Question 1

Solve the problem.
-Suppose you saw an advertisement in the newspaper for a financial planner who was Recommending a certificate of deposit that paid 5.5% interest compounded quarterly. In the fine Print at the bottom of the advertisement, it stated that the APY on the CD was 5.61%. Was this Advertisement accurate?

Accepted Answer

A)  Yes 
B)  No

Question 2

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.
-$$\begin{array} { l l l l l l } 
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \
\text { Principal } & \text { Rate } & \text { Date } & \text { Date } &  \text { Amount }&\text { Date }  \
\hline   &&&& \$ 400 & \text { May 30 } \
{ \$ 1700 } &{ 5.5 \% } & { \text { April 10 } } &  { \text { October 7 } }  & \$ 500 & \text { August 1 } \
\hline
\end{array}$$

Accepted Answer

A)  $830.16 
B)  $835.90 
C)  $839.90 
D)  $834.07

Question 3

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.
-October 29 for 100 days (the due date is in a leap year)

Accepted Answer

A)  April 20 
B)  May 9 
C)  February 6 
D)  February 5

Question 4

Solve the problem.
-Determine the effective annual yield for $1 invested for 1 year at 3.5% compounded semiannually.

Accepted Answer

A)  3.53% 
B)  3.55% 
C)  3.5.00% 
D)  3.56%

Question 5

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-On a biology test, a student got 25 questions correct but did not pass. On a second attempt, the Student got 31 questions correct. What was the percent increase?

Accepted Answer

A)  19.4% 
B)  76% 
C)  6% 
D)  24%

Question 6

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-January 4 to November 5 (the year is not a leap year)

Accepted Answer

A)  309 
B)  305 
C)  308 
D)  303

Question 7

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to
the nearest cent.
-Annual payments with 6.5% interest compounded annually for 23 years to accumulate$4000

Accepted Answer

A)  $73.59 
B)  $61.08 
C)  $86.76 
D)  $79.84

Question 8

Solve the problem.
-What is the meaning of ʺunearnedʺ interest?

Accepted Answer

The answer of Solve the problem.
-What is the meaning of...

Question 9

Use an annual percentage rate table to solve the problem.
-A student has a total of $2000 in student loans that will be paid with a 48-month installment loan With monthly payments of $49.30. Determine the APR of the loan to the nearest one-half of a Percent.

Accepted Answer

A)  8.5% 
B)  7.5% 
C)  9.5% 
D)  8.0%

Question 10

Use an annual percentage rate table to solve the problem.
-The owner of an automobile repair center purchased new electronic diagnostic equipment for $12,000. He paid 15% down and then paid 60 monthly payments of $192.49. Determine the APR of The loan to the nearest one-half of a percent.

Accepted Answer

A)  7.5% 
B)  9.0% 
C)  5.5% 
D)  5.0%

Question 11

Solve the problem. Round to the nearest hundredth.
-What is 35% of 1020?

Accepted Answer

A)  35,700.00 
B)  35.70 
C)  3570.00 
D)  357.00

Question 12

Solve the problem. Use an annual percentage rate table if necessary.
-Joan used a fixed installment loan from her bank to finance her home renovation project. She Borrowed $11,000 and has a 60 monthly payments of $212.67 each. Instead of making her 36th Payment, Joan decides to pay the remaining balance on the loan. How much interest will Joan save (use the actuarial method)?

Accepted Answer

A)  $325.12 
B)  $305.65 
C)  $292.92 
D)  $309.34

Question 13

Solve the problem
-The regular selling price of an item is $140. For a special year-end sale the price is at a markdown Of 20%. Find the discount sale price.

Accepted Answer

A)  $28.00 
B)  $168.00 
C)  $112.00 
D)  $116.67

Question 14

Solve the problem.
-How much money should you invest now in order to have $80,000 in 21 years? Assume that the Money earns interest at 2.6%, compounded annually?

Accepted Answer

A)  $40,000.00 
B)  $27,220.80 
C)  $46,665.44 
D)  $9262.15

Question 15

Solve the problem.
-On the September 1 billing date, Martin had a balance due of $991.93 on his credit card. The Transactions during the following month were: $\begin{array}{llcc}
  \text {September 3  }  \text {Payment   }&\$92.95 \
 \text {  September 9} \text { Charge: airline ticket } &\$505.27\
 \text { September 22  }  \text { Charge: shoes  } &\$71.36\
 \text { September 29  }  \text {  Charge: garden tiller} &\$210.16\
\end{array}$

The interest rate on the card is 1.4% per month. Using the average daily balance method, find the Finance charge on October 1 (September has 30 days).

Accepted Answer

A)  $18.12 
B)  $22.03 
C)  $18.36 
D)  $18.52

Question 16

Solve the problem.
-On the January 2 billing date, Dano had a balance due of $1241.37 on his credit card. The Transactions during the following month were: $\begin{array}{lll}
\text { January } 5 & \text { Charge: prescriptions } & \$ 82.82 \
\text { January } 6 & \text { Payment } & \$ 605.46 \
\text { January } 14 & \text { Charge: tickets } & \$ 160.64 \
\text { January } 19 & \text { Charge: hotel } & \$ 129.66
\end{array}$

The interest rate on the card is 1.6% per month. Using the previous balance method, find the Finance charge on February 2.

Accepted Answer

A)  $10.17 
B)  $25.83 
C)  $16.14 
D)  $19.86

Question 17

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-The graph below shows the number of internet host sites for five consecutive years. Find the Percent increase in host sites from 2008 to 2009. Round to the nearest percent.

Accepted Answer

A)  0.8200% 
B)  82% 
C)  1.0200% 
D)  102%

Question 18

Solve the problem.
-John Leeʹs savings account has a balance of $3856. After 2 years, what will the amount of interest Be at 4% compounded semiannually?

Accepted Answer

A)  $314.65 
B)  $155.78 
C)  $317.86 
D)  $308.48

Question 19

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to
the nearest cent.
-Quarterly payments with 7.3% interest compounded quarterly for 5 years to accumulate $85,000

Accepted Answer

A)  $424.72 
B)  $3559.70 
C)  $1413.02 
D)  $393.99

Question 20

Solve the problem. Round to the nearest hundredth.
-$521.81 is what percent of $59.31?

Accepted Answer

A)  11.37% 
B)  1.10% 
C)  879.80% 
D)  8798.00%

Exam 10: Consumer Mathematics

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. -October 29 for 100 days (the due date is in a leap year)

Solve the problem. -Determine the effective annual yield for $1 invested for 1 year at 3.5% compounded semiannually.

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -On a biology test, a student got 25 questions correct but did not pass. On a second attempt, the Student got 31 questions correct. What was the percent increase?

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -January 4 to November 5 (the year is not a leap year)

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent. -Annual payments with 6.5% interest compounded annually for 23 years to accumulate$4000

Solve the problem. -What is the meaning of ʺunearnedʺ interest?

Use an annual percentage rate table to solve the problem. -A student has a total of $2000 in student loans that will be paid with a 48-month installment loan With monthly payments of $49.30. Determine the APR of the loan to the nearest one-half of a Percent.

Use an annual percentage rate table to solve the problem. -The owner of an automobile repair center purchased new electronic diagnostic equipment for $12,000. He paid 15% down and then paid 60 monthly payments of $192.49. Determine the APR of The loan to the nearest one-half of a percent.

Solve the problem. Round to the nearest hundredth. -What is 35% of 1020?

Solve the problem -The regular selling price of an item is $140. For a special year-end sale the price is at a markdown Of 20%. Find the discount sale price.

Solve the problem. -How much money should you invest now in order to have $80,000 in 21 years? Assume that the Money earns interest at 2.6%, compounded annually?

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -The graph below shows the number of internet host sites for five consecutive years. Find the Percent increase in host sites from 2008 to 2009. Round to the nearest percent.

Solve the problem. -John Leeʹs savings account has a balance of $3856. After 2 years, what will the amount of interest Be at 4% compounded semiannually?

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent. -Quarterly payments with 7.3% interest compounded quarterly for 5 years to accumulate $85,000

Solve the problem. Round to the nearest hundredth. -$521.81 is what percent of $59.31?