Question 1

Find the total amount, including tax, for an item with a price of $13.50 and a tax rate of 4%.

Accepted Answer

A)  $\$ 18.90$ 
B)  $\$ 14.04$ 
C)  $\$ 8.10$ 
D)  $\$ 12.96$ 
E)  $\$ 0.54$ 
A)  $\$ 18.90$ 
B)  $\$ 14.04$ 
C)  $\$ 8.10$ 
D)  $\$ 12.96$ 
E)  $\$ 0.54$

Question 2

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. $\begin{array}{l}
\text { cellpadding="0" cellspacing="0" width=" }57\% \text { " border="0"> }\\
\text { Balance Rate Payment Method }\
\$ 8,000 \quad 21 \% \quad \$ 1,500\quad \begin{array} { l } 
\text { Average daily } \
\text { balance }
\end{array}
\end{array}$

Accepted Answer

A)  $118.24 
B)  $123.40 
C)  $140.00 
D)  $113.75 
E)  $120.82 
A)  $118.24 
B)  $123.40 
C)  $140.00 
D)  $113.75 
E)  $120.82

Question 3

Use the table to estimate the monthly payment for the loan. $47,500; 20 years; 8% $\text { cellpadding="0" cellspacing="0" align }=\text { "center" width }=" 99 \% \text { " border }=" 1 ">$

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

Accepted Answer

A)  $668.80 
B)  $397.10 
C)  $3,176.80 
D)  $1,600.00 
E)  $31.77 
A)  $668.80 
B)  $397.10 
C)  $3,176.80 
D)  $1,600.00 
E)  $31.77

Question 4

Estimate the answer by picking the best choice without calculating. If I do not pay off my credit card balance each month, the most important cost factor is __________.

Accepted Answer

A)  the annual fee 
B)  the APR 
A)  the annual fee 
B)  the APR

Question 5

Find the cost of a TV set in 18 years, assuming that it costs $500 today and the annual inflation rate will be 6%. 
$ __________

Accepted Answer

The answer of Find the cost of a TV set...

Question 6

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at
10% + 2 points + $150 origination fee
Would have a fee for points of approximately

Accepted Answer

A)  $450 
B)  $1,150 
C)  $5,000 
D)  $1,000
__________ (A, B, C or 
D)  
A)  $450 
B)  $1,150 
C)  $5,000 
D)  $1,000
__________ (A, B, C or 
D)

Question 7

In a 15% OFF sale, an item has an original price of $419.85. Estimate the sale price.

Accepted Answer

A)  $70 
B)  $525 
C)  $350 
D)  $100 
E)  $35 
A)  $70 
B)  $525 
C)  $350 
D)  $100 
E)  $35

Question 8

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

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

$\begin{array}{lcccc} 
&{\text { Number of Years Financed }} \
\text { Rate of } & 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \
\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \
6.0 \% & & & & \
7.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \
8.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \
9.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \
10.0 \% & 20.76 & 12.67 & 9.00 & 8.05 \
11.0 \% & 21.25 & 13.22 & 9.65 & 8.78 \
12.0 \% & 21.74 & 13.77 & 10.32 & 9.52 \
& 22.24 & 14.35 & 11.01 & 10.29
\end{array}$ Find the amount of the down payment (rounded to the nearest hundred dollars) necessary for the buyer to afford the monthly payments for a $240,000 home with a 30-year 12% loan, if his monthly salary is $3,700 with monthly bill payments of $300. $ __________

Accepted Answer

The answer of Use the table to answer the question....

Question 9

Use estimation to select the best response. 
If you deposit $150 in a bank account for a year, the amount of interest is likely to be: 
Choose 107.50, 7.50, or 0.01. 
$ __________

Accepted Answer

The answer of Use estimation to select the best response....

Question 10

Find the discount if the original price is $250 and the percent markdown is 45%. 
$__________

Accepted Answer

The answer of Find the discount if the original price...

Question 11

Estimate the answer by picking the best choice without calculating. If your credit card balance is $912, you make a $50 payment, the APR is 12%, and the interest is calculated according to the previous balance method, then the finance charge is

Accepted Answer

A)  $8.64   
B)  $8.62   
C)  $9.12 __________ (Enter A, B, or C ) 
A)  $8.64   
B)  $8.62   
C)  $9.12 __________ (Enter A, B, or C )

Question 12

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. $\text { cellpadding="0" cellspacing="0" width } = " 92 \% \text { " border="1"> }$

$\begin{array}{cccccccc}
\text { Compounding } & P & r & t & n & i & N & A \
\text { Period } & \begin{array}{c}
\text { Present } \
\text { Value }
\end{array} & \begin{array}{c}
\text { Annual } \
\text { Rate }
\end{array} & & & \begin{array}{c}
\text { Time } \
\text { Reriod }
\end{array} & \begin{array}{c}
\text { Number of } \
\text { Pature }
\end{array} & \begin{array}{c}
\text { Periods } \
\text { Value }
\end{array} \
\text { Monthly } & \$ 450 & 12 \% & 5 \mathrm{yr} & ? & ? & ? & ?
\end{array}$

Accepted Answer

A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 60 12 12 $3,690.00 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 3 60 $812.75 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $817.51 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $507.31 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $454.52 
A)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 60 12 12 $3,690.00 
B)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 4 3 60 $812.75 
C)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $817.51 
D)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $507.31 
E)  $n$   $\mathrm { N }$ $A$ Period Number of Future Rate Periods Value 12 1 60 $454.52

Question 13

Find the sales tax for $230 skis if the state sales tax rate is 4%.

Accepted Answer

A)  $9.20 
B)  $239.20 
C)  $57.50 
D)  $220.80 
E)  $92.00 
A)  $9.20 
B)  $239.20 
C)  $57.50 
D)  $220.80 
E)  $92.00

Question 14

Find the cost of a Sunday paper in 8 years, assuming that it costs $1.25 today and the annual inflation rate will be 3%.

Accepted Answer

A)  $1.58 
B)  $1.28 
C)  $1.29 
D)  $1.55 
E)  $1.25 
A)  $1.58 
B)  $1.28 
C)  $1.29 
D)  $1.55 
E)  $1.25

Question 15

Find (period rate), (number of periods), and (future value) for the information given. Fill in the table. 
 $\begin{array} { c c c c c c c c c } 
\text { cellpadding } = " 0 " & \text { cellspacing } = 0 " \text { width } = 99 \% \text { " border } = " 1 " > & & & \
\text { Compounding } & P & r & t & n & i & N & A \
\text { Period } & \text { Present } & \text { Annual } & \text { Time } & & \text { Period } & \text { Number of } & \text { Future } \
& \text { Value } & \text { Rate } & & & \text { Rate } & \text { Periods } & \text { Value } \
\text { Monthly } & \$ 500 & 18 \% & 6 \mathrm { yr } & ? & ? & ? & ?
\end{array}$ n = __________ i = __________ % N = __________ A = $ __________

Accepted Answer

The answer of Find (period rate), (number of periods), and...

Question 16

Theron wants to save $5,000. If he has $4,000 and invests it at 5% simple interest, how long will it take him to obtain $5,000?

Accepted Answer

A)  $200$ days 
B)  $400$ days 
C)  $6$ years 
D)  $5$ years 
E)  $7$ years 
A)  $200$ days 
B)  $400$ days 
C)  $6$ years 
D)  $5$ years 
E)  $7$ years

Question 17

Find the missing values, assuming simple interest. $\text { cellpadding }=" 0 " \text { cellspacing="0" width }=" 69 \% \text { " border="1"> }$

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

Accepted Answer

A)  $\$ 1,800 ; \$ 11,800$ 
B)  $\$ 18,000 ; \$ 28,000$ 
C)  $\$ 111 ; \$ 10,111$ 
D)  $\$ 1,111 ; \$ 11,111$ 
E)  $\$ 1,800 ; \$ 1,800$ 
A)  $\$ 1,800 ; \$ 11,800$ 
B)  $\$ 18,000 ; \$ 28,000$ 
C)  $\$ 111 ; \$ 10,111$ 
D)  $\$ 1,111 ; \$ 11,111$ 
E)  $\$ 1,800 ; \$ 1,800$

Question 18

Use estimation to select the best response. If $I = \rho r t$ and $I = \$ 298.65$ , $r = 10.150 / 0$ , and $t = 1 \text { year }$ , estimate $P$ .

Accepted Answer

A)  $\$ 30,000$ 
B)  $\$ 3$ 
C)  $\$ 30$ 
D)  $\$ 300$ 
E)  $\$ 3,000$ 
A)  $\$ 30,000$ 
B)  $\$ 3$ 
C)  $\$ 30$ 
D)  $\$ 300$ 
E)  $\$ 3,000$

Question 19

Cole needs $470,000 in his retirement account to generate a retirement income of $2,350 per month when he retires in 30 years. He has $50,000 to invest today. What simple interest rate does he need to achieve his target of $470,000? 
Round your answer to the nearest whole percent. 
__________ %

Accepted Answer

The answer of Cole needs $470,000 in his retirement account...

Question 20

Find the sales tax for a $27,150 boat if the state sales tax rate is 4.25%. Round your answer to the nearest cent. 
$__________

Accepted Answer

The answer of Find the sales tax for a $27,150...

Find the total amount, including tax, for an item with a price of $13.50 and a tax rate of 4%.

Estimate the answer by picking the best choice without calculating. If I do not pay off my credit card balance each month, the most important cost factor is __________.

Find the cost of a TV set in 18 years, assuming that it costs $500 today and the annual inflation rate will be 6%. $ __________

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 2 points + $150 origination fee Would have a fee for points of approximately

In a 15% OFF sale, an item has an original price of $419.85. Estimate the sale price.

Use estimation to select the best response. If you deposit $150 in a bank account for a year, the amount of interest is likely to be: Choose 107.50, 7.50, or 0.01. $ __________

Find the discount if the original price is $250 and the percent markdown is 45%. $__________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $912, you make a $50 payment, the APR is 12%, and the interest is calculated according to the previous balance method, then the finance charge is

Find the sales tax for $230 skis if the state sales tax rate is 4%.

Find the cost of a Sunday paper in 8 years, assuming that it costs $1.25 today and the annual inflation rate will be 3%.

Theron wants to save $5,000. If he has $4,000 and invests it at 5% simple interest, how long will it take him to obtain $5,000?

Use estimation to select the best response. If $I = \rho r t$ and $I = \$ 298.65$ , $r = 10.150 / 0$ , and $t = 1 \text { year }$ , estimate $P$ .

Cole needs $470,000 in his retirement account to generate a retirement income of $2,350 per month when he retires in 30 years. He has $50,000 to invest today. What simple interest rate does he need to achieve his target of $470,000? Round your answer to the nearest whole percent. __________ %

Find the sales tax for a $27,150 boat if the state sales tax rate is 4.25%. Round your answer to the nearest cent. $__________

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 total amount, including tax, for an item with a price of $13.50 and a tax rate of 4%.

Estimate the answer by picking the best choice without calculating. If I do not pay off my credit card balance each month, the most important cost factor is __________.

Find the cost of a TV set in 18 years, assuming that it costs $500 today and the annual inflation rate will be 6%. $ __________

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 2 points + $150 origination fee Would have a fee for points of approximately

In a 15% OFF sale, an item has an original price of $419.85. Estimate the sale price.

Use estimation to select the best response. If you deposit $150 in a bank account for a year, the amount of interest is likely to be: Choose 107.50, 7.50, or 0.01. $ __________

Find the discount if the original price is $250 and the percent markdown is 45%. $__________

Estimate the answer by picking the best choice without calculating. If your credit card balance is $912, you make a $50 payment, the APR is 12%, and the interest is calculated according to the previous balance method, then the finance charge is

Find the sales tax for $230 skis if the state sales tax rate is 4%.

Find the cost of a Sunday paper in 8 years, assuming that it costs $1.25 today and the annual inflation rate will be 3%.

Theron wants to save $5,000. If he has $4,000 and invests it at 5% simple interest, how long will it take him to obtain $5,000?

Use estimation to select the best response. If I=ρrtI = \rho r tI=ρrt and I=$298.65I = \$ 298.65I=$298.65 , r=10.150/0r = 10.150 / 0r=10.150/0 , and t=1 year t = 1 \text { year }t=1 year , estimate PPP .

Cole needs $470,000 in his retirement account to generate a retirement income of $2,350 per month when he retires in 30 years. He has $50,000 to invest today. What simple interest rate does he need to achieve his target of $470,000? Round your answer to the nearest whole percent. __________ %

Find the sales tax for a $27,150 boat if the state sales tax rate is 4.25%. Round your answer to the nearest cent. $__________

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

Use estimation to select the best response. If $I = \rho r t$ and $I = \$ 298.65$ , $r = 10.150 / 0$ , and $t = 1 \text { year }$ , estimate $P$ .