund on June 30, 1991, then on June 30, 2000 the investment would have been worth $34,575.25. What interest rate compounded annually would this investment have earned? Round your answer to two decimal places. ​

Find the sum of the first 208 terms of the arithmetic sequence 12, 10, 8,... ​

A woman buys a car for $45,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $800 for 3 years, how much must she have for a down payment? Round your answer to the nearest dollar. ​

A company that purchases a piece of equipment by borrowing $500,000 for 10 years at annual rate of 6%, compounded monthly, has monthly payments of $5,551.03. During the first year, how much interest does the company pay? Round your answer to the nearest cent. ​

Algebraic Concepts

Linear Equations and Functions

Quadratic and Other Special Functions

Matrices

Inequalities and Linear Programming

Exponential and Logarithmic Functions

Introduction to Probability

Further Topics in Probability; Data Description

Derivatives

Applications of Derivatives

Derivatives Continued

Indefinite Integrals

Definite Integrals: Techniques of Integration

Functions of Two or More Variables

Filters

How long does it take for an account containing $7,000 to be worth $15,900 if the money is invested at 9% compounded monthly? Round your answer to the one decimal place.

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent.

A pump removes of the water in a container with every stroke. How much water remains in the container after 3 strokes if it originally contained 36 cm³?

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent.

Find A_n: . Round your answer to the nearest dollar.

What does 040 represent in the following equation?

Find S : . Round your answer to the nearest dollar.

What are the next three terms in the arithmetic sequence 7, 0, -7,...?

If $8,000 is invested at an annual rate of 7.5% compounded continuously, find the future value after 7.5 years. Round your answer to the nearest cent.

If $11,000 had been invested in the Fictious Fund on June 30, 1991, then on June 30, 2000 the investment would have been worth $34,575.25. What interest rate compounded annually would this investment have earned? Round your answer to two decimal places.

Find the sum of the first 208 terms of the arithmetic sequence 12, 10, 8,...

A woman buys a car for $45,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $800 for 3 years, how much must she have for a down payment? Round your answer to the nearest dollar.

A company that purchases a piece of equipment by borrowing $500,000 for 10 years at annual rate of 6%, compounded monthly, has monthly payments of $5,551.03. During the first year, how much interest does the company pay? Round your answer to the nearest cent.