Question 1

In many cases, property taxes when you own a home are paid every six months, homeowner's
Insurance is paid once per year, and car insurance is paid every six months. One homeowner pays
$1,450 in property taxes twice a year, $946 in homeowner's insurance annually, and makes car
Insurance payments of $294.32 and $335.40 every six months. If this homeowner wants to spread
These expenses out by putting some money each month into a savings account, how much should she
Put aside per month?

Accepted Answer

A)  $304.62
B)  $504.29
C)  $425.45
D)  $372.98 C

Question 2

Leslie's monthly income is $1,871.04 and has fixed expenses of $912.46. Leslie treats her
Roommates to salads and pizzas from Papa Antonio's every Monday and Thursday, at a cost of $30,
Including delivery and tip. What percentage of her budget after fixed expenses goes toward these
Semiweekly gatherings on average?

Accepted Answer

A)  12.8%
B)  26.3%
C)  25%
D)  12.5% C

Question 3

Find the interest on the loan using the Banker's rule.
P = $2,000, r = 11%, t = 90 days

Accepted Answer

A)  $48.83
B)  $54.25
C)  $49.50
D)  $55.00 D

Question 4

Use the information in the stock table below.
a. Calculate the P/E ratio by hand, and compare to the P/E ratio in the table. If your result is
different, discuss why you think that may be the case.
b. If a competitor has a P/E ratio of 90.33 and a market price of $85.30, calculate the earning per
share.

Accepted Answer

The answer of Use the information in the stock table...

Question 5

Marlene works full-time as an executive assistant, and she has a check for $1,820.36
direct-deposited into her checking account every other Friday. How much money does Marlene
make per year? There are different approaches to calculating this amount, so make sure that you
describe how you arrived at your answer.

Accepted Answer

The answer of Marlene works full-time as an executive assistant,...

Question 6

Find the missing value.

Accepted Answer

A)  $1,404.00
B)  $14,040.00
C)  $168,480.00
D)  $16,848.00

Question 7

A is a long-term loan where the lender has the right to seize the property purchased if the
payments are not made.

Accepted Answer

The answer of A is a long-term loan where the...

Question 8

Find (a)the discount, (b)the amount of money received, and (c)the true interest rate.
P = $13,000, r = 3.5%, t = 9 years

Accepted Answer

A)   
B)   
C)   
D)

Question 9

Max borrows $15,500 for her last 2 years of college, acquiring a federal student loan at 8% interest.
Find the amount of interest accrues if she acquires the loan in August, graduates 2 years later, and
Payments begin 3 months later.

Accepted Answer

A)  $2,480.00
B)  $2,788.94
C)  $2,585.24
D)  $2,683.70

Question 10

Find the missing value.

Accepted Answer

The answer of Find the missing value. ...

Question 11

Find the future value.

Accepted Answer

The answer of Find the future value. ...

Question 12

Suppose you bought 600 shares of a stock at $38.34 using a broker that charged a 1% commission.
A. Find the total cost of buying the stock.
B. If you sold them later at $38.97 using an online brokerage with a $9.95 flat fee, would you have
Made or lost money? How much?

Accepted Answer

A)  a. $23,234.04; b. lost $138.01
B)  a. $23,004.00; b. made $378.00
C)  a. $23,004.00; b. lost $378.00
D)  a. $23,234.04; b. made $138.01

Question 13

Express  as a percent.

Accepted Answer

The answer of Express  as a percent....

Question 14

Rashard bought four bonds with face values of $1,000 each, a simple interest rate of 5.4% per year,
And a maturity date 10 years after they were issued. He paid $4,725 three years after the bonds were
Issued. If he keeps the bonds until maturity, find his total profit, and his percent return per year.

Accepted Answer

A)  $1,435; 3.0% per year
B)  $6,160; 18.6% per year
C)  $1,435; 4.3% per year
D)  $6,160; 13.0% per year

Question 15

A student loan is taken out for $8,700 at 6.2%. Find the interest that accrues in a 30-day month.

Accepted Answer

A)  $44.30
B)  $1.48
C)  $443.04
D)  $45.88

Question 16

Compute an amortization schedule for the first three months for a $59,000 mortgage with an interest
rate of 7% and a monthly payment of $530.41.

Accepted Answer

The answer of Compute an amortization schedule for the first...

Question 17

With a mortgage, the rate of interest remains the same for the entire term of the loan. The
payments (usually monthly)stay the same.

Accepted Answer

The answer of With a mortgage, the rate of interest...

Question 18

Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card
Purchases. Her credit card company charges 1.23% interest per month, and the minimum monthly
Payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay
Down if she pays the minimum payment only for 4 months?

Accepted Answer

A)  $141.45
B)  $565.80
C)  $1,732.52
D)  $1,325.54

Question 19

A house sells for $268,500 and a 40% down payment is made. A 30-year mortgage at 7% was
obtained.
(i)Find the down payment.
(ii)Find the amount of the mortgage.
(iii)Find the monthly payment.
(iv)Find the total interest paid.

Accepted Answer

The answer of A house sells for $268,500 and a...

Question 20

Express  as a mixed number or a fraction.

Accepted Answer

A)   
B)   
C)   
D)

Exam 7: Consumer Mathematics

Find the interest on the loan using the Banker's rule. P = $2,000, r = 11%, t = 90 days

Find the missing value.

A is a long-term loan where the lender has the right to seize the property purchased if the payments are not made.

Find (a) the discount, (b) the amount of money received, and (c) the true interest rate. P = $13,000, r = 3.5%, t = 9 years

Max borrows $15,500 for her last 2 years of college, acquiring a federal student loan at 8% interest. Find the amount of interest accrues if she acquires the loan in August, graduates 2 years later, and Payments begin 3 months later.

Find the missing value.

Find the future value.

Suppose you bought 600 shares of a stock at $38.34 using a broker that charged a 1% commission. A. Find the total cost of buying the stock. B. If you sold them later at $38.97 using an online brokerage with a $9.95 flat fee, would you have Made or lost money? How much?

Express as a percent.

A student loan is taken out for $8,700 at 6.2%. Find the interest that accrues in a 30-day month.

Compute an amortization schedule for the first three months for a $59,000 mortgage with an interest rate of 7% and a monthly payment of $530.41.

With a mortgage, the rate of interest remains the same for the entire term of the loan. The payments (usually monthly)stay the same.

A house sells for $268,500 and a 40% down payment is made. A 30-year mortgage at 7% was obtained. (i)Find the down payment. (ii)Find the amount of the mortgage. (iii)Find the monthly payment. (iv)Find the total interest paid.

Express $Express as a mixed number or a fraction. A) B) C) D)$ as a mixed number or a fraction.