Question 1

Write as a decimal.
-70%

Accepted Answer

A)  0.07 
B)  0.7 
C)  0.59 
D)  7 
A)  0.07 
B)  0.7 
C)  0.59 
D)  7

Question 2

Use the compound interest formula to compute the total amount accumulated.
-$100 for 3 years at 3% compounded quarterly

Accepted Answer

A)  $109.00 
B)  $102.27 
C)  $109.38 
D)  $109.27 
A)  $109.00 
B)  $102.27 
C)  $109.38 
D)  $109.27

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.
-July 2 for 45 days

Accepted Answer

A)  September 15 
B)  February 14 
C)  February 16 
D)  August 16 
A)  September 15 
B)  February 14 
C)  February 16 
D)  August 16

Question 4

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.
-$5000 is invested annually for 9 years at 4.6% compounded annually

Accepted Answer

A)  $54,232.95 
B)  $53,732.95 
C)  $53,232.95 
D)  $55,232.95 
A)  $54,232.95 
B)  $53,732.95 
C)  $53,232.95 
D)  $55,232.95

Question 5

Use the circle graph to answer the question.
-  These states had a total wheat production last year of 757,000,000 bushels. Determine the number Of bushels of wheat produced by Washington last year.

Accepted Answer

A)  147,615,000 bushels 
B)  11,355,000 bushels 
C)  113,550,000 bushels 
D)  1,135,500,000 bushels 
A)  147,615,000 bushels 
B)  11,355,000 bushels 
C)  113,550,000 bushels 
D)  1,135,500,000 bushels

Question 6

Use an annual percentage rate table to solve the problem.
-A homeowner installed a new swimming pool for $7000. He paid 10% down and then paid 36 Monthly payments of $197.42. Determine the APR of the loan to the nearest one-half of a percent.

Accepted Answer

A)  8.0% 
B)  8.5% 
C)  9.0% 
D)  10.0% 
A)  8.0% 
B)  8.5% 
C)  9.0% 
D)  10.0%

Question 7

Solve the problem. Round to the nearest cent.
-Green Thumb Landscaping wants to build a $140,000 greenhouse in 2 years. The company sets up A sinking fund with payments made quarterly. Find the payment into this fund if the money earns 8% interest compounded quarterly.

Accepted Answer

A)  $10,438.34 
B)  $16,311.37 
C)  $7511.02 
D)  $33,967.33 
A)  $10,438.34 
B)  $16,311.37 
C)  $7511.02 
D)  $33,967.33

Question 8

Solve the problem.
-On the May 3 billing date, Jason had a balance due of $257.46 on his credit card. During the next Month, Jason charged an additional $257.59 and makes a payment of $190.59. The interest rate on The card is 1.7% per month. Using the previous balance method, find the new balance on June 3.

Accepted Answer

A)  $519.43 
B)  $329.98 
C)  $328.84 
D)  $71.25 
A)  $519.43 
B)  $329.98 
C)  $328.84 
D)  $71.25

Question 9

Use the compound interest formula to compute the total amount accumulated.
-$3750 for 12 years at 6.5% compounded daily (use n = 360)

Accepted Answer

A)  $3758.13 
B)  $4648.24 
C)  $8179.95 
D)  $7984.11 
A)  $3758.13 
B)  $4648.24 
C)  $8179.95 
D)  $7984.11

Question 10

Solve the problem.
-Determine the effective annual yield for $1 invested for 1 year at 2.5% compounded quarterly.

Accepted Answer

A)  1.25% 
B)  -7.48% 
C)  2.52% 
D)  12.52% 
A)  1.25% 
B)  -7.48% 
C)  2.52% 
D)  12.52%

Question 11

Use the compound interest formula to compute the total amount accumulated.
-$700 for 12 years at 3% compounded daily (use n = 360)

Accepted Answer

A)  $998.03 
B)  $773.30 
C)  $1003.32 
D)  $700.70 
A)  $998.03 
B)  $773.30 
C)  $1003.32 
D)  $700.70

Question 12

Write as a decimal.
-0.092%

Accepted Answer

A)  0.0092 
B)  0.00092 
C)  9.2 
D)  0.000092 
A)  0.0092 
B)  0.00092 
C)  9.2 
D)  0.000092

Question 13

Use an annual percentage rate table to solve the problem.

-In order to make some home improvements, a home owner spent $20,000. He paid 15% as a down Payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5%. Determine the home ownerʹs total finance charge and monthly payment.

Accepted Answer

A)  Total finance charge = $1006.40; Monthly payment = $500.18 
B)  Total finance charge = $1205.30; Monthly payment = $505.70 
C)  Total finance charge = $2562.00; Monthly payment = $626.72 
D)  Total finance charge = $2920.60; Monthly payment = $553.35 
A)  Total finance charge = $1006.40; Monthly payment = $500.18 
B)  Total finance charge = $1205.30; Monthly payment = $505.70 
C)  Total finance charge = $2562.00; Monthly payment = $626.72 
D)  Total finance charge = $2920.60; Monthly payment = $553.35

Question 14

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Skyway Marketing, Ltd. bought a new computer system. To pay for the system, they borrowed $47,090 at $5 \frac { 3 } { 4 } \%$ Interest for 150 days. Find the interest owed. (Use a 365 day year.)

Accepted Answer

A)  $1112.74 
B)  $676.92 
C)  $2707.68 
D)  $967.60 
A)  $1112.74 
B)  $676.92 
C)  $2707.68 
D)  $967.60

Question 15

Solve the problem. Round to the nearest hundredth.
-What is 88% of 368?

Accepted Answer

A)  32,384.00 
B)  3238.40 
C)  32.38 
D)  323.84 
A)  32,384.00 
B)  3238.40 
C)  32.38 
D)  323.84

Question 16

Solve the problem. Round to the nearest hundredth.
-80 is 30% of what number?

Accepted Answer

A)  26.67 
B)  24.00 
C)  266.67 
D)  2666.70 
A)  26.67 
B)  24.00 
C)  266.67 
D)  2666.70

Question 17

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $4479, r = 0.05% per day, t = 6 months

Accepted Answer

A)  $470.30 
B)  $403.11 
C)  $0.45 
D)  $335.93 
A)  $470.30 
B)  $403.11 
C)  $0.45 
D)  $335.93

Question 18

Solve the problem.
-The average cost of a 4-year college education is projected to be $100,000 in 15 years. How much Money should be invested now at 3.5%, compounded quarterly, to provide $100,000 in 15 years?

Accepted Answer

A)  $59,290.78 
B)  $35,153.96 
C)  $100,000.00 
D)  $87,749.93 
A)  $59,290.78 
B)  $35,153.96 
C)  $100,000.00 
D)  $87,749.93

Question 19

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $1375, r = 8%, t = 10 days

Accepted Answer

A)  $2.75 
B)  $1100.00 
C)  $305.56 
D)  $3.06 
A)  $2.75 
B)  $1100.00 
C)  $305.56 
D)  $3.06

Question 20

Write as a decimal.
-204.2%

Accepted Answer

A)  204.2 
B)  20,420 
C)  20.42 
D)  2.042 
A)  204.2 
B)  20,420 
C)  20.42 
D)  2.042

Write as a decimal. -70%

Use the compound interest formula to compute the total amount accumulated. -$100 for 3 years at 3% compounded quarterly

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. -July 2 for 45 days

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent. -$5000 is invested annually for 9 years at 4.6% compounded annually

Use the circle graph to answer the question. - These states had a total wheat production last year of 757,000,000 bushels. Determine the number Of bushels of wheat produced by Washington last year.

Use an annual percentage rate table to solve the problem. -A homeowner installed a new swimming pool for $7000. He paid 10% down and then paid 36 Monthly payments of $197.42. Determine the APR of the loan to the nearest one-half of a percent.

Solve the problem. Round to the nearest cent. -Green Thumb Landscaping wants to build a $140,000 greenhouse in 2 years. The company sets up A sinking fund with payments made quarterly. Find the payment into this fund if the money earns 8% interest compounded quarterly.

Use the compound interest formula to compute the total amount accumulated. -$3750 for 12 years at 6.5% compounded daily (use n = 360)

Solve the problem. -Determine the effective annual yield for $1 invested for 1 year at 2.5% compounded quarterly.

Use the compound interest formula to compute the total amount accumulated. -$700 for 12 years at 3% compounded daily (use n = 360)

Write as a decimal. -0.092%

Solve the problem. Round to the nearest hundredth. -What is 88% of 368?

Solve the problem. Round to the nearest hundredth. -80 is 30% of what number?

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $4479, r = 0.05% per day, t = 6 months

Solve the problem. -The average cost of a 4-year college education is projected to be $100,000 in 15 years. How much Money should be invested now at 3.5%, compounded quarterly, to provide $100,000 in 15 years?

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $1375, r = 8%, t = 10 days

Write as a decimal. -204.2%

Critical Thinking Skills

Sets

Logic

Systems of Numeration

Number Theory and the Real Number System

Algebra, Graphs, and Functions

The Metric System

Geometry

Probability

Voting and Apportionment

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Exam 10: Consumer Mathematics