Question 1

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days.
-November 23 for 90 days

Accepted Answer

A)  February 20 
B)  February 21 
C)  February 26 
D)  January 21 
A)  February 20 
B)  February 21 
C)  February 26 
D)  January 21

Question 2

Solve the problem.
-How much money should you invest now to have $5000 in 12 years if you invest the money at a Rate of 1.4%, compounded semiannually?

Accepted Answer

A)  $2500.00 
B)  $4598.50 
C)  $4229.24 
D)  $3577.30 
A)  $2500.00 
B)  $4598.50 
C)  $4229.24 
D)  $3577.30

Question 3

Solve the problem.
-On March 8, you sign a $5000 note with simple interest of 10% for 240 days. You make partial Payments of $1300 on May 26 and $2300 on July 31. How much will you owe on the date of Maturity?

Accepted Answer

A)  $1627.77 
B)  $1626.95 
C)  $1621.25 
D)  $1611.09 
A)  $1627.77 
B)  $1626.95 
C)  $1621.25 
D)  $1611.09

Question 4

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days.
-December 8 for 240 days (the due date is not in a leap year)

Accepted Answer

A)  July 17 
B)  August 5 
C) July 18 
D)  September 2 
A)  July 17 
B)  August 5 
C) July 18 
D)  September 2

Question 5

Write as a decimal.
-84.83%

Accepted Answer

A)  0.8383 
B)  0.08483 
C)  8.483 
D)  0.8483 
A)  0.8383 
B)  0.08483 
C)  8.483 
D)  0.8483

Question 6

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $6205, r = ?, t = 5 months, i = $90.49

Accepted Answer

A)  r = 3.5% 
B)  r = 1.4% 
C)  r = 0.04% 
D)  r = 28.57% 
A)  r = 3.5% 
B)  r = 1.4% 
C)  r = 0.04% 
D)  r = 28.57%

Question 7

Solve the problem.
-On the June 10 billing date, Yuri had a balance due of $441.53 on his credit card. The transactions During the following month were: $\begin{array}{l}
\text { June } 12 \text { Payment }&\$61.83 \
\text { June } 22 \text { Charge: lawnmower } &\$ 1342.41 \
\text { July } 3 \text { Charge: pet supplies } &\$ 145.40
\end{array}$

The interest rate on the card is 1.8% per month. Using the previous balance method, find the new Balance on July 10.

Accepted Answer

A)  $387.65 
B)  $1901.13 
C)  $1875.46 
D)  $1937.29 
A)  $387.65 
B)  $1901.13 
C)  $1875.46 
D)  $1937.29

Question 8

Solve the problem using the rule of 78s.
-Veronica used a fixed installment loan from her bank to finance her new car purchase. She Borrowed $26,000 and has a 60 monthly payments of $585.00 each. Instead of making her 49th Payment, Veronica decides to pay the remaining balance on the loan. What is the total amount due To pay off the balance?

Accepted Answer

A)  $5801.46 
B)  $6152.23 
C)  $6691.80 
D)  $6106.80 
A)  $5801.46 
B)  $6152.23 
C)  $6691.80 
D)  $6106.80

Question 9

Use the present value formula to determine the amount to be invested now, or the present value needed.
-The desired accumulated amount is $3800 after 4 years invested in an account with 5% interest Compounded annually.

Accepted Answer

A)  $3282.58 
B)  $673.73 
C)  $4618.92 
D)  $3126.27 
A)  $3282.58 
B)  $673.73 
C)  $4618.92 
D)  $3126.27

Question 10

Use the compound interest formula to compute the total amount accumulated.
-$19,000 for 5 years at 7% compounded semiannually

Accepted Answer

A)  $22,566.04 
B)  $26,801.38 
C)  $25,650.00 
D)  $26,648.48 
A)  $22,566.04 
B)  $26,801.38 
C)  $25,650.00 
D)  $26,648.48

Question 11

Solve the problem. Use an annual percentage rate table if necessary.
-Jessica used a fixed installment loan from her bank to finance her used car purchase. She borrowed $12,000 and has a 60 monthly payments of $249.10 each. Instead of making her 36th payment, Jessica decides to pay the remaining balance on the loan. What is the total amount due to pay off The balance (use the actuarial method)?

Accepted Answer

A)  $5613.64 
B)  $5676.95 
C)  $5374.78 
D)  $5926.05 
A)  $5613.64 
B)  $5676.95 
C)  $5374.78 
D)  $5926.05

Question 12

Write as a decimal.
-$\frac { 1 } { 2 } \%$

Accepted Answer

A)  5 
B)  0.0500 
C)  0.0050 
D)  500 
A)  5 
B)  0.0500 
C)  0.0050 
D)  500

Question 13

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $88,000, r = 4%, t = 4 years

Accepted Answer

A)  $1408.00 
B)  $88,000.00 
C)  $5500.00 
D)  $14,080.00 
A)  $1408.00 
B)  $88,000.00 
C)  $5500.00 
D)  $14,080.00

Question 14

Solve the problem. Round to the nearest cent.
-Mary needs $9000 in 6 years. What amount can she deposit in a sinking fund at the end of each Quarter at 5% interest compounded quarterly so she will have her $9000?

Accepted Answer

A)  $1323.16 
B)  $308.90 
C)  $323.88 
D)  $340.17 
A)  $1323.16 
B)  $308.90 
C)  $323.88 
D)  $340.17

Question 15

Solve the problem.
-Determine the effective annual yield for $1 invested for 1 year at 4.5% compounded monthly.

Accepted Answer

A)  2.27% 
B)  0.38% 
C)  4.59% 
D)  -5.41% 
A)  2.27% 
B)  0.38% 
C)  4.59% 
D)  -5.41%

Question 16

Solve the problem.
-Erica Tomlinsonʹs credit card company determines her minimum monthly payment by adding all New interest to 2% of the outstanding principal. The credit card company charges an interest rate Of 0.04696% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels And tires for her car for $1500. She makes no other purchases during October. Assuming Erica Had no new interest, determine Ericaʹs minimum payment due on November 1, her billing date.

Accepted Answer

A)  $42 
B)  $30 
C)  $31 
D)  $41 
A)  $42 
B)  $30 
C)  $31 
D)  $41

Question 17

Use an annual percentage rate table to solve the problem.

-A cattle rancher needs to construct a new silo in which to store cattle feed. The silo will cost $2000. The rancher pays 15% as a down payment and finances the balance for 60 months at an APR of 7.50%. Determine the rancherʹs total finance charge and monthly payment.

Accepted Answer

A)  Total finance charge = $368.22; Monthly payment = $34.47 
B)  Total finance charge = $343.91; Monthly payment = $34.07 
C)  Total finance charge = $273.02; Monthly payment = $32.88 
D)  Total finance charge = $404.60 ; Monthly payment = $40.08 
A)  Total finance charge = $368.22; Monthly payment = $34.47 
B)  Total finance charge = $343.91; Monthly payment = $34.07 
C)  Total finance charge = $273.02; Monthly payment = $32.88 
D)  Total finance charge = $404.60 ; Monthly payment = $40.08

Question 18

Solve the problem. Use an annual percentage rate table if necessary.
-Jennifer has a 60-month fixed installment loan, with a monthly payment of $182.49. The amount She borrowed was $9000. Instead of making her 30th payment, Jennifer is paying the remaining Balance on the loan. What is the total amount due to pay off the balance (use the actuarial Method)?

Accepted Answer

A)  $5052.72 
B)  $4986.89 
C)  $5110.95 
D)  $5293.44 
A)  $5052.72 
B)  $4986.89 
C)  $5110.95 
D)  $5293.44

Question 19

Use the present value formula to determine the amount to be invested now, or the present value needed.
-The desired accumulated amount is $26,000 after 11 years invested in an account with 3% interest Compounded semiannually

Accepted Answer

A)  $7262.12 
B)  $18,782.95 
C)  $36,076.66 
D)  $18,737.88 
A)  $7262.12 
B)  $18,782.95 
C)  $36,076.66 
D)  $18,737.88

Question 20

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-All 31 of the students in a mathematics class attended class on Monday. On Tuesday only 22 Students attended. What was the percent decrease?

Accepted Answer

A)  71% 
B)  40.9% 
C)  29% 
D)  59.1% 
A)  71% 
B)  40.9% 
C)  29% 
D)  59.1%

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days. -November 23 for 90 days

Solve the problem. -How much money should you invest now to have $5000 in 12 years if you invest the money at a Rate of 1.4%, compounded semiannually?

Solve the problem. -On March 8, you sign a $5000 note with simple interest of 10% for 240 days. You make partial Payments of $1300 on May 26 and $2300 on July 31. How much will you owe on the date of Maturity?

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days. -December 8 for 240 days (the due date is not in a leap year)

Write as a decimal. -84.83%

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $6205, r = ?, t = 5 months, i = $90.49

Use the present value formula to determine the amount to be invested now, or the present value needed. -The desired accumulated amount is $3800 after 4 years invested in an account with 5% interest Compounded annually.

Use the compound interest formula to compute the total amount accumulated. -$19,000 for 5 years at 7% compounded semiannually

Write as a decimal. - $\frac { 1 } { 2 } \%$

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $88,000, r = 4%, t = 4 years

Solve the problem. Round to the nearest cent. -Mary needs $9000 in 6 years. What amount can she deposit in a sinking fund at the end of each Quarter at 5% interest compounded quarterly so she will have her $9000?

Solve the problem. -Determine the effective annual yield for $1 invested for 1 year at 4.5% compounded monthly.

Use the present value formula to determine the amount to be invested now, or the present value needed. -The desired accumulated amount is $26,000 after 11 years invested in an account with 3% interest Compounded semiannually

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -All 31 of the students in a mathematics class attended class on Monday. On Tuesday only 22 Students attended. What was the percent decrease?

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Exam 10: Consumer Mathematics