Question 1

Ordinary interest is required by all banks.

Accepted Answer

A) True 
 B)False

Question 2

Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is:

Accepted Answer

A) $1,008.89 
B) $48,008.89 
C) $47,444.44 
D) $44,744.44 
E) None of these 
A) $1,008.89 
B) $48,008.89 
C) $47,444.44 
D) $44,744.44 
E) None of these

Question 3

The number of days between Aug. 9 and Jan. 3 is:

Accepted Answer

A) 145 
B) 144 
C) 147 
D) 148 
E) None of these 
A) 145 
B) 144 
C) 147 
D) 148 
E) None of these

Question 4

The interest is the amount of money borrowed.

Accepted Answer

A) True 
 B)False

Question 5

Rate is equal to interest divided by the principal times time.

Accepted Answer

A) True 
 B)False

Question 6

Joyce took out a loan for $21,900 at 12% on March 18, 2013, which will be due on January 9, 2014. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount of:

Accepted Answer

A) $2,167.10 
B) $24,068.10 
C) $24,038.40 
D) $2,138.40 
E) None of these 
A) $2,167.10 
B) $24,068.10 
C) $24,038.40 
D) $2,138.40 
E) None of these

Question 7

The U.S. Rule is seldom used in today's workplace.

Accepted Answer

A) True 
 B)False

Question 8

Ordinary interest results in a slightly higher rate of interest than exact interest.

Accepted Answer

A) True 
 B)False

Question 9

The exact interest method represents time as the exact number of days divided by 365.

Accepted Answer

A) True 
 B)False

Ordinary interest is required by all banks.

Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is:

The number of days between Aug. 9 and Jan. 3 is:

The interest is the amount of money borrowed.

Rate is equal to interest divided by the principal times time.

Joyce took out a loan for $21,900 at 12% on March 18, 2013, which will be due on January 9, 2014. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount of:

The U.S. Rule is seldom used in today's workplace.

Ordinary interest results in a slightly higher rate of interest than exact interest.

The exact interest method represents time as the exact number of days divided by 365.

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Sales Excise and Property Taxes

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters

Exam 10: Simple Interest

Ordinary interest is required by all banks.

Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is:

The number of days between Aug. 9 and Jan. 3 is:

The interest is the amount of money borrowed.

Rate is equal to interest divided by the principal times time.

Joyce took out a loan for $21,900 at 12% on March 18, 2013, which will be due on January 9, 2014. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount of:

The U.S. Rule is seldom used in today's workplace.

Ordinary interest results in a slightly higher rate of interest than exact interest.

The exact interest method represents time as the exact number of days divided by 365.

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Sales Excise and Property Taxes

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters