Question 1

Write as a decimal.
-95.8%

Accepted Answer

A)  0.848 
B)  0.958 
C)  0.0958 
D)  9.58

Question 2

Use an annual percentage rate table to solve the problem.
-A college student purchased a used car for $4000. He paid 8% down and then paid 18 monthly Payments of $216.79. Determine the APR of the loan to the nearest one-half of a percent.

Accepted Answer

A)  8.5% 
B)  7.0% 
C)  7.5% 
D)  6.0%

Question 3

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Robert Hall bought a new computer system. To pay for the system, he borrowed $5110 from the Credit union at $3 \frac { 2 } { 3 } \%$ Simple interest for 120 days. Find the interest owed. (Use a 365 day year.)

Accepted Answer

A)  $61.60 
B)  $50.40 
C)  $46.84 
D)  $187.37

Question 4

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $4984, r = 1.25% per month, t = 30 months

Accepted Answer

A)  $155.75 
B)  $1869.00 
C)  $1806.70 
D)  $1931.30

Question 5

A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year.
-$$\begin{array} { l l l l c l } 
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \
\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 500 & 6 \% & \text { August 8 } & \text { February 6 } & \$ 257 & \text { December 2 } \
\hline
\end{array}$$

Accepted Answer

A)  $251.74 
B)  $255.45 
C)  $255.70 
D)  $245.67

Question 6

Solve the problem.
-Brad invests $1500 in an account paying 3.5% compounded monthly. How much is in the account After 7 months?

Accepted Answer

A)  $1908.42 
B)  $1502.55 
C)  $1530.89 
D)  $1530.41

Question 7

Write as a decimal.
-$\frac { 1 } { 4 } \%$

Accepted Answer

A)  25.00 
B)  0.0100 
C)  0.0025 
D)  0.25

Question 8

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-The graph shows the number of cars (in thousands) produced by a car manufacturer in the years 1980, 1985, 1990, 1995, 2000, and 2005. Which five -year period saw the largest percent increase in Production?

Accepted Answer

A)  1980 to 1995 
B)  1980 to 1985 
C)  1995 to 2000 
D)  1990 to 1995

Question 9

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.
-$150 is invested quarterly for 8 years at 8% compounded quarterly

Accepted Answer

A)  $7034.07 
B)  $7334.17 
C)  $6634.05 
D)  $12,634.18

Question 10

Solve the problem.
-On the September 20 billing date, Emilio had a balance due of $573.56 on his credit card. During The next month, Emilio charged an additional $357.87 and makes a payment of $433. The interest Rate on the card is 1.9% per month. Using the previous balance method, find the finance charge on October 20.

Accepted Answer

A)  $6.80 
B)  $2.67 
C)  $9.47 
D)  $10.90

Question 11

Use the circle graph to answer the question.
-The Country Republic's 2012 Government Receipts (thousands of dollars)

What percent of the Country Republicʹs government receipts came from corporate income taxes in 2012? Round to the nearest tenth of a percent.

Accepted Answer

A)  15.2% corporate income taxes 
B)  0.1% corporate income taxes 
C)  101.1% corporate income taxes 
D)  10.1% corporate income taxes

Question 12

A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year.
-$\begin{array} { l l l l l l } 
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \

\text { Principal }&\text {  Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 1400 & 5.5 \% & \text { April 7 } & \text { August 5 } & \$ 500 & \text { June 18 } \
\hline
\end{array}$

Accepted Answer

A)  $906.60 
B)  $925.47 
C)  $922.11 
D)  $920.43

Question 13

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.
-$100 invested annually for 8 years at 9% interest compounded annually

Accepted Answer

A)  $2213.96 
B)  $203.12 
C)  $1102.85 
D)  $920.04

Question 14

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-The graph below shows a certain countryʹs peanut production in thousands of pounds for the Years 2004, 2006, 2008, 2010, and 2012. Find the percent increase in peanut production from 2008 to 2010.

Accepted Answer

A)  0.0060% 
B)  0.6% 
C)  3.3% 
D)  0.0330%

Question 15

Solve the problem.
-You have a choice of two accounts in which to invest your money for one year. Account A pays 3.1% simple interest rate and account B pays 2.5% interest compounded monthly. Compute the Effective annual yield of account B and determine which account has the better rate.

Accepted Answer

A)  The rates are the same. 
B)  There is not enough information to decide. 
C)  Account A 
D)  Account B

Question 16

Solve the problem.
-A small company borrows $30,000 at 4% compounded monthly. The loan is due in 6 years. How Much interest will the company pay?

Accepted Answer

A)  $7995.60 
B)  $8092.04 
C)  $8122.26 
D)  $38,122.26

Question 17

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.
-September 9 for 270 days (the due date is in a leap year)

Accepted Answer

A)  September 27 
B)  June 5 
C) June 11 
D)  June 7

Question 18

Solve the problem.
-On May 1, you sign a $800 note with simple interest of 9.5% and a maturity date of December 19. You make partial payments of $400 on June 2 and $250 on November 4. How much will you owe On the date of maturity?

Accepted Answer

A)  $175.45 
B)  $178.17 
C)  $174.26 
D)  $177.51

Question 19

Solve the problem using the rule of 78s.
-The owner of a bowling alley buys new equipment for $41,000. He makes a down payment of $12,000 and finances the balance at 10% APR over 60 months. Before making the 37th payment, the Owner decides to pay the remaining balance on the loan. What is the total amount due to pay off
The balance?

Accepted Answer

A)  $11,802.35 
B)  $18,336.35 
C)  $13,585.77 
D)  $12,969.61

Question 20

Solve the problem
-After spending $2150 for tables and $3750 for chairs a convention center manager finds that the Furniture cost 4% more than last year. Find the amount that he spent last year on tables and chairs. Round to the nearest dollar.

Accepted Answer

A)  $6146 
B)  $236 
C)  $3906 
D)  $5673

Exam 10: Consumer Mathematics

Write as a decimal. -95.8%

Use an annual percentage rate table to solve the problem. -A college student purchased a used car for $4000. He paid 8% down and then paid 18 monthly Payments of $216.79. Determine the APR of the loan to the nearest one-half of a percent.

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $4984, r = 1.25% per month, t = 30 months

Solve the problem. -Brad invests $1500 in an account paying 3.5% compounded monthly. How much is in the account After 7 months?

Write as a decimal. - $\frac { 1 } { 4 } \%$

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -The graph shows the number of cars (in thousands) produced by a car manufacturer in the years 1980, 1985, 1990, 1995, 2000, and 2005. Which five -year period saw the largest percent increase in Production?

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$150 is invested quarterly for 8 years at 8% compounded quarterly

Use the circle graph to answer the question. -The Country Republic's 2012 Government Receipts (thousands of dollars) What percent of the Country Republicʹs government receipts came from corporate income taxes in 2012? Round to the nearest tenth of a percent.

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$100 invested annually for 8 years at 9% interest compounded annually

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -The graph below shows a certain countryʹs peanut production in thousands of pounds for the Years 2004, 2006, 2008, 2010, and 2012. Find the percent increase in peanut production from 2008 to 2010.

Solve the problem. -You have a choice of two accounts in which to invest your money for one year. Account A pays 3.1% simple interest rate and account B pays 2.5% interest compounded monthly. Compute the Effective annual yield of account B and determine which account has the better rate.

Solve the problem. -A small company borrows $30,000 at 4% compounded monthly. The loan is due in 6 years. How Much interest will the company pay?

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. -September 9 for 270 days (the due date is in a leap year)

Solve the problem. -On May 1, you sign a $800 note with simple interest of 9.5% and a maturity date of December 19. You make partial payments of $400 on June 2 and $250 on November 4. How much will you owe On the date of maturity?

Solve the problem -After spending $2150 for tables and $3750 for chairs a convention center manager finds that the Furniture cost 4% more than last year. Find the amount that he spent last year on tables and chairs. Round to the nearest dollar.