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INTRODUCTION TO FINANCIAL MATH B
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51) Angie needs to borrow $3,000 from her dad for a down payment on a car. Her plan is to save part of her paycheck each week for the next 120 days in order to have enough to pay back the loan. How much will she pay in four months if her dad charges her 6 percent annual simple interest?
1 point
A) $3,720
B) $3,072
C) $3,060
D) $3,600
Clear selection
52) Mary has just charged $1,000 on her credit card. If she pays only the interest that accumulates after one month, how much interest would she pay if the APR is 24 percent?
1 point
A) $15.75
B) $10
C) $240
D) $20
Clear selection
53) Find the amount of interest to the nearest cent paid on a bank deposit of $890 for 9 months when the bank pays 4.55 percent interest.
1 point
A) $45.57
B) $45.37
C) $40.50
D) $30.37
Clear selection
54) Find the amount due on a loan of $25,000 borrowed for 5 years at 6 1/2 percent simple interest.
1 point
A) $1,625
B) $26,625
C) $8,125
D) $33,125
Clear selection
55) The cash price of a new lawn mower is $525. If purchased on credit, the store's credit terms specify a $75 down payment and 12 monthly payments of $42.50. What amount will the customer pay for financing the purchase?
1 point
A) $60
B) $75
C) $70
D) $80
Clear selection
56) If the monthly interest rate is .50%, what is the APR?
1 point
A) .06%
B) 30%
C) 6%
D) 5%
Clear selection
57) Determine the average of the 90, 66, 84, 72, 98.
1 point
A) 90
B) 82
C) 102
D) 80
Clear selection
59) Find the median of the following values: 10, 15, 20, 80, 90.
1 point
A) 10 median
B) 20 median
C) 80 median
D) 15 median
Clear selection
60) What is the mean of 1, 6, 2, 5, 6, 8, 7, 3, 3, 6, 10, 1, and 4?
1 point
A) 4.77
B) 6.02
C) 4.17
D) 5.22
Clear selection
61) Given the data set 5+1+3+4+2+14. Which measure of central tendency best describes the data with the outlier?
1 point
A) mean
B) median
C) mean and median
D) mode
Clear selection
62) Today a new Jeep costs $42,000. In 1990, Jeeps cost $24,000. What is the price relative to the nearest tenth percent?
1 point
A) 50 percent
B) 175 percent
C) 75 percent
D) 100 percent
Clear selection
63) Round .2555 to the nearest tenth.
1 point
A) .3
B) 36
C) 30
D) 10
Clear selection
64) Convert the following fraction to a decimal, rounding to hundredths: 5 2/3
1 point
A) 5.66
B) 5.67
C) 5.68
D) 5.65
Clear selection
65) What is the difference between 0.254 and 0.7?
1 point
A) 0.446
B) 1.840
C) 0.247
D) 0.184
Clear selection
66) Solve this problem: 12.3 – 8.094.
1 point
A) 12.026
B) 4.206
C) .4206
D) 1.2026
Clear selection
67) Convert the decimal to a fraction. .5625
1 point
A) 11/18
B) 7/12
C) 9/16
D) 13/24
Clear selection
68) 39.00258 divided by 1/5 is what?
1 point
A) 780.0516
B) 195.0129
C) 19.50129
D) 78.00516
Clear selection
69) The most widely used number system in the world is the Hindu-Arabic or the
1 point
A) one point decimal system.
B) whole number system.
C) Dewey Decimal system.
D) decimal number system.
Clear selection
70) Using the chain discount complement method, find the net-price rate when a chain discount of 30% less 20% less 5% is offered.
1 point
A) 53.2%
B) 55%
C) 45%
D) 5%
Clear selection
71) Which option is the better deal for a buyer?
Option A: List price of $700 with a discount of 20/10/10
Option B: List price of $650 with a discount of 10/10/10
1 point
Option 1
A) Not enough information is given to make a determination.
B) Option A
C) They are both equivalent.
D) Option B
Clear selection
72) To encourage prompt payment of an invoice, a company may offer a ________ discount over and above a trade discount.
1 point
A) cash
B) sales
C) net
D) purchase
Clear selection
73) An auto dealer is offering a $2,000 rebate on a $27,000 car. What percentage of the original price will you receive as a rebate?
1 point
A) 7.1 percent
B) 7.2 percent
C) 7.4 percent
D) 7.0 percent
Clear selection
74) Super Office Supplies offers its retail customers a chain discount of 20/10/5 on its $30.95 cases of printer paper. What is the net price?
1 point
A) $22.28
B) $24.76
C) $21.17
D) $23.84
Clear selection
75) Calculate the trade discount of 12.5 percent for a bicycle with a list price of $800.
1 point
A) $400
B) $300
C) $200
D) $100
Clear selection
76) An invoice dated November 5 shows terms of "2/10, EOM" on an $880 net price. Using this information, find both the discounted payment amount and the discount payment due date.
1 point
A) $880 due on November 30
B) $862.40 due between November 2 and November 10
C) $880 due on November 15
D) $862.40 due on November 30
Clear selection
77) The golf team bought seven sets of golf clubs at a 25 percent discount. The regular selling price was $695.98 per set. Sales tax is 5 percent. How much did the team pay for the clubs?
1 point
A) $3,897.49
B) $2,557.73
C) $3,836.60
D) $3,653.90
Clear selection
78) Solve: 1 7/8 x 12 x 3/10 = X
1 point
A) X = 6 3/4
B) X = 12 21/80
C) X = 12 5/9
D) X = 13 5/9
Clear selection
79) Solve: X = 4 2/5 - 1 5/6
1 point
A) X = 3
B) X = 2 17/30
C) X = 3 1/3
D) X = 3 17/30
Clear selection
80) What is 3/4 of 1/2?
1 point
A) 3/8
B) 2/3
C) 2/4
D) 1/6
Clear selection
81) Samantha works in a fabric store. In just one hour, she sold the following pieces of fabric: 4 1/2 yards, 3 1/4 yards, 6 2/3, yards, and 5 5/6 yards. What was the total number of yards sold?
1 point
A) 20 1/4 yards
B) 20 1/2 yards
C) 19 1/2 yards
D) 20 3/4 yards
Clear selection
82) When adding fractions with a common numerator,
1 point
A) divide the largest by the smallest.
B) convert the denominator first.
C) multiply the top number.
D) just add them and place over the common denominator.
Clear selection
83) To raise a fraction to higher terms,
1 point
A) find a number that is divisible by 2.
B) multiply each side by 20 and place the point.
C) multiply the numerator and denominator of a fraction by a common multiple.
D) divide by 20 and multiply.
Clear selection
84) 1/5 x 3/8 x 1/3 x 4/10 equals each of the following, except:
1 point
A) 1/100
B) 1%
C) 0.01
D) 0.1
Clear selection
85) Convert the mixed number or fraction to a decimal, to two decimal places.
1 7/20
1 point
A) .45
B) .85
C) 1.35
D) 1.72
Clear selection
86) You eat a meal at your favorite restaurant and the tab is $27.65. Your server did an excellent job, and you want to give her a 20% tip. What is the total cost of your meal with tip?
0 points
A) $5.53
B) $29.18
C) $33.18
D) $42.18
Clear selection
87) You purchase a sweater that originally cost $98 and now is marked down 25%. What is the new price before sales tax?
1 point
A) $83.50
B) $73.50
C) $90.00
D) $80.00
Clear selection
88) A house sold for $75,000 in an old subdivision. After the construction of a new middle school, the market value of the home increased to $110,000. What was the rate of increase?
1 point
A) $35,000
B) 35%
C) $100,000
D) 47%
Clear selection
89) The ATM machine charges a $4 service charge for each transaction. You withdraw $100. What is the rate of the service charge for this transaction?
1 point
A) 6%
B) 5%
C) 4%
D) 2%
Clear selection
90) Percent means per hundred; therefore 35 percent means:
1 point
A) 35 out of 100
B) to reduce it quickly
C) .35 of .100
D) 100 divided by 3
Clear selection
91) What is the total cost for a sale of $47.50 with a sales tax of 6 percent?
1 point
A) $53.50
B) $49.35
C) $55.24
D) $50.35
Clear selection
92) For the week of September 19, Ms. Andrew's sales totaled $15,685.75 for which she received $1,568.58 in commission. What was her commission rate?
1 point
A) 1 percent
B) 20 percent
C) 5 percent
D) 10 percent
Clear selection
93) Bill, manager of the Arlington soccer team, was trying to figure the percent of games they lost this season. Their record was 30 wins and 10 losses. What percent of the soccer games did they lose?
1 point
A) 75 percent
B) 80 percent
C) 25 percent
D) 20 percent
Clear selection
94) What does 0.25 percent of 1,600 equal?
1 point
A) 400
B) 4
C) 4,000
D) 40,000
Clear selection
95) In May, Bill received notice that beginning in June he would receive a 3 percent pay raise. If his monthly gross salary in May was $2,000, how much will his gross salary be in June?
1 point
A) $60
B) $2,060
C) $600
D) $2,600
Clear selection
96) Last month, ABC Grocery Stores sold 5,000 boxes of cold cereal, 1,000 cartons of milk, and 4,000 boxes of sugar packets. The milk sales made up what percentage of total sales?
1 point
A) 16 percent
B) 10 percent
C) 20 percent
D) 25 percent
Clear selection
97) $222 is 25 percent of what amount?
1 point
A) $600
B) $500
C) $444
D) $888
Clear selection
98) Selling Price = $3,496, Cost = $2,185
What is the markup?
1 point
A) $1,321
B) $1,133
C) $1,331
D) $1,311
Clear selection
99) A suit is displayed for sale showing 40% markdown. If it is on sale for $120, what was the original price?
1 point
A) $80
B) $180
C) $240
D) $200
Clear selection
100) An $86,000 mortgage was taken out for 30 years with an interest rate of 6.5 percent. What would be the first month's interest if the first payment was made one month from the date of the loan?
1 point
A) $456.53
B) $433.58
C) $465.83
D) $459.45
Clear selection
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