Question 1

Find the APR (rounded to the nearest percent) for the loan below. 
Purchased an air conditioner for $2,150 at 12% add on interest for 2 years. 
__________ %

Accepted Answer

The answer of Find the APR (rounded to the nearest...

Question 2

If a swimming pool is marked down to $655 from $970, what is the percent markdown to the nearest tenth of a percent? 
__________%

Accepted Answer

The answer of If a swimming pool is marked down...

Question 3

Find the cost of movie admission in 20 years, assuming that it costs $10.50 today and the annual inflation rate will be 6%.

Accepted Answer

A)  $10.55 
B)  $23.10 
C)  $33.67 
D)  $11.13 
E)  $11.60 
A)  $10.55 
B)  $23.10 
C)  $33.67 
D)  $11.13 
E)  $11.60

Question 4

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Round your answer to the nearest cent. 
 $\begin{array}{l}
\text { cellpadding="0" cellspacing="0" width=" }56 \% \text { " border="0"> }\\
\text { Balance Rate Payment Method }\
\$ 600 \quad 6 \% \quad \$250 \quad \begin{array} { l } 
\text { Average daily } \
\text { balance }
\end{array}
\end{array}$ $ __________

Accepted Answer

The answer of Calculate the monthly finance charge for the...

Question 5

Use the table to determine the maximum 30-year loan that you could obtain if you are given the loan rate 6% and the maximum house payment you can afford is $2,460 per month. Round your answer to the nearest cent. 
 $\begin{array} { l c c c c } 
\text { cellpadding="0" cellspacing="0" align="center" width } = " 99 \% " \text { border="1"> } \
& \text { Monthly Cost to Finance } \$ 1,000 \
& 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \
\text { Rate of } & \mathrm { N } = 60 & \mathrm {~N} = 120 & \mathrm {~N} = 240 & \mathrm {~N} = 360 \
\text { Interest } & & & & \
6.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \
7.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \
8.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \
9.0 \% & 20.76 & 12.67 & 9.00 & 8.05
\end{array}$ $ __________

Accepted Answer

The answer of Use the table to determine the maximum...

Question 6

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. $\begin{array} { c c c c c c c c c } 
\text { cellpadding } = " 0 " \text { cellspacing } = " 0 " \text { width } = " 89 \% " \text { border } = 1 " > \
\text { Compounding } & P & r & t & n & i & N & A \
\text { Period } & \text { Present } & \text { Annual } & \text { Time } & & \text { Period } & \text { Number of } & \text { Future } \
& \text { Value } & \text { Rate } & & & \text { Rate } & \text { Periods } & \text { Value } \
\text { Annual } & \$ 400 & 6 \% & 3 \mathrm { yr } & ? & ? & ? & ?
\end{array}$

Accepted Answer

A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 9 $657.21 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 3 $476.41 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 3 $424.48 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $675.79 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 2 3 $478.04 
A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 9 $657.21 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 3 $476.41 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 1 6 3 $424.48 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $675.79 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 2 3 $478.04

Question 7

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Round your answer to the nearest cent. $\begin{array}{l}
\text { cellpadding="0" cellspacing="0" width=" } 62 \% \text { " border="0"> }\\
\text { Balance Rate Payment Method }\
\$ 1,200 \quad 20 \% \quad \$ 400 \quad \begin{array} { l } 
\text { Average daily } \
\text { balance }
\end{array}
\end{array}$

Accepted Answer

A)  $20.00 
B)  $15.34 
C)  $19.60 
D)  $13.33 
E)  $15.47 
A)  $20.00 
B)  $15.34 
C)  $19.60 
D)  $13.33 
E)  $15.47

Question 8

Find the total amount, including tax, for an item with a price of $10.50 and a tax rate of 5%. Round your answer to the nearest cent. 
$__________

Accepted Answer

The answer of Find the total amount, including tax, for...

Question 9

Estimate the answer by picking the best choice without calculating. If your credit card balance is $962, you make a $50 payment, the APR is 6%, and the interest is calculated according to the adjusted balance method, then the finance charge is __________.

Accepted Answer

A)  $4.81 
B)  $57.72 
C)  $4.59 
D)  $54.72 
E)  $4.56 
A)  $4.81 
B)  $57.72 
C)  $4.59 
D)  $54.72 
E)  $4.56

Question 10

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar. 
Purchased a dining room set for $1,800 at 11% add-on interest for 3 years. 
$ __________ interest; $ __________ per month

Accepted Answer

The answer of Find the amount of interest and the...

Question 11

Fill in the table, assuming simple interest.
 $\begin{array}{l}
\text { cellpadding } = " 0 \text { " cellspacing } = " 0 \text { " width } = " 69 \% \text { " border } = " 1 " >\end{array}$

$\begin{array} { c c c c c } 
I & P & r & t & \text { Future } \
\text { Interest } & \text { Principal } & \text { Rate } & \text { Time } & \text { Value }
\end{array}$

Accepted Answer

The answer of Fill in the table, assuming simple interest.
...

Question 12

Suppose that you want to purchase a home for $225,000 with a 20-year mortgage at 12% interest. Suppose that you can put 10% down. Use the table and determine the amount of the down payment, the amount to be financed, the monthly payments, the total amount of interest, and the necessary monthly income for you to be able to afford this loan. $\text { cellpadding="0" cellspacing="0" align }=\text { "center" width=" } 99 \% \text { " border="1"> }$

$\text { Monthly Cost to Finance } \$ 1,000$

$\begin{array}{lrcrc} 
& {\text { Number of Years Financed }} \
\text { Rate of } & 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \
\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \
6.0 \% & & & & \
7.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \
8.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \
9.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \
10.0 \% & 20.76 & 12.67 & 9.00 & 8.05 \
11.0 \% & 21.25 & 13.22 & 9.65 & 8.78 \
12.0 \% & 21.74 & 13.77 & 10.32 & 9.52 \
& 22.24 & 14.35 & 11.01 & 10.29
\end{array}$

Accepted Answer

A)  down payment=$22,500; financed=$202,500; monthly payments=$2,229.53; total interest=$332,586; monthly income=$8,422.65 
B)  down payment=$22,500; financed=$247,500; monthly payments=$2,724.98; total interest=$406,494; monthly income=$5,339.85 
C)  down payment=$22,500; financed=$247,500; monthly payments=$2,724.98; total interest=$406,494; monthly income=$7,569.38 
D)  down payment=$22,500; financed=$225,000; monthly payments=$2,477.25; total interest=$369,540; monthly income=$6,881.25 
E)  down payment=$22,500; financed=$202,500; monthly payments=$2,229.53; total interest=$332,586; monthly income=$6,193.13 
A)  down payment=$22,500; financed=$202,500; monthly payments=$2,229.53; total interest=$332,586; monthly income=$8,422.65 
B)  down payment=$22,500; financed=$247,500; monthly payments=$2,724.98; total interest=$406,494; monthly income=$5,339.85 
C)  down payment=$22,500; financed=$247,500; monthly payments=$2,724.98; total interest=$406,494; monthly income=$7,569.38 
D)  down payment=$22,500; financed=$225,000; monthly payments=$2,477.25; total interest=$369,540; monthly income=$6,881.25 
E)  down payment=$22,500; financed=$202,500; monthly payments=$2,229.53; total interest=$332,586; monthly income=$6,193.13

Question 13

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $1,200 and current monthly payments on bills total $230.

Accepted Answer

A)  $320 
B)  $349 
C)  $432 
D)  $970 
E)  $3,600 
A)  $320 
B)  $349 
C)  $432 
D)  $970 
E)  $3,600

Question 14

Most credit cards provide for a minimum finance charge of $50$ cents per month. Suppose that you buy a $38 item, make five monthly payments of $5, and then pay the remaining balance. What are the payments and the total interest for this purchase if the interest rate is 12% but you pay the minimum finance charge?

Accepted Answer

A)  5 payments of $5 plus a last payment of $2.50; total payments of $40.50 with interest of $2.50. 
B)  5 payments of $5 plus a last payment of $2.50; total payments of $40.50 with interest of $15.50. 
C)  5 payments of $5 plus a last payment of $2.50; total payments of $53.50 with interest of $15.50. 
D)  5 payments of $5 plus a last payment of $15.50; total payments of $40.50 with interest of $2.50. 
E)  5 payments of $5 plus a last payment of $15.50; total payments of $53.50 with interest of $15.50. 
A)  5 payments of $5 plus a last payment of $2.50; total payments of $40.50 with interest of $2.50. 
B)  5 payments of $5 plus a last payment of $2.50; total payments of $40.50 with interest of $15.50. 
C)  5 payments of $5 plus a last payment of $2.50; total payments of $53.50 with interest of $15.50. 
D)  5 payments of $5 plus a last payment of $15.50; total payments of $40.50 with interest of $2.50. 
E)  5 payments of $5 plus a last payment of $15.50; total payments of $53.50 with interest of $15.50.

Question 15

Use the table to determine the maximum 30-year loan, rounded to the nearest dollar, that you could obtain if you are given the loan rate 6% and the maximum house payment you can afford is $2,430 per month. $$\begin{array} { l c c c c } 
\text { cellpadding="0" cellspacing="0" align="center" width } = " 99 \% " \text { border="1"> } \end{array}$$

$\text { Monthly Cost to Finance } \$ 1,000$

$\begin{array}{lcccc} 
&{\text { Number of Years Financed }} \
\text { Rate of } & 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \
\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \
6.0 \% & & & & \
7.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \
8.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \
9.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \
& 20.76 & 12.67 & 9.00 & 8.05
\end{array}$

Accepted Answer

A)  $40,500 
B)  $4,374 
C)  $405,000 
D)  $52,488 
E)  $437,400 
A)  $40,500 
B)  $4,374 
C)  $405,000 
D)  $52,488 
E)  $437,400

Question 16

The finance charge disclosure on a Sears Revolving Charge Card statement is shown here. Why do you suppose that the limitation on the $50$ cent finance charge is from $1.00 to $33.33?

Accepted Answer

A)  For balances over $1.00, the interest would be more than $0.50. 
B)  For balances over $33.33, the interest would be less than $1.00. 
C)  For balances over $33.33, the interest would be more than $0.50. 
D)  For balances over $33.33, the interest would be more than $1.00. 
E)  For balances over $33.33, the interest would be less than $0.50. 
A)  For balances over $1.00, the interest would be more than $0.50. 
B)  For balances over $33.33, the interest would be less than $1.00. 
C)  For balances over $33.33, the interest would be more than $0.50. 
D)  For balances over $33.33, the interest would be more than $1.00. 
E)  For balances over $33.33, the interest would be less than $0.50.

Question 17

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 0.5 point + $150 origination fee would require what monthly income for the buyer?

Accepted Answer

A)  $1,500 
B)  $4,000 
C)  $16,500 
D)  $5,000 
E)  $450 
A)  $1,500 
B)  $4,000 
C)  $16,500 
D)  $5,000 
E)  $450

Question 18

Find the sales tax for $85 coat if the state sales tax rate is 4.5%. Round your answer to the nearest cent. 
$__________

Accepted Answer

The answer of Find the sales tax for $85 coat...

Question 19

Right or Wrong? If you owe $970 in February 2005 and pay $900 so that your account is credited in 10 days, the average daily balance (to the nearest cent) is $\frac { ( \$ 970 \times 10 ) + ( \$ 70 \times 18 ) } { 28 } = \$ 391.43$

Accepted Answer

A)  Right 
B)  Wrong 
A)  Right 
B)  Wrong

Question 20

Find the amount of a 7% offer on a car that has a sticker price of $53,300 and a dealer's cost of $46,907 . Round your answer to the nearest dollar.

Accepted Answer

A)  $\$ 50,104$ 
B)  $\$ 57,031$ 
C)  $\$ 50,190$ 
D)  $\$ 50,955$ 
E)  $\$ 49,569$ 
A)  $\$ 50,104$ 
B)  $\$ 57,031$ 
C)  $\$ 50,190$ 
D)  $\$ 50,955$ 
E)  $\$ 49,569$

Find the APR (rounded to the nearest percent) for the loan below. Purchased an air conditioner for $2,150 at 12% add on interest for 2 years. __________ %

If a swimming pool is marked down to $655 from $970, what is the percent markdown to the nearest tenth of a percent? __________%

Find the cost of movie admission in 20 years, assuming that it costs $10.50 today and the annual inflation rate will be 6%.

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. cellpadding ="0" cellspacing ="0" width ="89\%" border =1"> Compounding P r t n i N A Period Present Annual Time Period Number of Future Value Rate Rate Periods Value Annual \ 400 6\% 3 ? ? ? ?

Find the total amount, including tax, for an item with a price of $10.50 and a tax rate of 5%. Round your answer to the nearest cent. $__________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $962, you make a $50 payment, the APR is 6%, and the interest is calculated according to the adjusted balance method, then the finance charge is __________.

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar. Purchased a dining room set for $1,800 at 11% add-on interest for 3 years. $ interest; $ per month

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $1,200 and current monthly payments on bills total $230.

The finance charge disclosure on a Sears Revolving Charge Card statement is shown here. Why do you suppose that the limitation on the $50$ cent finance charge is from $1.00 to $33.33?

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 0.5 point + $150 origination fee would require what monthly income for the buyer?

Find the sales tax for $85 coat if the state sales tax rate is 4.5%. Round your answer to the nearest cent. $__________

Right or Wrong? If you owe $970 in February 2005 and pay $900 so that your account is credited in 10 days, the average daily balance (to the nearest cent) is $\frac { ( \$ 970 \times 10 ) + ( \$ 70 \times 18 ) } { 28 } = \$ 391.43$

Find the amount of a 7% offer on a car that has a sticker price of $53,300 and a dealer's cost of $46,907 . Round your answer to the nearest dollar.

Arithmetic, Calculators, and Problem Solving

Sets of Numbers

Introduction to Algebra

Percents and Problem Solving

Introduction to Geometry

Measurement and Problem Solving

Sets and Logic

Probability

Statistics

Graphs

Filters

Exam 7: Applications of Percent

Find the APR (rounded to the nearest percent) for the loan below. Purchased an air conditioner for $2,150 at 12% add on interest for 2 years. __________ %

If a swimming pool is marked down to $655 from $970, what is the percent markdown to the nearest tenth of a percent? __________%

Find the cost of movie admission in 20 years, assuming that it costs $10.50 today and the annual inflation rate will be 6%.

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. cellpadding ="0" cellspacing ="0" width ="89\%" border =1"> Compounding P r t n i N A Period Present Annual Time Period Number of Future Value Rate Rate Periods Value Annual \ 400 6\% 3 ? ? ? ?

Find the total amount, including tax, for an item with a price of $10.50 and a tax rate of 5%. Round your answer to the nearest cent. $__________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $962, you make a $50 payment, the APR is 6%, and the interest is calculated according to the adjusted balance method, then the finance charge is __________.

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar. Purchased a dining room set for $1,800 at 11% add-on interest for 3 years. $ __________ interest; $ __________ per month

Fill in the table, assuming simple interest. cellpadding ="0 " cellspacing ="0 " width ="69\% " border ="1"> I P r t Future Interest Principal Rate Time Value

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $1,200 and current monthly payments on bills total $230.

The finance charge disclosure on a Sears Revolving Charge Card statement is shown here. Why do you suppose that the limitation on the 505050 cent finance charge is from $1.00 to $33.33?

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 0.5 point + $150 origination fee would require what monthly income for the buyer?

Find the sales tax for $85 coat if the state sales tax rate is 4.5%. Round your answer to the nearest cent. $__________

Right or Wrong? If you owe $970 in February 2005 and pay $900 so that your account is credited in 10 days, the average daily balance (to the nearest cent) is ($970×10)+($70×18)28=$391.43\frac { ( \$ 970 \times 10 ) + ( \$ 70 \times 18 ) } { 28 } = \$ 391.4328($970×10)+($70×18)​=$391.43

Find the amount of a 7% offer on a car that has a sticker price of $53,300 and a dealer's cost of $46,907 . Round your answer to the nearest dollar.

Arithmetic, Calculators, and Problem Solving

Sets of Numbers

Introduction to Algebra

Percents and Problem Solving

Introduction to Geometry

Measurement and Problem Solving

Sets and Logic

Probability

Statistics

Graphs

Filters

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar. Purchased a dining room set for $1,800 at 11% add-on interest for 3 years. $ interest; $ per month

The finance charge disclosure on a Sears Revolving Charge Card statement is shown here. Why do you suppose that the limitation on the $50$ cent finance charge is from $1.00 to $33.33?

Right or Wrong? If you owe $970 in February 2005 and pay $900 so that your account is credited in 10 days, the average daily balance (to the nearest cent) is $\frac { ( \$ 970 \times 10 ) + ( \$ 70 \times 18 ) } { 28 } = \$ 391.43$