Question 1

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent.
-

Accepted Answer

A) $1.73 
B) $2.65 
C) $2.08 
D) $3.18 
A) $1.73 
B) $2.65 
C) $2.08 
D) $3.18

Question 2

Solve the problem using the loan payoff table or an amortization table.  
-A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan?

Accepted Answer

A) $164.44, $200.92 
B) $124.79, $512.78 
C) $163.17, $178.06 
D) $126.03, $490.46 
A) $164.44, $200.92 
B) $124.79, $512.78 
C) $163.17, $178.06 
D) $126.03, $490.46

Question 3

Solve the problem and use the table to find the annual percentage rate.    
-Eric Yu purchased a boat costing $12,900 with $800 down and loan payments of $311 per month for 48 months. Find the total installment cost and the annual percentage rate.

Accepted Answer

A) $15,728; 10.75% 
B) $14,928; 10.25% 
C) $14,928; 10.75% 
D) $14,128; 10.25% 
A) $15,728; 10.75% 
B) $14,928; 10.25% 
C) $14,928; 10.75% 
D) $14,128; 10.25%

Question 4

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent.
-Finance charge: $24,517
Total number of payments: 37
Remaining number of payments, when paid in full: 7

Accepted Answer

A) $1,030.74 
B) $976.50 
C) $773.06 
D) $732.37 
A) $1,030.74 
B) $976.50 
C) $773.06 
D) $732.37

Question 5

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account.
-

Accepted Answer

A) $229.78 
B) $21.21 
C) $22.98 
D) $24.75 
A) $229.78 
B) $21.21 
C) $22.98 
D) $24.75

Question 6

Find the finance charge and total installment cost of the loan. Round to the nearest cent.
-Amount financed: $240.00
Down payment: $80.00
Cash price: $320.00
Number of payments: 12
Amount of payment: $29.11

Accepted Answer

A) $80.00; $319.75 
B) $120.00; $240.00 
C) $240.00; $429.32 
D) $109.32; $429.32 
A) $80.00; $319.75 
B) $120.00; $240.00 
C) $240.00; $429.32 
D) $109.32; $429.32

Question 7

Find the annual percentage rate using the annual percentage rate table.    
-Amount Financed: $760
Finance Charge: $190.76
Number of monthly payments: 48

Accepted Answer

A) 11.50% 
B) 11.25% 
C) 10.75% 
D) 12.00% 
A) 11.50% 
B) 11.25% 
C) 10.75% 
D) 12.00%

Question 8

Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule.
-Principal: $60,000
Interest: 10%
Time (days): 180
Partial payment: $20,000 on day 60
$20,000 on day 120

Accepted Answer

A) $22,044.72; $2044.72 
B) $23,866.67; $3866.67 
C) $24,022.42; $4022.42 
D) $21,652.18; $1652.18 
A) $22,044.72; $2044.72 
B) $23,866.67; $3866.67 
C) $24,022.42; $4022.42 
D) $21,652.18; $1652.18

Question 9

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account.
-

Accepted Answer

A) $11.62 
B) $13.56 
C) $116.22 
D) $9.69 
A) $11.62 
B) $13.56 
C) $116.22 
D) $9.69

Question 10

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.  
-$6,500, 12% compounded monthly, 33 monthly payments

Accepted Answer

A) $226.46 
B) $37.79 
C) $232.25 
D) $238.36 
A) $226.46 
B) $37.79 
C) $232.25 
D) $238.36

Question 11

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account.
-

Accepted Answer

A) $3.24 
B) $2.60 
C) $3.89 
D) $32.44 
A) $3.24 
B) $2.60 
C) $3.89 
D) $32.44

Question 12

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent.
-

Accepted Answer

A) $416.69 
B) $38.89 
C) $20.83 
D) $41.67 
A) $416.69 
B) $38.89 
C) $20.83 
D) $41.67

Question 13

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent.
-Finance charge: $80,696
Total number of payments: 354
Remaining number of payments, when paid in full: 22

Accepted Answer

A) $324.92 
B) $298.34 
C) $326.76 
D) $296.66 
A) $324.92 
B) $298.34 
C) $326.76 
D) $296.66

Question 14

Find the finance charge and total installment cost of the loan. Round to the nearest cent.
-Amount financed: $1,114.99
Down payment: $95
Cash price: $1,209.99
Number of payments: 36
Amount of payment: $39.20

Accepted Answer

A) $201.21; $1,506.20 
B) $1,411.20; $1,601.20 
C) $292.61; $1,601.20 
D) $296.21; $1,506.20 
A) $201.21; $1,506.20 
B) $1,411.20; $1,601.20 
C) $292.61; $1,601.20 
D) $296.21; $1,506.20

Question 15

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.    
-$120,000, 6% compounded quarterly, 31 quarterly payments

Accepted Answer

A) $4,749.25 
B) $1,104.09 
C) $4,996.70 
D) $4,868.40 
A) $4,749.25 
B) $1,104.09 
C) $4,996.70 
D) $4,868.40

Question 16

Find the finance charge and total installment cost of the loan. Round to the nearest cent.
-Amount financed: $165
Down payment: $45
Cash price: $210
Number of payments: 6
Amount of payment: $28.59

Accepted Answer

A) $12.54; $261.54 
B) $6.54; $216.54 
C) $38.46; $216.54 
D) $171.54; $261.54 
A) $12.54; $261.54 
B) $6.54; $216.54 
C) $38.46; $216.54 
D) $171.54; $261.54

Question 17

Find the finance charge and total installment cost of the loan. Round to the nearest cent.
-Amount financed: $292.00
Down payment: $73.00
Cash price: $365.00
Number of payments: 24
Amount of payment: $20.47

Accepted Answer

A) $73.00; $364.80 
B) $146.00; $292.00 
C) $199.28; $564.28 
D) $292.00; $564.28 
A) $73.00; $364.80 
B) $146.00; $292.00 
C) $199.28; $564.28 
D) $292.00; $564.28

Question 18

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent.
-

Accepted Answer

A) $204.46 
B) $350.50 
C) $408.92 
D) $4,089.21 
A) $204.46 
B) $350.50 
C) $408.92 
D) $4,089.21

Question 19

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account.
-

Accepted Answer

A) $151.24 
B) $15.12 
C) $13.96 
D) $16.29 
A) $151.24 
B) $15.12 
C) $13.96 
D) $16.29

Question 20

Find the annual percentage rate using the annual percentage rate table.    
-Amount Financed: $540
Finance Charge: $43.90
Number of monthly payments: 18

Accepted Answer

A) 11.50% 
B) 10.00% 
C) 11.25% 
D) 12.50% 
A) 11.50% 
B) 10.00% 
C) 11.25% 
D) 12.50%

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Solve the problem using the loan payoff table or an amortization table. -A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan?

Solve the problem and use the table to find the annual percentage rate. -Eric Yu purchased a boat costing $12,900 with $800 down and loan payments of $311 per month for 48 months. Find the total installment cost and the annual percentage rate.

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $24,517 Total number of payments: 37 Remaining number of payments, when paid in full: 7

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $240.00 Down payment: $80.00 Cash price: $320.00 Number of payments: 12 Amount of payment: $29.11

Find the annual percentage rate using the annual percentage rate table. -Amount Financed: $760 Finance Charge: $190.76 Number of monthly payments: 48

Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule. -Principal: $60,000 Interest: 10% Time (days): 180 Partial payment: $20,000 on day 60 $20,000 on day 120

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. -$6,500, 12% compounded monthly, 33 monthly payments

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $80,696 Total number of payments: 354 Remaining number of payments, when paid in full: 22

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $1,114.99 Down payment: $95 Cash price: $1,209.99 Number of payments: 36 Amount of payment: $39.20

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. -$120,000, 6% compounded quarterly, 31 quarterly payments

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $165 Down payment: $45 Cash price: $210 Number of payments: 6 Amount of payment: $28.59

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $292.00 Down payment: $73.00 Cash price: $365.00 Number of payments: 24 Amount of payment: $20.47

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the annual percentage rate using the annual percentage rate table. -Amount Financed: $540 Finance Charge: $43.90 Number of monthly payments: 18

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Exam 12: Business and Consumer Loans

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Solve the problem using the loan payoff table or an amortization table. -A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan?

Solve the problem and use the table to find the annual percentage rate. -Eric Yu purchased a boat costing $12,900 with $800 down and loan payments of $311 per month for 48 months. Find the total installment cost and the annual percentage rate.

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $24,517 Total number of payments: 37 Remaining number of payments, when paid in full: 7

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $240.00 Down payment: $80.00 Cash price: $320.00 Number of payments: 12 Amount of payment: $29.11

Find the annual percentage rate using the annual percentage rate table. -Amount Financed: $760 Finance Charge: $190.76 Number of monthly payments: 48

Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule. -Principal: $60,000 Interest: 10% Time (days): 180 Partial payment: $20,000 on day 60 $20,000 on day 120

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. -$6,500, 12% compounded monthly, 33 monthly payments

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $80,696 Total number of payments: 354 Remaining number of payments, when paid in full: 22

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $1,114.99 Down payment: $95 Cash price: $1,209.99 Number of payments: 36 Amount of payment: $39.20

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. -$120,000, 6% compounded quarterly, 31 quarterly payments

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $165 Down payment: $45 Cash price: $210 Number of payments: 6 Amount of payment: $28.59

Find the finance charge and total installment cost of the loan. Round to the nearest cent. -Amount financed: $292.00 Down payment: $73.00 Cash price: $365.00 Number of payments: 24 Amount of payment: $20.47

Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. -

Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. -

Find the annual percentage rate using the annual percentage rate table. -Amount Financed: $540 Finance Charge: $43.90 Number of monthly payments: 18

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Payroll

Mathematics of Buying

Mathematics of Selling

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters