# A 9% discounted loan is to be repaid in monthly installments over two years. The total amount borrowed was \$500. How much is the monthly payment

 Date 02.03.2016 Size 112.71 Kb.

 1. A 9% discounted loan is to be repaid in monthly installments over two years. The total amount borrowed was \$500. How much is the monthly payment? A) \$12.51 B) \$20.83 C) \$24.58 D) \$25.60

 2. A 9% add-on loan is to be repaid in monthly installments over two years. The amount borrowed was \$500. How much is the monthly payment? A) \$12.51 B) \$20.83 C) \$24.58 D) \$25.60

 3. A 7% discounted loan is to be repaid in monthly installments over six years. The total amount borrowed was \$6000. How much is the monthly payment? A) \$68.33 B) \$72.33 C) \$83.33 D) \$118.33

 4. A 7% add-on loan is to be repaid in monthly installments over six years. The amount borrowed was \$6000. How much is the monthly payment? A) \$68.33 B) \$72.33 C) \$83.33 D) \$118.33

 5. An 8% discounted loan is to be repaid in monthly installments over five years. The total amount borrowed was \$12,000. How much is the monthly payment? A) \$54 B) \$185 C) \$200 D) \$205

 6. An 8% add-on loan is to be repaid in monthly installments over five years. The amount borrowed was \$12,000. How much is the monthly payment? A) \$54 B) \$185 C) \$200 D) \$205

 7. A 12% discounted loan is to be repaid in monthly installments over four years. The total amount borrowed was \$5400. How much is the monthly payment? A) \$112.50 B) \$162.50 C) \$166.50 D) \$282.75

 8. A 12% add-on loan is to be repaid in monthly installments over two years. The amount borrowed was \$5400. How much is the monthly payment? A) \$112.50 B) \$162.50 C) \$166.50 D) \$282.75

 9. An 11.9% discounted loan is to be repaid in monthly installments over three years. The total amount borrowed was \$29,000. How much is the monthly payment? A) \$241.67 B) \$493.00 C) \$805.56 D) \$1093.14

 10. An 11.9% add-on loan is to be repaid in monthly installments over three years. The total amount borrowed was \$29,000. How much is the monthly payment? A) \$241.67 B) \$493.00 C) \$805.56 D) \$1093.14

 11. A 7.4% discounted loan is to be repaid in monthly installments over ten years. The total amount borrowed was \$19,500. How much is the monthly payment? A) \$112.50 B) \$162.50 C) \$166.50 D) \$282.75

 12. A 7.4% add-on loan is to be repaid in monthly installments over ten years. The total amount borrowed was \$19,500. How much is the monthly payment? A) \$112.50 B) \$162.50 C) \$166.50 D) \$282.75

 13. Annie wants to borrow \$8000 to start a small business. She has found a bank that offers a 5.5% add-on loan to be repaid in monthly installments over ten years. How much is the monthly payment? A) \$68.33 B) \$83.33 C) \$103.33 D) \$113.33

 14. Annie wants to borrow \$8000 to start a small business. She has found a bank that offers a 4% discounted loan to be repaid in monthly installments over ten years. How much should she borrow to get \$8000 at the start of the loan? A) \$8333.33 B) \$13,333.33 C) \$14,333.33 D) \$14,833.33

 15. Inez wants to borrow \$2100 to start a small business. She has found a bank that offers a 7% add-on loan to be repaid in monthly installments over five years. How much is the monthly payment? A) \$16.67 B) \$26.00 C) \$35.00 D) \$47.25

 16. Inez wants to borrow \$2100 to start a small business. She has found a bank that offers a 7% discounted loan to be repaid in monthly installments over five years. How much should she borrow to get \$2100 at the start of the loan? A) \$2334.79 B) \$3230.77 C) \$3425.84 D) \$4255.30

 17. Karana takes out a conventional loan to purchase a car. The interest rate is 6.4% compounded monthly and Karana has ten years to repay the \$27,000 she borrowed. What are Karana's monthly payments? A) \$385.07 B) \$305.21 C) \$186.49 D) \$171.48

 18. Moe takes out a conventional loan to purchase a car. The interest rate is 8.3% compounded monthly and Moe has eight years to repay the \$12,000 he borrowed. What are Moe's monthly payments? A) \$385.07 B) \$305.21 C) \$186.49 D) \$171.48

 19. Ellie takes out a conventional loan to purchase a car. The interest rate is 7.5% compounded monthly and Ellie has four years to repay the \$12,000 she borrowed. What are Ellie's monthly payments? A) \$95.46 B) \$139.33 C) \$169.53 D) \$290.15

 20. May takes out a conventional loan to purchase a car. The interest rate is 6.8% compounded monthly and May has six years to repay the \$10,000 she borrowed. What are May's monthly payments? A) \$95.46 B) \$139.33 C) \$169.53 D) \$290.15

 21. Suppose a student loan has an interest rate of 7% compounded monthly with monthly payments and the borrower has ten years to repay. If \$12,000 is borrowed, what are the monthly payments? A) \$95.46 B) \$139.33 C) \$169.53 D) \$290.15

 22. Suppose a student loan has an interest rate of 5% compounded monthly with monthly payments and the borrower has ten years to repay. If \$9000 is borrowed, what are the monthly payments? A) \$95.46 B) \$139.33 C) \$169.53 D) \$290.15

 23. Suppose a student loan has an interest rate of 5.8% compounded monthly with monthly payments and the borrower has ten years to repay. If \$35,000 is borrowed, what are the monthly payments? A) \$385.07 B) \$305.21 C) \$186.49 D) \$171.48

 24. Suppose a student loan has an interest rate of 6.2% compounded monthly with monthly payments and the borrower has ten years to repay. If \$5000 is borrowed, what are the monthly payments? A) \$45.28 B) \$56.01 C) \$68.92 D) \$73.10

 25. A credit card bill shows a balance due of \$980 with a monthly interest rate of 1.91%. What is the APR? A) 18.36% B) 19.99% C) 22.92% D) 25.49%

 26. A credit card bill shows a balance due of \$980 with a monthly interest rate of 1.91%. What is the EAR? A) 18.36% B) 19.99% C) 22.92% D) 25.49%

 27. A credit card bill shows a balance due of \$2500 with a monthly interest rate of 1.53%. What is the APR? A) 18.36% B) 19.99% C) 22.92% D) 25.49%

 28. A credit card bill shows a balance due of \$2500 with a monthly interest rate of 1.53%. What is the EAR? A) 18.36% B) 19.99% C) 22.92% D) 25.49%

 29. A credit card bill shows a balance due of \$750 with a minimum payment of \$15 and a monthly interest rate of 1.62%. What is the APR? A) 17.28% B) 18.72% C) 19.44% D) 21.26%

 30. A credit card bill shows a balance due of \$750 with a minimum payment of \$15 and a monthly interest rate of 1.62%. What is the EAR? A) 17.28% B) 18.72% C) 19.44% D) 21.26%

 31. A credit card bill shows a balance due of \$1200 with a minimum payment of \$24 and a monthly interest rate of 1.44%. What is the APR? A) 17.28% B) 18.72% C) 19.44% D) 21.26%

 32. A credit card bill shows a balance due of \$1200 with a minimum payment of \$24 and a monthly interest rate of 1.44%. What is the EAR? A) 17.28% B) 18.72% C) 19.44% D) 21.26%

 33. Find the future value of an annuity with monthly deposits of \$350, made over a period of five years, with 4% interest compounded monthly. A) \$13,721 B) \$23,205 C) \$23,292 D) \$30,707

 34. Find the future value of an annuity with monthly deposits of \$250, made over a period of eight years, with 6% interest compounded monthly. A) \$13,721 B) \$23,205 C) \$23,292 D) \$30,707

 35. Find the future value of an annuity with monthly deposits of \$150, made over a period of ten years, with 5% interest compounded monthly. A) \$13,721 B) \$23,205 C) \$23,292 D) \$30,707

 36. Find the future value of an annuity with monthly deposits of \$75, made over a period of ten years, with 8% interest compounded monthly. A) \$13,721 B) \$23,205 C) \$23,292 D) \$30,707

 37. How much would you have to invest each month in an annuity earning 5% monthly to earn \$30,000 at the end of 30 years? A) \$14.32 B) \$36.05 C) \$39.82 D) \$40.26

 38. How much would you have to invest each month in an annuity earning 5% monthly to earn \$5000 at the end of 18 years? A) \$14.32 B) \$36.05 C) \$39.82 D) \$40.26

 39. How much would you have to invest each month in an annuity earning 6% monthly to earn \$40,000 at the end of 30 years? A) \$14.32 B) \$36.05 C) \$39.82 D) \$40.26

 40. You invest \$150 each month into an annuity earning 5.4% each month. How much do you have at the end of 18 years? A) \$48,826 B) \$54,582 C) \$64,651 D) \$68,461

 41. You invest \$100 each quarter into an annuity earning 8% each quarter. How much do you have at the end of 30 years? A) \$48,826 B) \$54,582 C) \$64,651 D) \$68,461

 42. Find the future value of an annuity with monthly deposits of \$150, made over a period of four years, with 5.2% interest compounded monthly. A) \$5777.18 B) \$7984.39 C) \$7706.18 D) \$8254.28

 43. Find the future value of an annuity with monthly deposits of \$60, made over a period of ten years, with 8.1% interest compounded monthly. A) \$11,038.21 B) \$17,234.56 C) \$29,668.96 D) \$58,843.96

 44. Find the future value of an annuity with monthly deposits of \$250, made over a period of 30 years, with 6.1% interest compounded monthly. A) \$153,264.36 B) \$198,328.32 C) \$231,235.54 D) \$255,986.36

 45. Find the future value of an annuity with monthly deposits of \$75, made over a period of five years, with 9.8% interest compounded monthly. A) \$5777.18 B) \$7984.39 C) \$7706.18 D) \$8254.28

 46. How much would you have to invest each month in an annuity earning 6.5% monthly to earn \$30,000 at the end of 15 years? A) \$84.77 B) \$98.83 C) \$146.93 D) \$152.15

 47. How much would you have to invest each quarter in an annuity earning 5% quarterly to earn \$20,000 at the end of 20 years? A) \$84.77 B) \$98.83 C) \$146.93 D) \$152.15

 48. How much would you have to invest each month in an annuity earning 7.4% monthly to earn \$15,000 at the end of ten years? A) \$84.77 B) \$98.83 C) \$146.93 D) \$152.15

 49. You invest \$75 each month into an annuity earning 6.2% each month. How much do you have at the end of 18 years? A) \$11,038.21 B) \$17,234.56 C) \$29,668.96 D) \$58,843.96

 50. You invest \$300 each quarter into an annuity earning 8.1% each quarter. How much do you have at the end of 20 years? A) \$11,038.21 B) \$17,234.56 C) \$29,668.96 D) \$58,843.96

 51. You invest \$200 each quarter into an annuity earning 8.1% each quarter. How much do you have at the end of 20 years? A) \$39,229 B) \$19,779.31 C) \$11,489.70 D) \$7,358,81

 52. You have established an annuity plan that will accumulate to \$50,000 in 10 years by investing \$100 a month. If you instead invest \$200 a month, what would your annuity accumulate? A) more than \$ 160,000 B) \$150,000 C) \$100,000 D) less than \$90,000

 53. You have established an annuity plan that will accumulate to \$30,000 in 10 years by investing \$100 a month. If you instead invest \$200 a month, what would your annuity accumulate? A) \$50,000 B) \$60,000 C) more than \$70,000 D) less than \$45,000

 54. Which of these savings rates is most favorable? A) 5% compounded annually C) 5% compounded quarterly B) 5% compounded semi-annually D) 5% compounded monthly

 55. Which of these savings rates is most favorable? A) 4% compounded quarterly C) 4% compounded monthly B) 4% compounded semi-annually D) 4% compounded annually

 56. Which of these savings rates is most favorable? A) 4% compounded annually C) 3.9% compounded quarterly B) 3.9% compounded monthly D) 3.8% continuously compounded

 57. Which of these savings rates is most favorable? A) 5% compounded annually C) 4.8% compounded quarterly B) 4.9% compounded monthly D) 4.8% continuously compounded

 58. Which of these savings rates is most favorable? A) 6% compounded annually C) 5.9% compounded quarterly B) 5.8% compounded monthly D) 5.8% continuously compounded

 59. Which of these loan rates is most favorable? A) 12% compounded annually C) 12% compounded quarterly B) 12% compounded monthly D) 12% continuously compounded

 60. Which of these loan rates is most favorable? A) 12% compounded annually C) 11.5% compounded quarterly B) 11.5% compounded monthly D) 11% continuously compounded