Question 1

What sum of money will accumulate to $3700.00 at 14.75% p.a. in 451 days?

Accepted Answer

S = 3700; r = 0.1475; t =   P =   =   = $3129.62

Question 2

In how many months will $3500 grow to $4845.94 at 7.25% p.a.?

Accepted Answer

Interest: I = 4845.94 - 3500 = 1345.94; P = 3500; r = 0.0725 t_months = ∗ 12

Question 3

What rate of interest is paid if the interest on a loan of $3500.00 is $99.06 from November 14, 2013 to May 20, 2014?

Accepted Answer

Number of days = 16 + 31 + 31 + 28 + 31 + 30 + 20 = 187
r =   =   = 5.5244%

Question 4

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

Accepted Answer

I = 186.20; P = 5300; r = 0.04

Question 5

At what rate of interest will $16 590 earn $147.93 in a year?

Accepted Answer

r = @#IMG-DLM& r = @#IMG-DLM&

Question 6

If a 6 month term deposit at a bank pays a simple interest of 3%, how much will have to be deposited to earn $18 000?

Accepted Answer

A)  $600 000 
B)  $120 000 
C)  $1 200 000 
D)  $270 
E)  $540 
A)  $600 000 
B)  $120 000 
C)  $1 200 000 
D)  $270 
E)  $540

Question 7

What principal will have a maturity value of $100 000 at 5% p.a. in 18 months?

Accepted Answer

S = 100000.00; r = 0

Question 8

What amount of interest will be charged on $20 000 in 1 month for a simple interest of 5.99%?

Accepted Answer

A)  $1198 
B)  $119.80 
C)  $99.83 
D)  $9.98 
E)  $0 
A)  $1198 
B)  $119.80 
C)  $99.83 
D)  $9.98 
E)  $0

Question 9

Bart deposited $4300 into a savings account with a rate of 1.4% p.a. After 200 days, what is the maturity value of the deposit?

Accepted Answer

P = 4300; r = 1.4% =

Question 10

What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2013 to February 7, 2014?

Accepted Answer

I = 219.89; r = 0.1125
Time pe

Question 11

Debt payments of $1170.00 due two months ago and $1243.00 due today respectively are to be repaid by a payment of $1505.00 in one month and the balance in four months. If money is worth 8.4% p.a. and the agreed focal date is four months from now, what is the size of the final payment?

Accepted Answer

Let the size of the final paym

Question 12

Compute the amount of interest for $500.00 at 8.75% from June 30 to December 31.

Accepted Answer

Number of days betwe

Question 13

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

Accepted Answer

P = 832; r = 0.088
t = 11 + 30

Question 14

On April 24, 2012, Rebecca purchased a government-guaranteed short-term investment maturing on
July 5, 2012. How much did Rebecca pay for the investment if she will receive $6000 on the maturity date and interest is 2.75%?

Accepted Answer

S = 6000;

Question 15

Determine the number of days it will take $500.00 to earn $20.00 at   %.

Accepted Answer

P = 500; I = 20; r =

Question 16

CentSmart Inc. deposited $83 215 into an account that had a simple interest rate of 2.3% on February 27th, 2015. On New Year's Eve, how much interest had been earned on that deposit?

Accepted Answer

The starting date is February

Question 17

What sum of money will accumulate to $1426.80 in eight months at 7.78%?

Accepted Answer

S = 1426.80; r = 0.7

Question 18

A debt of $7120 is to be settled by two equal payments due today, and three years from now respectively. Determine the size of the equal payments if money is worth 8.73% and the agreed focal day is today.

Accepted Answer

Let the size of the equal paym

Question 19

How much money do you have to invest in order to accumulate a total of $4761 in 327 days if you are able to earn 9.52% on your money?

Accepted Answer

A)  $3485.86 
B)  $4358.86 
C)  $4386.85 
D)  $3458.86 
E)  $3845.86 
A)  $3485.86 
B)  $4358.86 
C)  $4386.85 
D)  $3458.86 
E)  $3845.86

Question 20

What principal will earn $59.99 interest at 7.75% p.a. from February 4, 2014 to July 17, 2014?

Accepted Answer

Number of days = 24

What sum of money will accumulate to $3700.00 at 14.75% p.a. in 451 days?

In how many months will $3500 grow to $4845.94 at 7.25% p.a.?

What rate of interest is paid if the interest on a loan of $3500.00 is $99.06 from November 14, 2013 to May 20, 2014?

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

At what rate of interest will $16 590 earn $147.93 in a year?

If a 6 month term deposit at a bank pays a simple interest of 3%, how much will have to be deposited to earn $18 000?

What principal will have a maturity value of $100 000 at 5% p.a. in 18 months?

What amount of interest will be charged on $20 000 in 1 month for a simple interest of 5.99%?

Bart deposited $4300 into a savings account with a rate of 1.4% p.a. After 200 days, what is the maturity value of the deposit?

What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2013 to February 7, 2014?

Debt payments of $1170.00 due two months ago and $1243.00 due today respectively are to be repaid by a payment of $1505.00 in one month and the balance in four months. If money is worth 8.4% p.a. and the agreed focal date is four months from now, what is the size of the final payment?

Compute the amount of interest for $500.00 at 8.75% from June 30 to December 31.

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

On April 24, 2012, Rebecca purchased a government-guaranteed short-term investment maturing on July 5, 2012. How much did Rebecca pay for the investment if she will receive $6000 on the maturity date and interest is 2.75%?

Determine the number of days it will take $500.00 to earn $20.00 at %.

CentSmart Inc. deposited $83 215 into an account that had a simple interest rate of 2.3% on February 27th, 2015. On New Year's Eve, how much interest had been earned on that deposit?

What sum of money will accumulate to $1426.80 in eight months at 7.78%?

A debt of $7120 is to be settled by two equal payments due today, and three years from now respectively. Determine the size of the equal payments if money is worth 8.73% and the agreed focal day is today.

How much money do you have to invest in order to accumulate a total of $4761 in 327 days if you are able to earn 9.52% on your money?

What principal will earn $59.99 interest at 7.75% p.a. from February 4, 2014 to July 17, 2014?

Review of Arithmetic

Review of Basic Algebra

Ratio, Proportion, and Percent

Linear Systems

Cost-Volume-Profit Analysis and Break-Even

Trade Discounts, Cash Discounts, Markup, and Markdown

Simple Interest Applications

Compound Interest - Future Value and Present Value

Compound Interest - Further Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, Deferred Annuities, and Perpetuities

Amortization of Loans, Residential Mortgages, and Sinking Funds

Bond Valuation

Investment Decision Applications

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Exam 7: Simple Interest

What sum of money will accumulate to $3700.00 at 14.75% p.a. in 451 days?

In how many months will $3500 grow to $4845.94 at 7.25% p.a.?

What rate of interest is paid if the interest on a loan of $3500.00 is $99.06 from November 14, 2013 to May 20, 2014?

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

At what rate of interest will $16 590 earn $147.93 in a year?

If a 6 month term deposit at a bank pays a simple interest of 3%, how much will have to be deposited to earn $18 000?

What principal will have a maturity value of $100 000 at 5% p.a. in 18 months?

What amount of interest will be charged on $20 000 in 1 month for a simple interest of 5.99%?

Bart deposited $4300 into a savings account with a rate of 1.4% p.a. After 200 days, what is the maturity value of the deposit?

What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2013 to February 7, 2014?

Debt payments of $1170.00 due two months ago and $1243.00 due today respectively are to be repaid by a payment of $1505.00 in one month and the balance in four months. If money is worth 8.4% p.a. and the agreed focal date is four months from now, what is the size of the final payment?

Compute the amount of interest for $500.00 at 8.75% from June 30 to December 31.

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

On April 24, 2012, Rebecca purchased a government-guaranteed short-term investment maturing on July 5, 2012. How much did Rebecca pay for the investment if she will receive $6000 on the maturity date and interest is 2.75%?

Determine the number of days it will take $500.00 to earn $20.00 at %.

CentSmart Inc. deposited $83 215 into an account that had a simple interest rate of 2.3% on February 27th, 2015. On New Year's Eve, how much interest had been earned on that deposit?

What sum of money will accumulate to $1426.80 in eight months at 7.78%?

A debt of $7120 is to be settled by two equal payments due today, and three years from now respectively. Determine the size of the equal payments if money is worth 8.73% and the agreed focal day is today.

How much money do you have to invest in order to accumulate a total of $4761 in 327 days if you are able to earn 9.52% on your money?

What principal will earn $59.99 interest at 7.75% p.a. from February 4, 2014 to July 17, 2014?

Review of Arithmetic

Review of Basic Algebra

Ratio, Proportion, and Percent

Linear Systems

Cost-Volume-Profit Analysis and Break-Even

Trade Discounts, Cash Discounts, Markup, and Markdown

Simple Interest Applications

Compound Interest - Future Value and Present Value

Compound Interest - Further Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, Deferred Annuities, and Perpetuities

Amortization of Loans, Residential Mortgages, and Sinking Funds

Bond Valuation

Investment Decision Applications

Filters