Financial Algebra Test 12th Grade

Financial Algebra Test 12th Grade. Document attached.

Financial Algebra Test 12th Grade. Document attached. 4
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University of Nebraska High School
70 30c 32404
cmd
96
Course Name: Financial Algebra
Student:
Course ID: MTHH047055
ID: C88176220
Progress Test 2
Submittal: 62
This Progress Test covers the course materials that were assigned in Units 3 and 4. Although the progress test is
similar in style to the unit evaluations, the progress test is a closed-book test. It is important that you do your own work.
Select the response that best completes the statement or answers the question. Note: You may use your scientific or
graphing calculator.
1. Find the interest earned on a $20,000 deposit for a year at 3.5% interest, compounded continuously.
$20,712.39
b. $712.39
c. $70.00
d. $2,070.00
a.
2.
Examine the summary section of this monthly credit card statementUse the first five entries to determine
the new balance.
SUMMARY
Previous
Balance
Payments
/Credits
New
Purchases Charge
Late
Finance
Charge
New
Balance
$421.36
Minimum
Payment
$523.39
$1,273.11
$0.00
a.
$9.03
$18.00
b.
$1,162.11
$1,180.11
$421.36
$430.39
C.
d.
3.
On July 10, Isabella opened a savings account with $600. It earned 5.5% interest, compounded daily. On
July 11, she deposited her first paycheck of $105.23. What was her balance at the end of the day on July
11?
a.
b.
$713.30
$705.23
$714.52
$705.41
C.
d.
4.
How much does $2,500 earn in three months at an interest rate of 5.25%, compounded quarterly?
$2,631.25
$2,532.81
$131.25
d. $32.81
a.
b.
C.
roo oo
com
11. How
12. V
1
5. Chris purchases a living room set for $4,900. He has a one-year, no interest, no money down, deferred
payment plan. He does have to make $20 monthly payments for the first 11 months. Assuming he makes
minimum payments, how much does he have to pay in the twelfth month in order not to have to pay
interest?
$4,680
b. $20
$4,900
d. $220
6. Bill can afford a monthly payment of $750. He wants to take out a $15,000 loan at 6% interest rate. What
should be the length of time? Round your answer to the nearest tenth of a year.
a.
b.
C.
d.
7.
1.7 years
1.8 years
1.9 years
2.0 years
Althea will need $30,000 for her school tuition in four years. She has an account that earns 3.75% interest,
compounded quarterly. How much does she need to deposit into that account each quarter to reach her
goal?
$2,341.29
$6,060.86
$1,746,65
$5,494.33
a.
b.
C.
d.
8.
a.
The Wilson family is taking out a $200,000 mortgage to buy a house. The interest rate on the loan is 5.4%
for 30 years. Compute the monthly payment.
$3,240,00
b. $1,123.06
$555.56
d. $1.123.06
C.
9.
–
Carol deposited a $287 paycheck, a $13.60 rebate check, and a tax refund check in the amount of $254 into
her checking account. At the same time, she withdrew $70. Her original account balance was $452.35.
Assuming that all of the checks clear, how much will be in the account?
a.
$866.95
b. $484.60
$554.60
d. $936.95
C.
von
ASTPA
a.
10. Find the interest for a five-year CD for $7,000 at an interest rate of 4%, compounded annually.
$1,400,00
b. $8,400.00
$8,516.57
d. $1,516.57
C.
al
the twelfth month in order not to have to pay
ments for the first 11 months. Assuming he makes
one-year, no interest, no money down, deferred
5
What
a.
11. How much interest did Joanne receive if she deposits $7,100 into a one-year CD at a rate of 5.1%,
compounded daily?
$362.10
b. $7,462.10
C. $371.47
d. $7,471.47
a.
12. What is the balance on $5,000 in six months at an interest rate of 5%, compounded quarterly?
$5,125.00
b. $6,500.00
$5,125.78
d. $5,320.21
C.
a
13. Pete bought a $4,240 lawn mower on the installment plan. The agreement included a 15% down payment
and 24 monthly payments of $162.10 each. How much did the lawn mower cost on the installment plan?
$3,890.40
b. $4,526.40
$4,240.00
d. $4,876.00
C.
14.
a.
Oscar was given a credit card with an APR of 19.5%. What was his monthly periodic rate?
19.5%
b.
12%
1.95%
d. 1.625%
C.
a.
b.
15. Carly took out a $8,900, three-year loan with an APR of 8.25%. What is the total amount of payments?
$279.92
$10,077.12
$2,202.75
$8,900.00
C.
d.
16. Sarah is taking out a $31,500 five-year new-car loan with an APR of 7.13%. What is the finance charge for
this loan? Round to the nearest hundred dollars.
a. $6,000
b. $11,200
C. $6.700
d. $3,600
17. Shania bought a $2,145 drum set on the installment plan. The agreement included a 16% down payment
and 18 monthly payments of $105.78 each. What was the down payment?
a.
$105.78
b. $343,20
$16.00
d. $2,145.00
C.
fr
23.
10%
18. Put the following interest rates in descending order: Salem National Bank, 1.05%, Corning Federal,
5
8
Turing State Bank, 12%, Century National. 1.5%.
a
Turing State Bank, Corning Federal, Century National, Salem National Bank
Salem National Bank, Century National, Corning Federal, Turing State Bank
Turing State Bank, Corning Federal, Salem National Bank, Century National
d. Coming Federal, Turing State Bank, Century National, Salem National Bank
b.
C
.
19. Jake had these balances on his credit card for his last billing period. He did not pay the card in full the
previous month, so he will have to pay a finance charge. The APR is 18.6%. What is his average daily
balance?
two days @ $331.98
eleven days @ $1,203.04
four days @ $996.71
thirteen days @ $1,002.76
.
.
a
b.
$997.42
$1,030.67
$883.62
$165.99
C.
d.
20. Find the ending balance if the original balance was $237.47 and the following transactions occurred over the
space of a week: wrote a check, $18; paycheck deposit, $162.75; check deposit, $25; ATM, $15; wrote a
check, $52.16; deposit, $20; maintenance fee, $10; interest, $0.50.
$349.56
b. $380.56
C. $452.88
d. $350.56
a.
a.
21. Clara wants to go on a cruise in 5 years. She plans on putting $30 every week into an account that earns
2.8% interest, compounded weekly. How much will she have?
$64,084.27
b. $1,915.22
C. $8,369.98
d. $9,374.38
22. Bianca has a credit line of $8,000. She had a previous balance of $567.91 and made a payment of $1,200.
Her total purchases are $986.79 and she has been charged a $10.00 finance charge. What is her available
credit?
$8,000.00
b. $7,635.30
$567.91
$364.70
a.
C.
d.
46
alt
Federal
10%
a.
23. Josh has a savings account at a bank that charges a $12 fee for every month that his balance falls below
$1,000. His account has a balance of $1,452.12 and he withdraws $600. What will his balance be in six
months if he makes no deposits nor withdrawals?
$754.23
b. $852.00
$840.00
d. $780.12
C.
a.
24. Faith is taking out an $7,500, 192-year loan with an APR of 8.75%. What is the monthly payment for this
loan?
$441.17
b. $485.14
$519.34
d. $446.12
C.
25. First National Bank charges a monthly maintenance fee of $15 and a check writing fee of $0.06 per check.
Sophie wrote 350 checks last year. What was the total of all of the fees that she paid on the account last
year?
$201
b. $36
$21
d. $57
a.
C.
$197.10
26. George filled out this information on his monthly statement. Find his revised statement balance. Does his
account reconcile?
$600.00
Ending balance from statement
$615.15
Deposits outstanding
???
Total of checks outstanding
$212.25
Revised statement balance
Balance from checkbook
a.
b.
$212.25; yes
$212.25; no
$181.95; yes
$181.95; no
C.
d.
27. How long does it take $350 to double at a simple interest rate of 3.75%?
a. 27 months
b. 320 months
C.
39 months
d. 44 months