Math Questions
math questions
1- Central Building Company borrowed $15,804 on a 280-day simple interest note to expand their business. The note carried an interest rate of 7.0%. Find the maturity value of the note.
Select one:
a. $15,888.87
b. $14,943.56
c. $16,664.44
d. $16,676.56
2- Find the cost, including a sales charge of $1 per bond, for the transaction.
Bond: FPC
Last Price: 82.125
Number Purchased: 46
Select one:
a. $37,823.50
b. $37,777.50
c. $82,125.00
d. $45,954.00
3- Find the finance charge and total installment cost of the loan. Round to the nearest cent.
Amount financed: $165
Down payment: $20
Cash price: $185
Number of payments: 6
Amount of payment: $28.59
Select one:
a. $12.54; $211.54
b. $171.54; $211.54
c. $6.54; $191.54
d. $13.46; $191.54
4- Solve the problem.
An invoice is received from Westminster Office Machines for $497.10 with terms of 4/13 and dated FEB25 AS OF Mar 1. If a partial payment of $245 is made on Mar 23, find the balance due on the invoice.
Select one:
a. $241.89
b. $252.10
c. $255.21
d. $232.22
5- Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
Bob’s Tires manufactures steel-belted radials at a cost of $56.47 each. Bob then sells the tires at a 32.6% markup based on cost. Find (a) the markup, (b) the selling price, and (c) the markup as a percent of selling price.
Select one:
a. (a) $18.41
(b) $74.88
(c) 24.6%
b. (a) $173.22
(b) $229.69
(c) 306.7%
c. (a) $173.22
(b) $229.69
(c) 75.4%
d. (a) $18.41
(b) $74.88
(c) 32.6%
6- Find the exact interest to the nearest cent.
$3900 at 10% for 79 days
Select one:
a. $84.41
b. $8.56
c. $8.44
d. $85.58
7- Solve for the amount of discount and amount due.
Invoice amt: $618.30
Invoice date: Nov 11
Terms: 2/12 ROG
Goods rec’d: Dec 2
Date paid: Dec 12
Select one:
a. Amount of discount: $74.20; amount due: $544.10
b. Amount of discount: $12.17; amount due: $607.30
c. Amount of discount: $12.37; amount due: $605.93
d. Amount of discount: $0; amount due: $618.30
8- Find the discount period.
Loan made: April 24
Length of loan: 180 days
Date of discount: July 18
Select one:
a. 84 days
b. 95 days
c. 85 days
d. 96 days
9- Find the interest and maturity value for the loan. Round to the nearest cent.
$4252 at 6% for 10 months
Select one:
a. $233.86; $4485.86
b. $214.39; $4466.39
c. $191.34; $4443.34
d. $212.60; $4464.60
10- Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent.
Unpaid Balance Monthly Interest Rate
$493.80 1 7/8 %
Select one:
a. $9.26
b. $10.37
c. $8.64
d. $11.11
11- Find the current yield. Round to the nearest tenth of a percent.
You invested $7625 in 125 shares of stock. During the following year, the company paid dividends of $2.75 per share.
Select one:
a. 0.5%
b. 22.2%
c. 2.2%
d. 4.5%
12- Find the PE ratio. Round to the nearest whole number.
Stock: Crown
Current Price per Share: $32.59
Annual Net Earnings per Share: $9.06
Select one:
a. 1
b. 5
c. 4
d. 40
13- Solve the problem.
Bed ‘n’ Board Linen took inventory on the first of each month for the full year. The sum of the inventories was $674.769. On December 31, inventory was taken again and amounted to $53,418. Find the average inventory for the year.
Select one:
a. $47,796.23
b. $56,014.38
c. $51,779.25
d. $60,682.25
14- Find the amount by which the interest compounded annually is larger than the simple interest. Round to the nearest cent. Use the formula M = P(1 + i)n to find the compound amount.
Principal: $710 Rate: 6% Years: 11
Select one:
a. $879.19
b. $169.19
c. $135.50
d. $410.59
16 -Find the exact number of days from the first date to the second. Assume that the second month is in the following year, and assume no leap years.
September 30 to March 23
Select one:
a. 174 days
b. 173 days
c. 178 days
d. 144 days
17- Solve the problem.
The James family wants to save some money in interest by paying off their auto loan 15 months early. The 36-month loan required payments of $455 per month. The car cost $18,600 with a down payment of $6000. How much unearned interest did they save?
Select one:
a. $720.00
b. $681.08
c. $1311.08
d. $2287.44
18- Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account.
Average Daily Balance Monthly Interest Rate
$1649.25 1.2%
Select one:
a. $18.14
b. $197.91
c. $21.44
d. $19.79
19 -Stock prices on consecutive days for a stock are shown. Find the increase (decrease) in the price of each stock as a number and the percent increase (decrease) rounded to the nearest tenth of a percent.
36.41, 37.26
Select one:
a. -0.85; 2.3%
b. 0.85; (2.3%)
c. 0.85; 2.3%
d. -0.85; (2.3%)
20- Find the discount and proceeds on the simple discount note.
Face value: $8000.00
Discount rate: 10%
Time (days): 30
Select one:
a. Discount: $65.75
Proceeds: $7934.25
b. Discount: $66.67
Proceeds: $7933.33
c. Discount: $800.00
Proceeds: $7200.00
d. Discount: $0.00
Proceeds: $8000.00
22- Find the equivalent markup. Round to the nearest tenth of a percent.
Markup on cost: 35.7%
Markup on selling price:
Select one:
a. 73.7%
b. 68.8%
c. 26.3%
d. 31.2%
24- Solve the problem.
On June 1, the unpaid balance in an account was $177. On June 13, a payment of $75 was made. The finance charge rate was 1.5% per month of the average daily balance. Find the new balance at the end of June.
Select one:
a. $121.80
b. $103.98
c. $103.93
d. $103.50
27 – Find principal to the nearest dollar, rate to the nearest tenth of a percent, or time to the nearest day. Use banker’s interest.
Hargray Telephone earned $150,00interest on a $20,000 deposit in an account paying 3%. Find the number of days that the funds were on deposit.
Select one:
a. 25 days
b. 90 days
c. 91 days
d. 135 days
28 – Provide an appropriate response.
Find the amount by which the interest compounded annually is larger than the simple interest. Round to the nearest cent. Use the formula M = P(1 + i)n to find the compound amount.
Principal: $5394 Rate: 8% Years: 5
Select one:
a. $3610.36
b. $218.40
c. $5767.96
d. $373.96
29 -Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.)
Invoice date: Sep 8
Terms: 3/6 EOM
Select one:
a. Discount date: Oct 6; net payment date: Oct 26
b. Discount date: Sept 14; net payment date: Oct 6
c. Discount date: Sept 14; net payment date: Oct 30
d. Discount date: Sept 6; net payment date: Oct 31
30 – Find the maturity date and proceeds. Round to the nearest cent.
Face value: $5515
Discount rate: 12%
Date made: June 19
Time: 90 days
Maturity date:
Proceeds:
Select one:
a. Maturity date: September 19
Proceeds: $3883.16
b. Maturity date: September 17
Proceeds: $3883.16
c. Maturity date: September 19
Proceeds: $5349.55
d. Maturity date: September 17
Proceeds: $5349.55
34- Find the net cost equivalent and the percent form of the single discount equivalent for the following series discount.
30/15
Select one:
a. 0.55; 45%
b. 0.595; 40.5%
c. 0.45; 55%
d. 0.405; 59.5%
35- Find the approximate annual percentage rate using the approximate annual percentage rate formula. Round to the nearest tenth of a percent.
Amount financed: $1200
Finance charge: $210
Number of monthly payments: 36
Select one:
a. 25.2%
b. 8.6%
c. 17.5%
d. 11.4%
36- Solve for the amount of discount and amount due.
Invoice amt: $293.41
Invoice date: Sept 13
Terms: 3/11 EOM
Goods rec’d: Sept 16
Date paid: Oct 9
Select one:
a. Amount of discount: $0; amount due: $293.41
b. Amount of discount: $8.50; amount due: $282.41
c. Amount of discount: $32.28; amount due: $261.13
d. Amount of discount: $8.80; amount due: $284.61
37 -Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule.
Principal: $38,400
Interest: 9.2%
Time (days): 180
Partial payment: $20,000 on day 100
Select one:
a. $19,777.57; $1377.57
b. $18,642.69; $242.69
c. $20,421.19; $2421.19
d. $22,101.51; $3701.51
38 -Find the discount and proceeds on the simple discount note.
Face value: $9800.00
Discount rate: 9%
Time (days): 60
Select one:
a. Discount: $147.00
Proceeds: $9653.00
b. Discount: $0.00
Proceeds: $9800.00
c. Discount: $882.00
Proceeds: $8918.00
d. Discount: $144.99
Proceeds: $9655.01
39 -Find the discount period.
Loan made: Aug 21
Length of loan: 150 days
Date of discount: Dec 15
Select one:
a. 115 days
b. 35 days
c. 34 days
d. 116 days
41- Solve the problem.
Tom O’Donnell bought 10 Public Communications (PBC) bonds maturing in 2025. According to the bond table, the last price is listed as If the sales commission is $1 per bond, what is the total purchase price?
Select one:
a. $8477.50
b. $9151.25
c. $8487.50
d. $8497.50
42- Solve the problem.
Claire Hummell bought 4 Hecht Company (HCO) bonds maturing in 2032. According to the bond table, the last price is listed as 98.375. With a sales commission of $1 per bond, find the total purchase price.
Select one:
a. $3931.00
b. $3935.00
c. $3939.00
d. $3016.25
43- Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent.
Finance charge: $393
Total number of payments: 28
Remaining number of payments, when paid in full: 3
Select one:
a. $3.12
b. $5.81
c. $6.24
d. $2.90
44- Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
The cost of an item is $259. For a special year-end sale the price is marked down 20%. Find the selling price of the item.
Select one:
a. $207.20
b. $215.83
c. $51.80
d. $310.80
45- Find the maturity value of the simple interest note.
Face Value: $3618
Length of Loan: 281 days
Rate: 12%
Select one:
a. $3956.89
b. $3953.43
c. $3961.66
d. $3951.05
46- Find the compound amount for the certificate of deposit. Assume daily compounding using the following table. Round to the nearest cent.
Amount: $2700
Rate: 3%
Years: 4
Select one:
a. $2782.22
b. $3136.93
c. $2924.87
d. $3044.23
47- Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
Maria Perez bought a washer-dryer combination on sale for $450, charging it to her card and agreeing to pay $40.51 per month for one year. Find the approximate annual percentage rate for this loan.
Select one:
a. 14.8%
b. 15.8%
c. 16%
d. 14%
48 – Solve the problem.
The manager of a retirement account purchased 104 Solar Energy (SNG) bonds that mature in 2020 for the retirement account. According to a bond table, the last price is 96.375 and the coupon rate is 7.750. Assuming a sales commission of $1 per bond, find the total purchase price of the bonds, and the annual interest payment.
Select one:
a. $103,036.25, $5400.20
b. $100,126.00, $7979.40
c. $100,334.00, $8060.00
d. $100,230.00, $7750.00
49 -Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
Find the selling price of an item which cost a store $202. The store has a 30% markup.
Select one:
a. $673.34
b. $60.60
c. $155.39
d. $262.60
50 -First, find the initial proceeds of the simple discount note. Then, find the discount period, the discount, and proceeds after discounting.
Date Loan Was Made: Jan. 19
Maturity Value: $9000
Length of Loan: 90 days
Rate: 10%
Date of Discount: Mar. 9
Discount %: 9%
Select one:
a. Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $92.25;
Proceeds After Discount: $17,907.75
b. Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $184.50;
Proceeds After Discount: $17,907.75
c. Initial Proceeds: $8775.00;
Discount Period: 60 days;
Discount: $184.50;
Proceeds After Discount: $8840.25
d. Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $92.25;
Proceeds After Discount: $8907.75
