6-1
6-2
6-3
6-4 to 6-5
6-6 to 6-7
100
Express 119% as a decimal.
1.19
100
Evaluate.
log129/log1.02
245.41
100
What is 18% of $4433.22?
$797.98
100
What is the formula for interest on a monthly spreadsheet?
Balance x monthly interest rate
100
Solve for x.
444 = 102% of x
435.29
200
Evaluate
(1+(0.125/12))^12 -1
0.13
200
Find the domain and range of the relation.
(9,2), (3,8), (9,8)
Domain: 9,3
Range: 2,8
200
$41.25 is what percent of $750?
5.5%
200
What is the formula for amount owed on a spreadsheet?
Balance + Interest
200
Questions 1-10: 5 pts each
Questions 11-14: 7 pts each
Questions 15-16: 11 pts each
Bonus Question: 10 points
Sam missed questions 2 and 12, but answered the others correctly. She also answered the bonus question correctly. Determine the test score.
98
300
Find the effective interest rate on an APR of 21%.
23.14%
300
You have a balance of $1,200 on your MasterCard that has an APR of 15%. You can afford monthly payments of $150. How long will it take to pay off the balance if you don't use your card to make further purchases?
9 months
300
What is the amount owed with a balance of $785 and interest charged of $11.78?
$796.78
300
What is the formula for the payment on the monthly spreadsheet?
Round (0.10 x amount owed)
300
Find the credit worthiness and probability of paying back the loan using the chart.
41 years old, lived at current address for 8 years, car is 2 years old, has no monthly car payment, housing cost of $482 per month, has a checking and savings account, has not been referred to a finance company, has 23 major credit cards, and a ratio of debt to income is 20%
114 points, 94%
400
Your APR is 15%. For a full year, find the difference in effective interest rate and the effective interest rate with a 1 month grace period.
16.08% for full year
14.64% for full year with grace period
Difference: 1.44%
400
How long will it take to pay off a $1,500 balance with a monthly payment of $170 and an APR of 12%
10 months
400
You have a current balance of $785. Your monthly finance charge is 1.5%. What is the interest charge for the first month?
$11.78
400
Find the average daily balance for the month of May. The account has a 1.5% interest rate.
From 5/1 to 5/16 the daily balance was $385
5/17 made a payment of $80
From 5/18 to 5/31 his daily balance remained at $305
$346.29
400
What percent of the take home pay goes towards paying credit bills? Take home pay is $4,500.
Mortgage: 462
Utilities: 185
Gas and Car Repairs: 220
Food: 650
Car Payment : 225
Credit Union Loan: 75
MasterCard: 120
VISA : 95
Northdale charge account: 135
Menards charge account: 25
American Express :140
Everything Else: 1670
$815, 17.9%
500
You buy a Yeti cooler for $550. You charge it on a VISA card with which you make no other purchases. You will make monthly payments of $60. What new balance will be shown on your first three monthly statements if your bank applies a 1.5% monthly finance charge?
First month: $550
Second month: $498.25
Third month: $445.72
500
Determine the monthly payment that must be made to pay off the balance on the card. There is an APR of 15.9%. Your balance is $16,000 and want to pay it off in 25 months.
$756.03
500
You make a minimum payment of 10% or $20 whichever is higher. Your balance is $796.78. What is your payment for this month and what is your new balance?
Payment: $80
New Balance: $716.78
500
Find the finance charge and ending balance for the month if your average daily balance was $382.42, your monthly interest rate was 1.5% and your last daily balance was $305.
Finance Charge: $5.74
Ending Balance: $310.74
500
36.1%