Question 1

Use ordinary interest:

Accepted Answer

A. 97 Days

Question 2

A note dated August 18 and due on March 9 runs for exactly:

Accepted Answer

A)  230 days 
B)  227 days 
C)  272 days 
D)  203 days 
E)  None of these 
A)  230 days 
B)  227 days 
C)  272 days 
D)  203 days 
E)  None of these

Question 3

Accepted Answer

A. $1,760

Question 4

Use ordinary interest:

Accepted Answer

A. 126 day

Question 5

Rate is equal to interest divided by the principal times time.

Accepted Answer

A) True 
 B)False

Question 6

Accepted Answer

A. $4,860 B. $22,860

Question 7

Interest is the cost of borrowing.

Accepted Answer

A) True 
 B)False

Question 8

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:

Accepted Answer

A)  $88,008 
B)  $80,800 
C)  $88,800 
D)  $28,800 
E)  None of these 
A)  $88,008 
B)  $80,800 
C)  $88,800 
D)  $28,800 
E)  None of these

Question 9

A note dated Dec. 13 and due July 5 runs for exactly:

Accepted Answer

A)  11 days 
B)  161 days 
C)  204 days 
D)  347 days 
E)  None of these 
A)  11 days 
B)  161 days 
C)  204 days 
D)  347 days 
E)  None of these

Use ordinary interest:

A note dated August 18 and due on March 9 runs for exactly:

Use ordinary interest:

Rate is equal to interest divided by the principal times time.

Interest is the cost of borrowing.

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:

A note dated Dec. 13 and due July 5 runs for exactly:

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Sales, Excise, and Property Taxes

Risk Management

Installment Buying and Revolving Charge Credit Cards

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters

Exam 16: Simple Interest

Use ordinary interest:

A note dated August 18 and due on March 9 runs for exactly:

Use ordinary interest:

Rate is equal to interest divided by the principal times time.

Interest is the cost of borrowing.

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:

A note dated Dec. 13 and due July 5 runs for exactly:

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Sales, Excise, and Property Taxes

Risk Management

Installment Buying and Revolving Charge Credit Cards

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters