Question 1

Solve the problem
-A particular car gets fuel mileage of 22 mpg in the city and 12% more on the highway. What is the Carʹs fuel mileage on the highway?

Accepted Answer

A)  24.6 mpg 
B)  34 mpg 
C)  22 mpg 
D)  2.6 mpg 
A)  24.6 mpg 
B)  34 mpg 
C)  22 mpg 
D)  2.6 mpg

Question 2

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-The graph below shows how the average value of an automobile, which costs $20,000 new, Changes as it ages. Find the percent decrease in value as the car ages from 2 years old to 3 years Old. Round to the nearest percent.

Accepted Answer

A)  0.1200% 
B)  0.1100% 
C)  12% 
D)  11% 
A)  0.1200% 
B)  0.1100% 
C)  12% 
D)  11%

Question 3

Write as a percent.
-0.078

Accepted Answer

A)  78% 
B)  0.0078% 
C)  7.8% 
D)  0.078% 
A)  78% 
B)  0.0078% 
C)  7.8% 
D)  0.078%

Question 4

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $61,600, r = 7%, t = 3 months

Accepted Answer

A)  $107,800.00 
B)  $1078.00 
C)  $1437.33 
D)  $12,936.00 
A)  $107,800.00 
B)  $1078.00 
C)  $1437.33 
D)  $12,936.00

Question 5

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $12,403, r = 3.5%, t = ?, i = $2170.53

Accepted Answer

A)  t = 7 years 
B)  t = 5 years 
C)  t = 6 years 
D)  t = 4 years 
A)  t = 7 years 
B)  t = 5 years 
C)  t = 6 years 
D)  t = 4 years

Question 6

Write as a percent.
-0.00403

Accepted Answer

A)  0.2015% 
B)  0.0403% 
C)  0.403% 
D)  0.000403% 
A)  0.2015% 
B)  0.0403% 
C)  0.403% 
D)  0.000403%

Question 7

Use the present value formula to determine the amount to be invested now, or the present value needed.
-The desired accumulated amount is $3100 after 2 years invested in an account with 5% interest Compounded quarterly.

Accepted Answer

A)  $293.26 
B)  $3423.91 
C)  $2806.74 
D)  $2811.79 
A)  $293.26 
B)  $3423.91 
C)  $2806.74 
D)  $2811.79

Question 8

Solve the problem.
-A borrower uses an income tax refund to make a partial payment on a personal simple-interest loan. Which rules or methods can be used to compute the new balance?

Accepted Answer

The United

Question 9

Solve the problem.
-On the September 15 billing date, the Jeffersons had a balance due of $113.55 on their credit card. The transactions during the following month were: $$\begin{array} { l l r } 
\text { September 17 } & \text { Payment } & \$ 92.11 \
\text { September 22 } & \text { Charge: airline tickets } & \$ 908.85 \
\text { October 2 } & \text { Charge: carpet } & \$ 1715.66 \
\text { October 13 } & \text { Charge: clothing } & \$ 127.97
\end{array}$$
The interest rate on the card is 1.8% per month. Using the previous balance method, find the Finance charge on October 15.

Accepted Answer

A)  $49.93 
B)  $51.59 
C)  $2.04 
D)  $0.39 
A)  $49.93 
B)  $51.59 
C)  $2.04 
D)  $0.39

Question 10

Solve the problem
-Jaredʹs car normally gets fuel mileage of 44 mpg, but on a recent trip a headwind reduced his Mileage by 17%. What was his carʹs mileage on that recent trip?

Accepted Answer

A)  61 mpg 
B)  44 mpg 
C)  7.5 mpg 
D)  36.5 mpg 
A)  61 mpg 
B)  44 mpg 
C)  7.5 mpg 
D)  36.5 mpg

Question 11

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Annieʹs cafe borrows $6100 at 6% for 290 days. Find the total amount that must be repaid after 290 Days. (Use a 365 day year.)

Accepted Answer

A)  $6466.00 
B)  $6129.08 
C)  $6390.79 
D)  $9007.95 
A)  $6466.00 
B)  $6129.08 
C)  $6390.79 
D)  $9007.95

Question 12

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.
-May 2 to June 12

Accepted Answer

A)  122 
B)  38 
C)  71 
D)  41 
A)  122 
B)  38 
C)  71 
D)  41

Question 13

Solve the problem using the rule of 78s.
-Jamal has a 60-month fixed installment loan, with a monthly payment of $318.50. The amount he Borrowed was $12,250. Instead of making his 37th payment, Jamal is paying the remaining balance On the loan. How much interest will Jamal save?

Accepted Answer

A)  $980.55 
B)  $1189.82 
C)  $1034.62 
D)  $931.16 
A)  $980.55 
B)  $1189.82 
C)  $1034.62 
D)  $931.16

Question 14

Solve the problem. Round to the nearest hundredth.
-32% of what number is 83?

Accepted Answer

A)  0.39 
B)  259.38 
C)  2593.80 
D)  39.00 
A)  0.39 
B)  259.38 
C)  2593.80 
D)  39.00

Question 15

Solve the problem using the rule of 78s.
-Carlo has a 36-month fixed installment loan, with a monthly payment of $369.72. The amount he Borrowed was $11,000. Instead of making his 30th payment, Carlo is paying the remaining balance On the loan. What is the total amount due to pay off the balance?

Accepted Answer

A)  $2163.33 
B)  $1888.04 
C)  $2515.22 
D)  $2145.50 
A)  $2163.33 
B)  $1888.04 
C)  $2515.22 
D)  $2145.50

Question 16

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.
-May 7 to November 12

Accepted Answer

A)  127 
B)  128 
C)  189 
D)  190 
A)  127 
B)  128 
C)  189 
D)  190

Question 17

Solve the problem.
-On the January 25 billing date, Vivian had a balance due of $375.46 on her credit card. The Transactions during the following month were: $\begin{array}{lll}
\text { January } 26 & \text { Charge : curtains } & \$ 378 \
\text { January } 27 & \text { Payment } & \$ 110.45 \
\text { February } 16 &\text { Charge: tires } & \$ 207.08
\end{array}$

The interest rate on the card is 1.2% per month. Using the average daily balance method, find the Finance charge on February 25 (January has 31 days).

Accepted Answer

A)  $8.32 
B)  $2.08 
C)  $8.42 
D)  $8.38 
A)  $8.32 
B)  $2.08 
C)  $8.42 
D)  $8.38

Question 18

V
-On the December 6 billing date, Linda had a balance due of $596.99 on her credit card. The Transactions during the following month were: $$\begin{array} { l r } 
\text { December } 8 \text { Payment } & \$ 45.10 \
\text { December } 10 \text { Charge: gifts } & \$ 585.68 \
\text { December } 28 \text { Charge: housewares } & \$ 25.22 \
\text { December } 30 \text { Charge: party supplies } & \$ 27.57
\end{array}$$
The interest rate on the card is 1.2% per month. Using the average daily balance method, find the Finance charge on January 6 (December has 31 days).

Accepted Answer

A)  $12.90 
B)  $14.24 
C)  $12.94 
D)  $12.71 
A)  $12.90 
B)  $14.24 
C)  $12.94 
D)  $12.71

Question 19

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.
-$\begin{array}{llllll}
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \
\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 11,000 & 3.5 \% & \text { March 22 } & \text { December 5 } & \$ 6000 & \text { August 30 } \
\hline
\end{array}$

Accepted Answer

A)  $5220.96 
B)  $5163.74 
C)  $5047.15 
D)  $5208.39 
A)  $5220.96 
B)  $5163.74 
C)  $5047.15 
D)  $5208.39

Question 20

Solve the problem. Round to the nearest hundredth.
-170% of 390 is what number?

Accepted Answer

A)  6630.00 
B)  66.30 
C)  663.00 
D)  66,300.00 
A)  6630.00 
B)  66.30 
C)  663.00 
D)  66,300.00

Solve the problem -A particular car gets fuel mileage of 22 mpg in the city and 12% more on the highway. What is the Carʹs fuel mileage on the highway?

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -The graph below shows how the average value of an automobile, which costs $20,000 new, Changes as it ages. Find the percent decrease in value as the car ages from 2 years old to 3 years Old. Round to the nearest percent.

Write as a percent. -0.078

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $61,600, r = 7%, t = 3 months

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $12,403, r = 3.5%, t = ?, i = $2170.53

Write as a percent. -0.00403

Use the present value formula to determine the amount to be invested now, or the present value needed. -The desired accumulated amount is $3100 after 2 years invested in an account with 5% interest Compounded quarterly.

Solve the problem. -A borrower uses an income tax refund to make a partial payment on a personal simple-interest loan. Which rules or methods can be used to compute the new balance?

Solve the problem -Jaredʹs car normally gets fuel mileage of 44 mpg, but on a recent trip a headwind reduced his Mileage by 17%. What was his carʹs mileage on that recent trip?

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -Annieʹs cafe borrows $6100 at 6% for 290 days. Find the total amount that must be repaid after 290 Days. (Use a 365 day year.)

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. -May 2 to June 12

Solve the problem using the rule of 78s. -Jamal has a 60-month fixed installment loan, with a monthly payment of $318.50. The amount he Borrowed was $12,250. Instead of making his 37th payment, Jamal is paying the remaining balance On the loan. How much interest will Jamal save?

Solve the problem. Round to the nearest hundredth. -32% of what number is 83?

Solve the problem using the rule of 78s. -Carlo has a 36-month fixed installment loan, with a monthly payment of $369.72. The amount he Borrowed was $11,000. Instead of making his 30th payment, Carlo is paying the remaining balance On the loan. What is the total amount due to pay off the balance?

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. -May 7 to November 12

Solve the problem. Round to the nearest hundredth. -170% of 390 is what number?

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

Filters

Exam 10: Consumer Mathematics