Question 1

Find the compound amount for the deposit. Round to the nearest cent.
-$15,000 at 10% compounded semiannually for 10 years

Accepted Answer

A)  $39,799.47 
B)  $24,433.42 
C)  $38,906.14 
D)  $30.000.00 
A)  $39,799.47 
B)  $24,433.42 
C)  $38,906.14 
D)  $30.000.00

Question 2

Use I = Prt for simple interest to find the indicated quantity.
-P = $22,660; r = 13%; 2.4 years. Find I.

Accepted Answer

A)  $15,590.08 
B)  $7069.92 
C)  $29,729.92 
D)  $2945.80 
A)  $15,590.08 
B)  $7069.92 
C)  $29,729.92 
D)  $2945.80

Question 3

Solve the problem. Round to the nearest cent as needed.
-Cara knows that she will need to buy a new car in 3 years. The car will cost $15,000 by then. How much should she invest now at 12%, compounded quarterly, so that she will have enough to buy a new car?

Accepted Answer

A)  $10,520.70 
B)  $12.594.29 
C)  $11,957.91 
D)  $9532.77 
A)  $10,520.70 
B)  $12.594.29 
C)  $11,957.91 
D)  $9532.77

Question 4

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: July (31 days) Previous month's balance: $840
Interest rate: 20%

Accepted Answer

A)  $10.56 
B)  $12.40 
C)  $10.66 
D)  $10.92 
A)  $10.56 
B)  $12.40 
C)  $10.66 
D)  $10.92

Question 5

Use an amortization table to solve the problem. Round to the nearest cent.
-A bank makes a home mortgage loan of $180,000 at 7.25% amortized in equal monthly payments over 30 years.
What is the total amount paid in interest when the mortgage is paid off (round to the nearest dollar)?

Accepted Answer

The answer of Use an amortization table to solve the...

Question 6

Provide an appropriate response.
-If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate
(annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.)

Accepted Answer

The answer of Provide an appropriate response.
-If an investor buys...

Question 7

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 8

Solve the problem. Round to the nearest cent.
-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 9

Find the compound interest earned. Round to the nearest cent.
-$700 at 8% compounded semiannually for 4 years

Accepted Answer

A)  $252.34 
B)  $595.65 
C)  $258.00 
D)  $118.90 
A)  $252.34 
B)  $595.65 
C)  $258.00 
D)  $118.90

Question 10

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-John Lee's savings account has a balance of $4466. After 15 months, what will the amount of interest be at 2.8% per year?

Accepted Answer

A)  $140.05 
B)  $125.05 
C)  $156.31 
D)  $297.73 
A)  $140.05 
B)  $125.05 
C)  $156.31 
D)  $297.73

Question 11

Solve for the missing value. Round to four decimal places.
-n = 30; i = 0.03; PMT = $100; PV = ?

Accepted Answer

A)  $1960.0441 
B)  $4706.6287 
C)  $1918.1585 
D)  $2000.0441 
A)  $1960.0441 
B)  $4706.6287 
C)  $1918.1585 
D)  $2000.0441

Question 12

Provide an appropriate response.
-What amount will be in an account after 1.5 years if $4,000 is invested at 5% compounded semiannually?

Accepted Answer

The answer of Provide an appropriate response.
-What amount will be...

Question 13

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 14

Solve the problem. Assume that the minimum payment on a credit card is the greater of $27 or 3% of the unpaid balance.
-Find the minimum payment on an unpaid balance of $787.71.

Accepted Answer

A)  $28.63 
B)  $236.31 
C)  $23.63 
D)  $27.00 
A)  $28.63 
B)  $236.31 
C)  $23.63 
D)  $27.00

Question 15

Find the periodic payment that will render the sum.
-FV = $24,000, interest is 8% compounded monthly, payments made at the end of each month for 3 years

Accepted Answer

A)  $1264.68 
B)  $7104.88 
C)  $592.07 
D)  $1927.72 
A)  $1264.68 
B)  $7104.88 
C)  $592.07 
D)  $1927.72

Question 16

Use the formula A = P(1 + rt) to find the indicated quantity.
-A = $16,400; r = 10%; 90 days. Find P.

Accepted Answer

A)  $16,400 
B)  $400.00 
C)  $16,000 
D)  $16,810 
A)  $16,400 
B)  $400.00 
C)  $16,000 
D)  $16,810

Question 17

Use an amortization table to solve the problem. Round to the nearest cent.
-A $90,000 home was financed by making a 20% down payment and signing a 30-year mortgage at 6.25%
annual interest compounded monthly for the unpaid balance. The first payment is $443.32. How much of the
first month's payment will apply towards reducing the principal?

Accepted Answer

The answer of Use an amortization table to solve the...

Question 18

Use the future value formula to find the indicated value. Round to three decimal places.
-n = 13; i = 0.04; PMT = $1000; FV = ?

Accepted Answer

A)  $16,627.838 
B)  $18,292.371 
C)  $15,026.247 
D)  $41,627.144 
A)  $16,627.838 
B)  $18,292.371 
C)  $15,026.247 
D)  $41,627.144

Find the compound amount for the deposit. Round to the nearest cent. -$15,000 at 10% compounded semiannually for 10 years

Use I = Prt for simple interest to find the indicated quantity. -P = $22,660; r = 13%; 2.4 years. Find I.

Solve the problem. Round to the nearest cent as needed. -Cara knows that she will need to buy a new car in 3 years. The car will cost $15,000 by then. How much should she invest now at 12%, compounded quarterly, so that she will have enough to buy a new car?

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: July (31 days) Previous month's balance: $840 Interest rate: 20%

Use an amortization table to solve the problem. Round to the nearest cent. -A bank makes a home mortgage loan of $180,000 at 7.25% amortized in equal monthly payments over 30 years. What is the total amount paid in interest when the mortgage is paid off (round to the nearest dollar)?

Provide an appropriate response. -If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.)

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

Solve the problem. Round to the nearest cent. -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?

Find the compound interest earned. Round to the nearest cent. -$700 at 8% compounded semiannually for 4 years

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -John Lee's savings account has a balance of $4466. After 15 months, what will the amount of interest be at 2.8% per year?

Solve for the missing value. Round to four decimal places. -n = 30; i = 0.03; PMT = $100; PV = ?

Provide an appropriate response. -What amount will be in an account after 1.5 years if $4,000 is invested at 5% compounded semiannually?

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

Solve the problem. Assume that the minimum payment on a credit card is the greater of $27 or 3% of the unpaid balance. -Find the minimum payment on an unpaid balance of $787.71.

Find the periodic payment that will render the sum. -FV = $24,000, interest is 8% compounded monthly, payments made at the end of each month for 3 years

Use the formula A = P(1 + rt) to find the indicated quantity. -A = $16,400; r = 10%; 90 days. Find P.

Use the future value formula to find the indicated value. Round to three decimal places. -n = 13; i = 0.04; PMT = $1000; FV = ?

Functions and Graphs

Limits and the Derivative

Graphing and Optimization

Integration

Multivariable Calculus

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