Question 1

Provide an appropriate response.
-Find the amount due on a loan of $8,500 at 7.5% simple interest at the end of 4 years.

Accepted Answer

$11,050

Question 2

Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal
 form.
-11.6% to decimal

Accepted Answer

A)  11.6 
B)  116 
C)  0.116 
D)  0.00116 
A)  11.6 
B)  116 
C)  0.116 
D)  0.00116 C

Question 3

Solve the problem. Round to the nearest cent as needed.
-The rabbit population in a forest area grows at the rate of 6% monthly. If there are 230 rabbits in April, find how many rabbits (rounded to the nearest whole number) should be expected by next April. Use e

Accepted Answer

A)  447 
B)  457 
C)  483 
D)  470 
A)  447 
B)  457 
C)  483 
D)  470 D

Question 4

Find the rate of interest required to achieve the conditions set forth.
-A = $32,000 P = $8,000
T = 20 years
Compounded annually

Accepted Answer

A)  7.1773% 
B)  8% 
C)  3.5265% 
D)  5.6467% 
A)  7.1773% 
B)  8% 
C)  3.5265% 
D)  5.6467%

Question 5

Find the amount that will be accumulated in the account under the given conditions.
-The principal $15,400 is accumulated with simple interest of 16% for 5 years.

Accepted Answer

A)  $20,212.50 
B)  $27,720 
C)  $12,320 
D)  $15,892.80 
A)  $20,212.50 
B)  $27,720 
C)  $12,320 
D)  $15,892.80

Question 6

Find the compound interest earned. Round to the nearest cent.
-$600 at 5% compounded quarterly for or

Accepted Answer

A)  $204.06 
B)  $95.82 
C)  $95.45 
D)  $46.43 
A)  $204.06 
B)  $95.82 
C)  $95.45 
D)  $46.43

Question 7

Solve the problem. Round to the nearest cent as needed.
-The monthly payments on a $73,000 loan at 13% annual interest are $807.38. How much of the first monthly payment will go toward the principal?

Accepted Answer

A)  $790.83 
B)  $104.96 
C)  $702.42 
D)  $16.55 
A)  $790.83 
B)  $104.96 
C)  $702.42 
D)  $16.55

Question 8

Solve the problem. Assume no new purchases are made with the credit card.
-The annual interest rate on a credit card is 20.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $1546.15?

Accepted Answer

A)  19 months 
B)  18 months 
C)  13 months 
D)  21 months 
A)  19 months 
B)  18 months 
C)  13 months 
D)  21 months

Question 9

Solve for the missing value. Round to four decimal places.
-n = 24; i = 0.09; PMT = $1; PV = ?

Accepted Answer

A)  $12.5156 
B)  $9.5802 
C)  $9.7066 
D)  $9.8226 
A)  $12.5156 
B)  $9.5802 
C)  $9.7066 
D)  $9.8226

Question 10

Use the formula A = P(1 + rt) to find the indicated quantity.
-P = $7996; r = 6%; t = 10 months. Find A.

Accepted Answer

A)  $8475.76 
B)  $8395.80 
C)  $399.80 
D)  $6663.33 
A)  $8475.76 
B)  $8395.80 
C)  $399.80 
D)  $6663.33

Question 11

Find the monthly house payment necessary to amortize the following loan.
-In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment?

Accepted Answer

A)  $902.99 
B)  $700.00 
C)  $46.67 
D)  $840.12 
A)  $902.99 
B)  $700.00 
C)  $46.67 
D)  $840.12

Question 12

Find the present value of the ordinary annuity.
-Payments of $68 made quarterly for 10 years at 8% compounded quarterly

Accepted Answer

A)  $1872.41 
B)  $1860.17 
C)  $1829.38 
D)  $667.63 
A)  $1872.41 
B)  $1860.17 
C)  $1829.38 
D)  $667.63

Question 13

Use I = Prt for simple interest to find the indicated quantity.
-I = $750; r = 6%; t = 6 months. Find P.

Accepted Answer

A)  $22.50 
B)  $25,750 
C)  $24,250 
D)  $25,000 
A)  $22.50 
B)  $25,750 
C)  $24,250 
D)  $25,000

Question 14

Solve the problem. Round to the nearest cent as needed.
-How many months will it take until an account will have $3,500 if $2,500 is invested now at 5% compounded
monthly?

Accepted Answer

81 months

Question 15

Use an amortization table to solve the problem. Round to the nearest cent.
-You have agreed to pay off a $8,000 loan in 30 monthly payments of $298.79 per month. The interest rate of the
loan is 0.75% per month on the unpaid balance. What is the unpaid balance after 12 monthly payments have
been made?

Accepted Answer

The answer of Use an amortization table to solve the...

Question 16

Solve the problem.
-If $300,000 is to be saved over 25 years, how much should be deposited monthly if the investment earns 8% interest compounded monthly?

Accepted Answer

A)  $315.45 
B)  $180.48 
C)  $260.87 
D)  $216.62 
A)  $315.45 
B)  $180.48 
C)  $260.87 
D)  $216.62

Question 17

Use an amortization table to solve the problem. Round to the nearest cent.
-A home was purchased 14 years ago for $70,000. The home was financed by paying a 20% down payment and
signing a 25 year mortgage at 8.5% compounded monthly on the unpaid balance. The market value is now
$100,000. The owner wishes to sell the house. How much equity (to the nearest dollar) does the owner have in
the house after making 168 monthly payments?

Accepted Answer

The answer of Use an amortization table to solve the...

Question 18

What is the annual percentage yield (APY) for money invested at the given annual rate? Round results to the nearest
 hundredth of a percent.
-3.5% compounded continuously.

Accepted Answer

A)  3.50% 
B)  3.53% 
C)  3.55% 
D)  3.56% 
A)  3.50% 
B)  3.53% 
C)  3.55% 
D)  3.56%

Question 19

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days.
-What is the purchase price of a 26-week T-bill with a maturity value of $1000 that earns an annual interest rate of 5.25%?

Accepted Answer

A)  $1000 
B)  $25.58 
C)  $974.42 
D)  $1025.58 
A)  $1000 
B)  $25.58 
C)  $974.42 
D)  $1025.58

Question 20

Use I = Prt for simple interest to find the indicated quantity.
-P = $13,500; t = 4 months; I = $517.50. Find r.

Accepted Answer

A)  7.7% 
B)  11.5% 
C)  11.7% 
D)  3.8% 
A)  7.7% 
B)  11.5% 
C)  11.7% 
D)  3.8%

Provide an appropriate response. -Find the amount due on a loan of $8,500 at 7.5% simple interest at the end of 4 years.

Convert the given interest rate to decimal form if it is given as a percentage, and to a percentage if it is given in decimal form. -11.6% to decimal

Solve the problem. Round to the nearest cent as needed. -The rabbit population in a forest area grows at the rate of 6% monthly. If there are 230 rabbits in April, find how many rabbits (rounded to the nearest whole number) should be expected by next April. Use e

Find the rate of interest required to achieve the conditions set forth. -A = $32,000 P = $8,000 T = 20 years Compounded annually

Find the amount that will be accumulated in the account under the given conditions. -The principal $15,400 is accumulated with simple interest of 16% for 5 years.

Find the compound interest earned. Round to the nearest cent. -$600 at 5% compounded quarterly for or

Solve the problem. Round to the nearest cent as needed. -The monthly payments on a $73,000 loan at 13% annual interest are $807.38. How much of the first monthly payment will go toward the principal?

Solve the problem. Assume no new purchases are made with the credit card. -The annual interest rate on a credit card is 20.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $1546.15?

Solve for the missing value. Round to four decimal places. -n = 24; i = 0.09; PMT = $1; PV = ?

Use the formula A = P(1 + rt) to find the indicated quantity. -P = $7996; r = 6%; t = 10 months. Find A.

Find the monthly house payment necessary to amortize the following loan. -In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment?

Find the present value of the ordinary annuity. -Payments of $68 made quarterly for 10 years at 8% compounded quarterly

Use I = Prt for simple interest to find the indicated quantity. -I = $750; r = 6%; t = 6 months. Find P.

Solve the problem. Round to the nearest cent as needed. -How many months will it take until an account will have $3,500 if $2,500 is invested now at 5% compounded monthly?

Solve the problem. -If $300,000 is to be saved over 25 years, how much should be deposited monthly if the investment earns 8% interest compounded monthly?

What is the annual percentage yield (APY) for money invested at the given annual rate? Round results to the nearest hundredth of a percent. -3.5% compounded continuously.

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days. -What is the purchase price of a 26-week T-bill with a maturity value of $1000 that earns an annual interest rate of 5.25%?

Use I = Prt for simple interest to find the indicated quantity. -P = $13,500; t = 4 months; I = $517.50. Find r.

Functions and Graphs

Limits and the Derivative

Graphing and Optimization

Integration

Multivariable Calculus

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