Question 1

The interest earned on a $6000 investment was $240.What was the term in months if the interest rate was 6%?

Accepted Answer

A) 4 months 
B) 7 months 
C) 8 months 
D) 9 months 
E) 12 months 
A) 4 months 
B) 7 months 
C) 8 months 
D) 9 months 
E) 12 months

Question 2

How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your loan rate is 7.125%.

Accepted Answer

A) $828.28 
B) $838.28 
C) $848.28 
D) $818.28 
E) $858.28 
A) $828.28 
B) $838.28 
C) $848.28 
D) $818.28 
E) $858.28

Question 3

Find the maturity value of $1080.00 invested at 3.65% from July 24,2014 to December 21,2014.

Accepted Answer

P = 1080; r = 0.0365

Question 4

Danny bought a camera from Future Shop for $385 at 3% p.a.rate and 4 equal quarterly payments.Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

Accepted Answer

A) $98.05 
B) $96.25 
C) $99.14 
D) $93.45 
E) $128.33 
A) $98.05 
B) $96.25 
C) $99.14 
D) $93.45 
E) $128.33

Question 5

The exact number of days between January 25,2012 and March 25,2012 is?

Accepted Answer

A) 59 days 
B) 60 days 
C) 61 days 
D) 62 days 
E) 63 days 
A) 59 days 
B) 60 days 
C) 61 days 
D) 62 days 
E) 63 days

Question 6

At what rate of interest will $1087.00 earn $63.84 in 264 days?

Accepted Answer

P = 1087;

Question 7

Compute the accumulated value of $6500.00 at 8.5% after eleven months.

Accepted Answer

P = 6500;

Question 8

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months.Calculate the size of the final payment if interest is 6%.

Accepted Answer

Use 8 months as the focal date

Question 9

What principal will earn $77.14 interest at 6.65% p.a.for 182 days?

Accepted Answer

The answer of What principal will earn $77.14 interest at...

Question 10

A loan of $1825 taken out on March 10 requires equal payments on April 30,June 19,and August 3,and a final payment of $700 on September 30.If the focal date is September 30,what is the size of the equal payments at 8.6%?

Accepted Answer

Let the size of the equal payments be $x

Question 11

Debt payments of $500.00,$1000.00,$1500.00 are due on March 1,May 1,and December 1 of the same year.If interest is 8% calculate the single payment on August 1 of the same year that would replace the three payments.

Accepted Answer

Use August 1 as the focal date. For the

Question 12

A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a.are to be settled by two equal payments due now and 9 months from now respectively.Find the size of the equal payments at 7.37% p.a.with the agreed focal date now.

Accepted Answer

Let the size of the equal paym

Question 13

You have $4447 invested in a 180-day savings certificate at an interest rate of 3.65%.How much money will you have when the certificate matures?

Accepted Answer

A) $5427.05 
B) $4572.05 
C) $5472.05 
D) $4527.05 
E) $4257.05 
A) $5427.05 
B) $4572.05 
C) $5472.05 
D) $4527.05 
E) $4257.05

Question 14

What rate of interest is paid if the interest on a loan of $15 000.00 is $2000.00 from January 31,2014 to May 31,2014?

Accepted Answer

Number of days betwe

The interest earned on a $6000 investment was $240.What was the term in months if the interest rate was 6%?

How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your loan rate is 7.125%.

Find the maturity value of $1080.00 invested at 3.65% from July 24,2014 to December 21,2014.

Danny bought a camera from Future Shop for $385 at 3% p.a.rate and 4 equal quarterly payments.Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

The exact number of days between January 25,2012 and March 25,2012 is?

At what rate of interest will $1087.00 earn $63.84 in 264 days?

Compute the accumulated value of $6500.00 at 8.5% after eleven months.

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months.Calculate the size of the final payment if interest is 6%.

What principal will earn $77.14 interest at 6.65% p.a.for 182 days?

A loan of $1825 taken out on March 10 requires equal payments on April 30,June 19,and August 3,and a final payment of $700 on September 30.If the focal date is September 30,what is the size of the equal payments at 8.6%?

Debt payments of $500.00,$1000.00,$1500.00 are due on March 1,May 1,and December 1 of the same year.If interest is 8% calculate the single payment on August 1 of the same year that would replace the three payments.

A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a.are to be settled by two equal payments due now and 9 months from now respectively.Find the size of the equal payments at 7.37% p.a.with the agreed focal date now.

You have $4447 invested in a 180-day savings certificate at an interest rate of 3.65%.How much money will you have when the certificate matures?

What rate of interest is paid if the interest on a loan of $15 000.00 is $2000.00 from January 31,2014 to May 31,2014?

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 Interestfuture Value and Present Value

Compound Interestfurther Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, deferred Annuities, and Perpetuities

Amortization of Loans,including Residential Mortgages

Bond Valuation and Sinking Funds

Investment Decision Applications

Filters

Exam 7: Simple Interest

The interest earned on a $6000 investment was $240.What was the term in months if the interest rate was 6%?

How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your loan rate is 7.125%.

Find the maturity value of $1080.00 invested at 3.65% from July 24,2014 to December 21,2014.

Danny bought a camera from Future Shop for $385 at 3% p.a.rate and 4 equal quarterly payments.Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

The exact number of days between January 25,2012 and March 25,2012 is?

At what rate of interest will $1087.00 earn $63.84 in 264 days?

Compute the accumulated value of $6500.00 at 8.5% after eleven months.

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months.Calculate the size of the final payment if interest is 6%.

What principal will earn $77.14 interest at 6.65% p.a.for 182 days?

A loan of $1825 taken out on March 10 requires equal payments on April 30,June 19,and August 3,and a final payment of $700 on September 30.If the focal date is September 30,what is the size of the equal payments at 8.6%?

Debt payments of $500.00,$1000.00,$1500.00 are due on March 1,May 1,and December 1 of the same year.If interest is 8% calculate the single payment on August 1 of the same year that would replace the three payments.

A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a.are to be settled by two equal payments due now and 9 months from now respectively.Find the size of the equal payments at 7.37% p.a.with the agreed focal date now.

You have $4447 invested in a 180-day savings certificate at an interest rate of 3.65%.How much money will you have when the certificate matures?

What rate of interest is paid if the interest on a loan of $15 000.00 is $2000.00 from January 31,2014 to May 31,2014?

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 Interestfuture Value and Present Value

Compound Interestfurther Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, deferred Annuities, and Perpetuities

Amortization of Loans,including Residential Mortgages

Bond Valuation and Sinking Funds

Investment Decision Applications

Filters