Question 1

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at
10% + 1 point + $200 origination fee
Would have a comparison rate of

Accepted Answer

A)  more than 10% 
B)  10% 
C)  less than 10%
__________ (A, B or 
C)  
A)  more than 10% 
B)  10% 
C)  less than 10%
__________ (A, B or 
C)

Question 2

The sale price of a skirt is $25, which is 30% OFF the regular price. Select the best estimate of the regular price. 
7, 35, 75, or 10. 
$__________

Accepted Answer

The answer of The sale price of a skirt is...

Question 3

Find the complement of $0.9$ .

Accepted Answer

The answer of Find the complement of $0.9$ ....

Question 4

Use estimation to select the best response. Do not calculate. A $147,000 30-year loan at 10% + 0.5 point + $200 would have total fees of about __________.

Accepted Answer

A)  $15,000 
B)  $1,300 
C)  $750 
D)  $950 
E)  $18,000 
A)  $15,000 
B)  $1,300 
C)  $750 
D)  $950 
E)  $18,000

Question 5

Calculate the future amounts you would have if $2,500 were invested at 12% for 3 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? 
at simple interest, $ __________; 
with annual compounding, $ __________; 
difference, $ __________; thus compounding gives: __________ (Answer more or less )

Accepted Answer

The answer of Calculate the future amounts you would have...

Question 6

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

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

Accepted Answer

A)  $\$ 51.00 ; \$ 51.00$ 
B)  $\$ 51.00 ; \$ 651.00$ 
C)  $\$ 510.00 ; \$ 1,110.00$ 
D)  $\$ 71.00 ; \$ 671.00$ 
E)  $\$ 7.00 ; \$ 607.00$ 
A)  $\$ 51.00 ; \$ 51.00$ 
B)  $\$ 51.00 ; \$ 651.00$ 
C)  $\$ 510.00 ; \$ 1,110.00$ 
D)  $\$ 71.00 ; \$ 671.00$ 
E)  $\$ 7.00 ; \$ 607.00$

Question 7

Suppose $2,300 is deposited in an account for 6 years paying 6% compounded daily. What is the future value of the account?

Accepted Answer

A)  $\$ 3,296.56$ 
B)  $\$ 2,302 \cdot 72$ 
C)  $\$ 2,327.76$ 
D)  $\$ 3,309.77$ 
E)  $\$ 3,313.08$ 
A)  $\$ 3,296.56$ 
B)  $\$ 2,302 \cdot 72$ 
C)  $\$ 2,327.76$ 
D)  $\$ 3,309.77$ 
E)  $\$ 3,313.08$

Question 8

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

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

Accepted Answer

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

Question 9

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $3,600 and pay for it with monthly installments for 4 years, the monthly payment is ________.

Accepted Answer

A)  $75 per month 
B)  less than $75 per month 
C)  $300 per month 
D)  more than $300 per month 
E)  more than $75 per month and less than $300 per month 
A)  $75 per month 
B)  less than $75 per month 
C)  $300 per month 
D)  more than $300 per month 
E)  more than $75 per month and less than $300 per month

Question 10

Find the cost of tuition in 8 years, assuming that it costs $16,000 today and the annual inflation rate will be 5%.

Accepted Answer

A)  $22,400.00 
B)  $23,639.29 
C)  $16,541.18 
D)  $16,800.00 
E)  $16,066.79 
A)  $22,400.00 
B)  $23,639.29 
C)  $16,541.18 
D)  $16,800.00 
E)  $16,066.79

Question 11

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 woodstove for $1,850 at 13% add-on interest for 2 years. 
$ __________ interest; $ __________ per month

Accepted Answer

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

Question 12

Right or Wrong? If you owe $3,300 for 7 days in January and $1,000 for 24 days, then the average daily balance (to the nearest cent) is $\frac { ( \$ 3,300 \times 7 ) + ( \$ 1,000 \times 24 ) } { 30 } = \$ 1,570$

Accepted Answer

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

Question 13

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $1,195.95 and pay for it with monthly installments for 4 years, the monthly payment is ______.

Accepted Answer

A)  about $25 per month 
B)  more than $100 per month 
C)  more than $25 per month and less than $100 per month 
D)  about $100 per month 
E)  less than $25 per month 
A)  about $25 per month 
B)  more than $100 per month 
C)  more than $25 per month and less than $100 per month 
D)  about $100 per month 
E)  less than $25 per month

Question 14

Find the discount if the original price is $8.05 and the percent markdown is 10%. Answers are rounded to the nearest cent.

Accepted Answer

A)  $1.95 
B)  $0.08 
C)  $8.05 
D)  $7.25 
E)  $0.81 
A)  $1.95 
B)  $0.08 
C)  $8.05 
D)  $7.25 
E)  $0.81

Question 15

A car dealer will sell you a $14,837 car for $2,568 down and payments of $366.89 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent. 
__________ %

Accepted Answer

The answer of A car dealer will sell you a...

Question 16

Match between columns
                        Premises: $\$ 131.72$
$\$ 124.50$
$\$ 135.00$

Accepted Answer

The Answer of Average daily balance method and Previous balance is...

Question 17

Right or Wrong? Suppose that you receive a credit card bill on December 1 for $1,050. You mail in a payment of $650 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 $$\begin{array} { l } 
I = \text { Prt } \
= \$ 1,050 ( 0.15 ) \left( \frac { 1 } { 12 } \right) \
= \$ 13.125
\end{array}$$ or (to the nearest cent) $13.13

Accepted Answer

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

Question 18

Explain what $2 \frac { 1 } { 2 }$ points means.

Accepted Answer

At closing, you must

Question 19

A car dealer carries out the following calculations.   What is the annual percentage rate? Round your answer to the nearest tenth of a percent.

Accepted Answer

A)  $18.0 \%$ 
B)  $57.0 \%$ 
C)  $11.8 \%$ 
D)  $7.9 \%$ 
E)  $15.7 \%$ 
A)  $18.0 \%$ 
B)  $57.0 \%$ 
C)  $11.8 \%$ 
D)  $7.9 \%$ 
E)  $15.7 \%$

Question 20

Find the APR (rounded to the nearest percent) for the loan below. 
A $2,000 loan at 16% add-on rate for 5 years. 
__________ %

Accepted Answer

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

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 1 point + $200 origination fee Would have a comparison rate of

The sale price of a skirt is $25, which is 30% OFF the regular price. Select the best estimate of the regular price. 7, 35, 75, or 10. $__________

Find the complement of $0.9$ .

Use estimation to select the best response. Do not calculate. A $147,000 30-year loan at 10% + 0.5 point + $200 would have total fees of about __________.

Suppose $2,300 is deposited in an account for 6 years paying 6% compounded daily. What is the future value of the account?

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $3,600 and pay for it with monthly installments for 4 years, the monthly payment is ________.

Find the cost of tuition in 8 years, assuming that it costs $16,000 today and the annual inflation rate will be 5%.

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 woodstove for $1,850 at 13% add-on interest for 2 years. $ interest; $ per month

Right or Wrong? If you owe $3,300 for 7 days in January and $1,000 for 24 days, then the average daily balance (to the nearest cent) is $\frac { ( \$ 3,300 \times 7 ) + ( \$ 1,000 \times 24 ) } { 30 } = \$ 1,570$

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $1,195.95 and pay for it with monthly installments for 4 years, the monthly payment is ______.

Find the discount if the original price is $8.05 and the percent markdown is 10%. Answers are rounded to the nearest cent.

A car dealer will sell you a $14,837 car for $2,568 down and payments of $366.89 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent. __________ %

Explain what $2 \frac { 1 } { 2 }$ points means.

A car dealer carries out the following calculations. What is the annual percentage rate? Round your answer to the nearest tenth of a percent.

Find the APR (rounded to the nearest percent) for the loan below. A $2,000 loan at 16% add-on rate for 5 years. __________ %

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

Use estimation to select the best response. Do not calculate. A $49,000 30-year loan at 10% + 1 point + $200 origination fee Would have a comparison rate of

The sale price of a skirt is $25, which is 30% OFF the regular price. Select the best estimate of the regular price. 7, 35, 75, or 10. $__________

Find the complement of 0.90.90.9 .

Use estimation to select the best response. Do not calculate. A $147,000 30-year loan at 10% + 0.5 point + $200 would have total fees of about __________.

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

Suppose $2,300 is deposited in an account for 6 years paying 6% compounded daily. What is the future value of the account?

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $3,600 and pay for it with monthly installments for 4 years, the monthly payment is ________.

Find the cost of tuition in 8 years, assuming that it costs $16,000 today and the annual inflation rate will be 5%.

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 woodstove for $1,850 at 13% add-on interest for 2 years. $ __________ interest; $ __________ per month

Right or Wrong? If you owe $3,300 for 7 days in January and $1,000 for 24 days, then the average daily balance (to the nearest cent) is ($3,300×7)+($1,000×24)30=$1,570\frac { ( \$ 3,300 \times 7 ) + ( \$ 1,000 \times 24 ) } { 30 } = \$ 1,57030($3,300×7)+($1,000×24)​=$1,570

Use estimation to select the best response. Do not calculate. Assume that there is an (unknown) interest rate that is charged. If you purchase an item for $1,195.95 and pay for it with monthly installments for 4 years, the monthly payment is ______.

Find the discount if the original price is $8.05 and the percent markdown is 10%. Answers are rounded to the nearest cent.

A car dealer will sell you a $14,837 car for $2,568 down and payments of $366.89 per month for 48 months. What is the simple interest rate? Round your answer to the nearest percent. __________ %

Explain what 2122 \frac { 1 } { 2 }221​ points means.

A car dealer carries out the following calculations. What is the annual percentage rate? Round your answer to the nearest tenth of a percent.

Find the APR (rounded to the nearest percent) for the loan below. A $2,000 loan at 16% add-on rate for 5 years. __________ %

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 complement of $0.9$ .

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 woodstove for $1,850 at 13% add-on interest for 2 years. $ interest; $ per month

Right or Wrong? If you owe $3,300 for 7 days in January and $1,000 for 24 days, then the average daily balance (to the nearest cent) is $\frac { ( \$ 3,300 \times 7 ) + ( \$ 1,000 \times 24 ) } { 30 } = \$ 1,570$

Explain what $2 \frac { 1 } { 2 }$ points means.