Question 1

The sale price of a skirt is $55, which is 30% OFF the regular price. Select the best estimate of the regular price.

Accepted Answer

A)  $80.00 
B)  $120.00 
C)  $25.00 
D)  $165.00 
E)  $16.00 
A)  $80.00 
B)  $120.00 
C)  $25.00 
D)  $165.00 
E)  $16.00

Question 2

A car dealer will sell you a $5,445 car for $1,058 down and payments of $132.24 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent.

Accepted Answer

A)  $9 \%$ 
B)  $11 \%$ 
C)  $4 \%$ 
D)  $17 \%$ 
E)  $14 \%$ 
A)  $9 \%$ 
B)  $11 \%$ 
C)  $4 \%$ 
D)  $17 \%$ 
E)  $14 \%$

Question 3

Use the table to answer the question. $\text { cellpadding }=" 0 \text { " cellspacing }=" 0 " \text { align }=\text { "center" width=" } 99 \% \text { " border="1"> }$

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

$\begin{array}{lrccc} 
& {\text { Number of Years Financed }} \
\text { Rate of } & 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \
\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \
6.0 \% & & & & \
7.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \
8.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \
9.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \
10.0 \% & 20.76 & 12.67 & 9.00 & 8.05 \
11.0 \% & 21.25 & 13.22 & 9.65 & 8.78 \
12.0 \% & 21.74 & 13.77 & 10.32 & 9.52 \
& 22.24 & 14.35 & 11.01 & 10.29
\end{array}$ Find the amount of the down payment (rounded to the nearest hundred dollars) necessary for the buyer to afford the monthly payments for a $140,000 home with a 30-year 10% loan, if his monthly salary is $3,500 with monthly bill payments of $400.

Accepted Answer

A)  $1,100 
B)  $12,900 
C)  $12,300 
D)  $8,800 
E)  $127,100 
A)  $1,100 
B)  $12,900 
C)  $12,300 
D)  $8,800 
E)  $127,100

Question 4

Use estimation to select the best response. If you deposit $200 in a bank account for two years, the amount of interest is likely to be $__________.

Accepted Answer

A)  $\$ 12.00$ 
B)  $\$ 62.00$ 
C)  $\$ 200.00$ 
D)  $\$ 0.01$ 
E)  $\$ 112.00$ 
A)  $\$ 12.00$ 
B)  $\$ 62.00$ 
C)  $\$ 200.00$ 
D)  $\$ 0.01$ 
E)  $\$ 112.00$

Question 5

What is wrong, if anything, with the following statement? Explain your reasoning. If you obtain a quotation for a home costing $320,000, obtain a 30-year loan at $$6.5 \% + \frac { 3 } { 4 } \text { point } + \$ 200$$ , and make a 10% down payment, you can find the comparison rate as follows: $$\text { COMPARISON RATE } = 0.065 + 0.125 \left( 0.0075 + \frac { 200 } { 288,000 } \right) \approx 6.6 \%$$

Accepted Answer

The answer of What is wrong, if anything, with the...

Question 6

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

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

Accepted Answer

A)  $\$ 5,000 ; \$ 2,800$ 
B)  $\$ 5,000 ; \$ 27,400$ 
C)  $\$ 5,000 ; \$ 7,800$ 
D)  $\$ 19,600 ; \$ 22,400$ 
E)  $\$ 196.00 ; \$ 2,996.00$ 
A)  $\$ 5,000 ; \$ 2,800$ 
B)  $\$ 5,000 ; \$ 27,400$ 
C)  $\$ 5,000 ; \$ 7,800$ 
D)  $\$ 19,600 ; \$ 22,400$ 
E)  $\$ 196.00 ; \$ 2,996.00$

Question 7

Find the APR (rounded to the nearest percent) for the loan below. Purchased a lawn mower for $2,150 at 13% add-on interest for 3 years.

Accepted Answer

A)  $20 \%$ 
B)  $25 \%$ 
C)  $4 \%$ 
D)  $39 \%$ 
E)  $13 \%$ 
A)  $20 \%$ 
B)  $25 \%$ 
C)  $4 \%$ 
D)  $39 \%$ 
E)  $13 \%$

Question 8

Find the APR (rounded to the nearest percent) for the loan below. A $1,000 loan at 13% add-on rate for 4 years.

Accepted Answer

A)  $21 \%$ 
B)  $25 \%$ 
C)  $52 \%$ 
D)  $3 \%$ 
E)  $13 \%$ 
A)  $21 \%$ 
B)  $25 \%$ 
C)  $52 \%$ 
D)  $3 \%$ 
E)  $13 \%$

Question 9

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent. Purchased a gas barbeque for $2,150 at 13% add-on interest for 2 years.

Accepted Answer

A)  $\$ 595$ interest; $\$ 114.39$ per month 
B)  $\$ 559$ interest; $\$ 225.75$ per month 
C)  $\$ 559$ interest; $\$ 112.88$ per month 
D)  $\$ 595$ interest; $\$ 112.88$ per month 
E)  $\$ 559$ interest; $\$ 114.39$ per month 
A)  $\$ 595$ interest; $\$ 114.39$ per month 
B)  $\$ 559$ interest; $\$ 225.75$ per month 
C)  $\$ 559$ interest; $\$ 112.88$ per month 
D)  $\$ 595$ interest; $\$ 112.88$ per month 
E)  $\$ 559$ interest; $\$ 114.39$ per month

Question 10

Is the following statement true or false? If you obtain a quotation for a home costing $360,000, obtain a 30-year loan at $4.5 \% + \frac { 3 } { 4 } \text { point } + \$ 100$ , and make a 10% down payment, you can find the comparison rate as follows: $\text { COMPARISON RATE } = 4.5 + 0.125 \left( 0.75 + \frac { 100 } { 324,000 } \right) \approx 4.59 \%$

Accepted Answer

A) True 
 B)False

Question 11

If the rate of an investment is 6% compounded semiannually, then what is the value of $\text { i? }$ $i =$ __________

Accepted Answer

The answer of If the rate of an investment is...

Question 12

Find the complement of $0.2$ .

Accepted Answer

A)  $0.2$ 
B)  $0.6$ 
C)  $1.8$ 
D)  $8$ 
E)  $0.8$ 
A)  $0.2$ 
B)  $0.6$ 
C)  $1.8$ 
D)  $8$ 
E)  $0.8$

Question 13

What is the future value after 14 years if you deposited $2,000 for your child's education and the interest was guaranteed at 16% compounded annually?

Accepted Answer

A)  $\$ 17,254.21$ 
B)  $\$ 2,300.45$ 
C)  $\$ 2,017.57$ 
D)  $\$ 4,017.57$ 
E)  $\$ 15,975.04$ 
A)  $\$ 17,254.21$ 
B)  $\$ 2,300.45$ 
C)  $\$ 2,017.57$ 
D)  $\$ 4,017.57$ 
E)  $\$ 15,975.04$

Question 14

What is wrong, if anything, with the statement below? 
Answer true or false . If false, explain your reasoning. 
Suppose that you receive a credit card bill on December 1 for $950. You mail in a payment of $550 the same day, and it is received in 7 days. If the interest is charged at 15% APR and is calculated according to the adjusted balance method, the amount of interest is $$\begin{aligned}
I & = P r t \
& = \$ 950 ( 0.15 ) \left( \frac { 1 } { 12 } \right) \
& = \$ 11.875
\end{aligned}$$ or (to the nearest cent) $11.88

Accepted Answer

A) True 
 B)False

Question 15

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. $\begin{array} { c c c c c c c c c } 
\text { cellpadding } = " 0 " & \text { cellspacing } = " 0 " & \text { width } = 93 \% \text { " border } = " 1 " > & \
\text { Compounding } & P & r & t & n & i & N & A \
\text { Period } & \text { Present } & \text { Annual } & \text { Time } & & \text { Period } & \text { Number of } & \text { Future } \
& \text { Value } & \text { Rate } & & & \text { Rate } & \text { Periods } & \text { Value } \
\text { Quarterly } & \$ 2,700 & 6 \% & 3 \mathrm { yr } & ? & ? & ? & ?
\end{array}$

Accepted Answer

A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 1.5 12 $3,228.17 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $3,081.15 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 6 12 $2,740.70 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 2 3 $4,044.03 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $9,018.06 
A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 1.5 12 $3,228.17 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $3,081.15 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 6 12 $2,740.70 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 2 3 $4,044.03 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 3 6 9 $9,018.06

Question 16

Find the sales tax for $260 skis if the state sales tax rate is 6%. Round your answer to the nearest cent. 
$__________

Accepted Answer

The answer of Find the sales tax for $260 skis...

Question 17

Find the cost of a CD in 20 years, assuming that it costs $18.10 today and the annual inflation rate will be 4%. 
$ __________

Accepted Answer

The answer of Find the cost of a CD in...

Question 18

Find the sales tax for a $55 dress if the state sales tax rate is $6 \frac { 3 } { 4 } \%$ .

Accepted Answer

A)  $58.71 
B)  $37.13 
C)  $8.15 
D)  $3.71 
E)  $51.29 
A)  $58.71 
B)  $37.13 
C)  $8.15 
D)  $3.71 
E)  $51.29

Question 19

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $3,300 and current monthly payments for bills total $320.

Accepted Answer

A)  $1,188 
B)  $983 
C)  $1,073 
D)  $2,980 
E)  $9,900 
A)  $1,188 
B)  $983 
C)  $1,073 
D)  $2,980 
E)  $9,900

Question 20

Calculate the future amounts you would have if $3,000 were invested at 12% for 4 years with simple interest and if it were invested with annual compounding. What is the difference between the two to the nearest cent, and does compound interest yield more or less than simple interest?

Accepted Answer

A)  at simple interest, $4,440 with annual compounding, $4,720.56
Difference, $280.56 less; 
B)  at simple interest, $4,440 with annual compounding, $4,721
Difference, $281 less; 
C)  at simple interest, $4,440 with annual compounding, $4,720.56
Difference, $280.56 more; 
D)  at simple interest, $4,440 with annual compounding, $4,721
Difference, $281 more; 
E)  at simple interest, $4,720.56 with annual compounding, $4,440
Difference, $280.56 less; 
A)  at simple interest, $4,440 with annual compounding, $4,720.56
Difference, $280.56 less; 
B)  at simple interest, $4,440 with annual compounding, $4,721
Difference, $281 less; 
C)  at simple interest, $4,440 with annual compounding, $4,720.56
Difference, $280.56 more; 
D)  at simple interest, $4,440 with annual compounding, $4,721
Difference, $281 more; 
E)  at simple interest, $4,720.56 with annual compounding, $4,440
Difference, $280.56 less;

The sale price of a skirt is $55, which is 30% OFF the regular price. Select the best estimate of the regular price.

A car dealer will sell you a $5,445 car for $1,058 down and payments of $132.24 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent.

Use estimation to select the best response. If you deposit $200 in a bank account for two years, the amount of interest is likely to be $__________.

Find the APR (rounded to the nearest percent) for the loan below. Purchased a lawn mower for $2,150 at 13% add-on interest for 3 years.

Find the APR (rounded to the nearest percent) for the loan below. A $1,000 loan at 13% add-on rate for 4 years.

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent. Purchased a gas barbeque for $2,150 at 13% add-on interest for 2 years.

If the rate of an investment is 6% compounded semiannually, then what is the value of $\text { i? }$ $i =$ __________

Find the complement of $0.2$ .

What is the future value after 14 years if you deposited $2,000 for your child's education and the interest was guaranteed at 16% compounded annually?

Find the sales tax for $260 skis if the state sales tax rate is 6%. Round your answer to the nearest cent. $__________

Find the cost of a CD in 20 years, assuming that it costs $18.10 today and the annual inflation rate will be 4%. $ __________

Find the sales tax for a $55 dress if the state sales tax rate is $6 \frac { 3 } { 4 } \%$ .

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $3,300 and current monthly payments for bills total $320.

Calculate the future amounts you would have if $3,000 were invested at 12% for 4 years with simple interest and if it were invested with annual compounding. What is the difference between the two to the nearest cent, and does compound interest yield more or less than simple interest?

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

The sale price of a skirt is $55, which is 30% OFF the regular price. Select the best estimate of the regular price.

A car dealer will sell you a $5,445 car for $1,058 down and payments of $132.24 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent.

Use estimation to select the best response. If you deposit $200 in a bank account for two years, the amount of interest is likely to be $__________.

Find the APR (rounded to the nearest percent) for the loan below. Purchased a lawn mower for $2,150 at 13% add-on interest for 3 years.

Find the APR (rounded to the nearest percent) for the loan below. A $1,000 loan at 13% add-on rate for 4 years.

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent. Purchased a gas barbeque for $2,150 at 13% add-on interest for 2 years.

If the rate of an investment is 6% compounded semiannually, then what is the value of i? \text { i? } i? i=i =i= __________

Find the complement of 0.20.20.2 .

What is the future value after 14 years if you deposited $2,000 for your child's education and the interest was guaranteed at 16% compounded annually?

Find the sales tax for $260 skis if the state sales tax rate is 6%. Round your answer to the nearest cent. $__________

Find the cost of a CD in 20 years, assuming that it costs $18.10 today and the annual inflation rate will be 4%. $ __________

Find the sales tax for a $55 dress if the state sales tax rate is 634%6 \frac { 3 } { 4 } \%643​% .

Determine the maximum monthly payment for a house (to the nearest dollar), if gross monthly income is $3,300 and current monthly payments for bills total $320.

Calculate the future amounts you would have if $3,000 were invested at 12% for 4 years with simple interest and if it were invested with annual compounding. What is the difference between the two to the nearest cent, and does compound interest yield more or less than simple interest?

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

If the rate of an investment is 6% compounded semiannually, then what is the value of $\text { i? }$ $i =$ __________

Find the complement of $0.2$ .

Find the sales tax for a $55 dress if the state sales tax rate is $6 \frac { 3 } { 4 } \%$ .