Question 1

Use the compound interest formula to compute the total amount accumulated.
-$2000 for 6 years at 1.5% compounded monthly

Accepted Answer

A)  $2015.05 
B)  $2188.23 
C)  $1750.58 
D)  $4054.57 
A)  $2015.05 
B)  $2188.23 
C)  $1750.58 
D)  $4054.57

Question 2

Solve the problem.
-You purchase a 189-day, $1000 U.S. Treasury bill at 0.36% discount. On the date of maturity, you Will receive $1000. What is the actual rate of interest of the Treasury bill? Express the rate as a Percent rounded to four decimal places.

Accepted Answer

A)  0.3607% 
B)  1.8900% 
C)  0.36% 
D)  0.0036% 
A)  0.3607% 
B)  1.8900% 
C)  0.36% 
D)  0.0036%

Question 3

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-Enrollment in a business seminar increased from 67 people to 91 people. What was the percent Increase?

Accepted Answer

A)  64.2% 
B)  26.4% 
C)  73.6% 
D)  35.8% 
A)  64.2% 
B)  26.4% 
C)  73.6% 
D)  35.8%

Question 4

Write as a percent.
-0.5

Accepted Answer

A)  0.05% 
B)  500% 
C)  0.5% 
D)  50% 
A)  0.05% 
B)  500% 
C)  0.5% 
D)  50%

Question 5

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.
-September 11 to November 23

Accepted Answer

A)  327 
B)  73 
C)  104 
D)  72 
A)  327 
B)  73 
C)  104 
D)  72

Question 6

Solve the problem. Use an annual percentage rate table if necessary.
-Sarah Yost took out a 48-month fixed installment loan of $17,000 to open a gift shop. She began Making monthly payments of $423.05. Sarahʹs business does better than expected and instead of Making her 12th payment, Sarah decides to repay her loan in full. How much interest will Sarah Save (use the actuarial method)?

Accepted Answer

A)  $1872.84 
B)  $1926.35 
C)  $2205.29 
D)  $1907.97 
A)  $1872.84 
B)  $1926.35 
C)  $2205.29 
D)  $1907.97

Question 7

Solve the problem. Round to the nearest hundredth.
-928 is what percent of 1835?

Accepted Answer

A)  197.74% 
B)  0.51% 
C)  50.57% 
D)  0.05% 
A)  197.74% 
B)  0.51% 
C)  50.57% 
D)  0.05%

Question 8

Solve the problem.
-During his August vacation, Zev charged the following expenses to his credit card: meals ($159), Gasoline ($52), and hotel ($390). On September 1, he makes a payment of $236 and makes no other Purchases with this credit card. The bank that issues the card charges 1.4% interest per month. What is the balance due on October 1?

Accepted Answer

A)  $609.41 
B)  $370.11 
C)  $425.63 
D)  $388.62 
A)  $609.41 
B)  $370.11 
C)  $425.63 
D)  $388.62

Question 9

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-Sales of frozen pizza for a club fundraiser increased from 500 one year to 540 the next year. What Was the percent increase?

Accepted Answer

A)  7.4% 
B)  92% 
C)  8% 
D)  92.6% 
A)  7.4% 
B)  92% 
C)  8% 
D)  92.6%

Question 10

Solve the problem.
-On the April 25 billing date, Malcolm had a balance due of $1507.63 on his credit card. The Transactions during the following month were: $$\begin{array} { l l r } 
\text { April 26} &\text {Payment } & \$ 155.83 \
\text { April 30 } & \text { Charge: lawnmower } & \$ 214.56 \
\text { May 3 } & \text { Charge: gift } & \$ 79.46 \
\text { May 7 } & \text { Charge: furniture } & \$ 611.63
\end{array}$$
The interest rate on the card is 1.7% per month. Using the average daily balance method, find the Balance due on May 25 (April has 30 days).

Accepted Answer

A)  $2283.08 
B)  $2291.64 
C)  $2290.79 
D)  $1540.97 
A)  $2283.08 
B)  $2291.64 
C)  $2290.79 
D)  $1540.97

Question 11

Use the circle graph to answer the question.
-  The total domestic production last year was 5,942,000 vehicles. Determine the number of vehicles Produced by Generic Motors last year.

Accepted Answer

A)  22,579,600 vehicles 
B)  2,257,960 vehicles 
C)  1,806,368 vehicles 
D)  225,796 vehicles 
A)  22,579,600 vehicles 
B)  2,257,960 vehicles 
C)  1,806,368 vehicles 
D)  225,796 vehicles

Question 12

Solve the problem.
-On the August 28 billing date, Marcus had a balance due of $826.16 on his credit card. The Transactions during the following month were: $$\begin{array} { l l r } 
\text { August 30 } & \text { Payment } & \$ 111.39 \
\text { September 2 } & \text { Charge: camera } & \$ 390.39 \
\text { September 8 } & \text { Charge: bicycle } & \$ 185.38 \
\text { September 21 } & \text { Charge: shoes } & \$ 66.81
\end{array}$$
The interest rate on the card is 1.5% per month. Using the previous balance method, find the new Balance on September 28.

Accepted Answer

A)  $1481.13 
B)  $1487.60 
C)  $727.16 
D)  $1369.74 
A)  $1481.13 
B)  $1487.60 
C)  $727.16 
D)  $1369.74

Question 13

Solve the problem.
-On the June 4 billing date, Maria had a balance due of $1956.47 on her credit card. The transactions During the following month were: $$\begin{array} { l r } 
\text { June } 7 \text { Payment } & \$ 140.36 \
\text { June } 28 \text { Charge: bus ticket } & \$ 174.83 \
\text { June } 29 \text { Charge: hotel } & \$ 60.75 \
\text { June } 30 \text { Charge: restaurant meal } & \$ 21.55
\end{array}$$
The interest rate on the card is 1.8% per month. Using the average daily balance method, find the Balance due on July 4 (June has 30 days).

Accepted Answer

A)  $2107.16 
B)  $2247.41 
C)  $2107.05 
D)  $1849.92 
A)  $2107.16 
B)  $2247.41 
C)  $2107.05 
D)  $1849.92

Question 14

Solve the problem
-Midtown Antiques collects 2% sales tax on all sales. If total sales including tax are $1161.87, find The portion that is the tax amount.

Accepted Answer

A)  $23.24 
B)  $1139.09 
C)  $22.78 
D)  $12.78 
A)  $23.24 
B)  $1139.09 
C)  $22.78 
D)  $12.78

Question 15

Use the compound interest formula to compute the total amount accumulated.
-$2830 for 5 years at 3% compounded semiannually

Accepted Answer

A)  $3254.50 
B)  $3048.71 
C)  $3280.75 
D)  $3284.33 
A)  $3254.50 
B)  $3048.71 
C)  $3280.75 
D)  $3284.33

Question 16

Solve the problem.
-Erica Tomlinsonʹs credit card company determines her minimum monthly payment by adding all New interest to 1% of the outstanding principal. The credit card company charges an interest rate Of 0.04506% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels And tires for her car for $1700. She makes no other purchases or new interest during October. On November 1, instead of making the minimum payment, Erica makes a payment of $500. Assuming there are no additional charges or cash advances, determine Ericaʹs minimum payment Due on December 1.

Accepted Answer

A)  $37 
B)  $25 
C)  $29 
D)  $17 
A)  $37 
B)  $25 
C)  $29 
D)  $17

Question 17

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $810, r = 4%, t = 4 months

Accepted Answer

A)  $129.60 
B)  $10.80 
C)  $1080.00 
D)  $8.10 
A)  $129.60 
B)  $10.80 
C)  $1080.00 
D)  $8.10

Question 18

Solve the problem. Use an annual percentage rate table if necessary.
-Enrique has a 60-month fixed installment loan, with a monthly payment of $50.69. The amount he Borrowed was $2500. Instead of making his 36th payment, Enrique is paying the remaining Balance on the loan. How much interest will Enrique save (use the actuarial method)?

Accepted Answer

A)  $91.73 
B)  $95.72 
C)  $103.90 
D)  $96.86 
A)  $91.73 
B)  $95.72 
C)  $103.90 
D)  $96.86

Question 19

Solve the problem using the rule of 78s.
-Caroline Jones took out a 48-month fixed installment loan of $21,000 to open a restaurant. She Began making monthly payments of $533.75. Carolineʹs business does better than expected and Instead of making her 27th payment, Caroline decides to repay her loan in full. What is the total
Amount due to pay off the balance?

Accepted Answer

A)  $10,835.00 
B)  $10,348.64 
C)  $11,022.34 
D)  $10,301.25 
A)  $10,835.00 
B)  $10,348.64 
C)  $11,022.34 
D)  $10,301.25

Question 20

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.
-February 26 for 120 days (the year is not a leap year)

Accepted Answer

A)  May 16 
B)  May 15 
C)  June 26 
D)  April 30 
A)  May 16 
B)  May 15 
C)  June 26 
D)  April 30

Use the compound interest formula to compute the total amount accumulated. -$2000 for 6 years at 1.5% compounded monthly

Solve the problem. -You purchase a 189-day, $1000 U.S. Treasury bill at 0.36% discount. On the date of maturity, you Will receive $1000. What is the actual rate of interest of the Treasury bill? Express the rate as a Percent rounded to four decimal places.

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -Enrollment in a business seminar increased from 67 people to 91 people. What was the percent Increase?

Write as a percent. -0.5

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. -September 11 to November 23

Solve the problem. Round to the nearest hundredth. -928 is what percent of 1835?

Solve the problem. Where appropriate, round to the nearest tenth of a percent. -Sales of frozen pizza for a club fundraiser increased from 500 one year to 540 the next year. What Was the percent increase?

Use the circle graph to answer the question. - The total domestic production last year was 5,942,000 vehicles. Determine the number of vehicles Produced by Generic Motors last year.

Solve the problem -Midtown Antiques collects 2% sales tax on all sales. If total sales including tax are $1161.87, find The portion that is the tax amount.

Use the compound interest formula to compute the total amount accumulated. -$2830 for 5 years at 3% compounded semiannually

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) -p = $810, r = 4%, t = 4 months

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. -February 26 for 120 days (the year is not a leap year)

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Exam 10: Consumer Mathematics