Deck 8: Measurement

Question 1

Answer 1

$3009.84

Question 2

A real estate agent received a 5% commission on the sale of a home. If his commission was $43,350, how much did the home sell for?

Answer 2

$867,000

Question 3

Find the simple interest on a loan of $10,500 for 4.5 years at a rate of 5% per year.

Answer 3

$2362.50

Question 4

Question 5

Janice had an unpaid balance of $1080.50 on her credit card statement at the beginning of February. She made a payment of $255.00 during the month, and made purchases of $454.52. If the interest rate on Janice's credit card was 6.5% per month on the unpaid balance, find her finance charge and the new balance on March 1.

Question 6

Question 7

Question 8

A $1400 loan is to be paid off in 24 monthly payments of $63.34. The borrower decides to pay off the loan after 3 payments. Find the amount of interest saved using the rule of 78s.

Question 9

Katie had an unpaid balance of $1013.25 on her credit card statement at the beginning of September. She made a payment of $65.00 during the month. If the interest rate on Katie's credit card was 2.5% per month on the unpaid balance, find the finance charge and the new balance on October 1.

Question 10

Fran borrowed $12,900 for 3 years. The simple interest is $1161.00. Find the rate.

Question 11

Find the future value of an annuity if you invest $600 semiannually for 5.5 years at 1.5% compounded semiannually.

Question 12

A building sells for $350,000.00. The buyer makes a 20% down payment and obtains a 30-year mortgage at 6.5%

Question 13

Express 29% as a fraction.

Question 14

Question 15

As part of her retirement planning, Mrs. Campbell purchases an annuity that pays 7% compounded annually. If the yearly payment is $1000, how much will Mrs. Campbell have saved in 7.5 years?

Question 16

Question 17

A car seat cover with an original price of $529.99 is on sale for 60% off. Find the sale price.

Question 18

Question 19

Find the sales tax and total cost of an item that costs $159.95 if the tax rate is 5.5%.

Question 20

Express 68% as a decimal.

Question 21

Question 22

Roger borrowed $400.00 for 1 year. His payments are $34.50 a month. If he decides to pay the loan off after 8 months, find the amount of interest that he will save. (Use the rule of 78s.)

Question 23

If the closing price of a stock is $2.83 and the P/E ratio is 9, find the annual earnings per share.

A) $0.28
B) $25.47
C) $28.02
D) $0.31

Question 24

Mary borrowed $6200 at 6.5% simple interest to buy a chair. Find the term of the loan if the interest was $1813.50.

Question 25

Find the effective rate when the stated rate is 3% and the interest is compounded quarterly.

Question 26

Question 27

A small restaurant was purchased for $421,000 with no down payment and a 6.8% loan for 10 years. Find the monthly payment.

A) $5329.37
B) $4844.88
C) $3875.90
D) $4360.39

Question 28

Express 7.37 as a percent.

A) 73.7%
B) 7.37%
C) 737%
D) 0.0737%

Question 29

Question 30

Find the future value of an annuity if you invest $800 semiannually for 2.5 years at 5.5% compounded semiannually.

A) $4226.13
B) $4326.25
C) $4205.88
D) $4276.63

Question 31

A house sells for $260,000 and a 20% down payment is made. A 15-year mortgage at 8% was obtained.

Question 32

As part of his retirement planning, Mr. Campbell purchases an annuity that pays 5% compounded quarterly. If the quarterly payment is $3000, how much will Mr. Campbell have saved in 7.5 years?

A) $108,387.21
B) $108,487.33
C) $108,437.71
D) $108,366.96

Question 33

A house has a $139,500.00 mortgage at 7%. The monthly payments are $927.68. Compute an amortization schedule for the first three months.

Question 34

Express 0.38 as a percent.

A) 3.8%
B) 38%
C) 0.0038%
D) 0.38%

Question 35

What was the lowest price that the stock sold for during the last 52 weeks?
52 weeks
$\begin{array} { l l l l l l l l l } \text { HI } & \text { LO } & \text { STOCK } & \text { DIV } & \text { YLD\% } & \text { P/E } & \text { VOL } & \text { CLOSE } & \text { NET } \\ & & & & & & ( 1,000 \mathrm {~s} ) & & \text { CHG } \\ 63.52 & 44.48 & \text { ABC } & 1.15 & 2.5 & 7 & 2241 & 51.14 & - 2.03 \end{array}$

A) $46.51 per share
B) $44.48 per sharee
C) $63.52 per share
D) $42.45 per share

Question 36

$$\begin{array}{l}\text { Find the missing value. }\\\begin{array} { c | c | c | c } \text { Principal } & \text { Rate } & \text { Time } & \text { Simple Interest } \\\hline \$ 20,900 & & 4.5 \text { years } & \$ 1881.00\end{array}\end{array}$$

A) 1%
B) 2%
C) 2.5%
D) 1.5%

Question 37

Question 38

Find the interest using the Banker's rule. P = $4640, r = 9%, t = 150 days

A) $188.78
B) $191.40
C) $174.00
D) $171.62

Question 39

Express 930% as a mixed number.

Question 40

Question 41

$$\begin{array}{l}\text { Find the compound interest. }\\\begin{array} { c | c | c | c } \text { Principal } & \text { Rate } & \text { Compounded } & \text { Time } \\\hline \$ 3000 & 19.5 \% & \text { Quarterly } & 3.5 \text { years }\end{array}\end{array}$$

A) $2839.41
B) $2844.70
C) $2841.56
D) $2831.45

Question 42

Find the interest on the loan using the Banker's rule. P = $3100, r = 5%, t = 90 days

A) $38.22
B) $38.75
C) $34.88
D) $34.40

Question 43

A student loan is taken out for $9900 at 6%. The student graduates 2 years and 9 months after the loan is aquired. Payments are deferred for 3 months after graduation. Find the the monthly payment. Assume 30-day months and that the term of the loan is 10 years.

A) $19.54
B) $1760.40
C) $129.45
D) $109.91

Question 44

Question 45

Express 10.7% as a decimal.

A) 0.107
B) 10.7
C) 1.07
D) 1070

Question 46

A Motel is converting its rooms into privately owned condominiums. The interest on a $4,900,000, 30-year construction loan is $100,000. What is the rate of interest? Does the rate seem unreasonable?

A) 5.70%; reasonable
B) 1.40%; unreasonable
C) 4.20%; reasonable
D) 0.07%; unreasonable

Question 47

A student loan is taken out for $7500 at 7%. The student graduates 3 years and 3 months after the loan is aquired. Payments are deferred for 3 months after graduation. Find the total amount of interest that will accrue before regular payments begin, using 30-day months.

A) $1684.80
B) $388.80
C) $1814.40
D) $4312.11

Question 48

What was the amount of the dividend per share that the company paid last year? 52 weeks
$\begin{array} { l l l l l l l l l } \text { HI } & \text { LO } & \text { STOCK } & \text { DIV } & \text { YLD\% } & \text { P/E } & \text { VOL } & \text { CLOSE } & \text { NET } \\ & & & & & & ( 1,000 \mathrm {~s} ) & & \text { CHG } \\ 67.30 & 40.86 & \text { ABC } & 1.02 & 2.8 & 5 & 2348 & 60.43 & - 1.73 \end{array}$

A) $68.65 per share
B) $1.02 per share
C) $169.20 per share
D) $41.68 per share

Question 49

If you purchase 1442 shares of stock at the closing price and the broker's commission is $3.6 \%$ find the total cost of the purchase.
52 weeks
$\begin{array} { l l l l l l l l l } \text { HI } & \text { LO } & \text { STOCK } & \text { DIV } & \text { YLD\% } & \text { P/E } & \begin{array} { l } \text { VOL } \\ ( 1,000 \mathrm {~s} ) \end{array} & \text { CLOSE } & \begin{array} { l } \text { NET } \\ \text { CHG } \end{array} \\ 68.14 & 43.34 & \text { ABC } & 1.44 & 2.0 & 6 & 4354 & 51.48 & - 1.45 \end{array}$ ,

A) $76,906.59
B) $71,561.73
C) $64,405.56
D) $69,215.93

Question 50

$$\begin{array}{l}\text { Find the missing value. }\\\begin{array} { c | c | c | c } \text { Principal } & \text { Rate } & \text { Time } & \text { Simple Interest } \\\hline \$ 12,800 & 15.5 \% & & \$ 12,896.00\end{array}\end{array}$$

A) 7 years
B) 6.5 years
C) 6 years
D) 7.5 years

Question 51

$$\begin{array}{l}\text { If an investor had } 105 \text { shares of stock last year how much did the investor receive? }\\\begin{array} { l l l l l l l l l } 52 \text { weeks } & & & & & & & \\\text { HI } & \text { LO } & \text { STOCK } & \text { DIV } & \text { YLD\% } & \text { P/E } & \begin{array} { l } \text { VOL } \\( 1,000 \mathrm {~s} )\end{array} & \text { CLOSE } & \begin{array} { l } \text { NET } \\\text { CHG }\end{array} \\61.30 & 45.44 & \text { ABC } & 1.52 & 1.7 & 7 & 3828 & 52.95 & - 0.07\end{array}\end{array}$$

A) $159.60
B) $478.80
C) $319.20
D) $638.40

Question 52

Kelly bought a new SUV for $\$ 28,000$ . She made a down payment of $\$ 14,500$ and has monthly payments of $\$ 264.15$ for 5 years. She is able to pay off her loan at the end of 36 months. Using the actuarial method, find the unearned interest and payoff amount.

A) u = $409.75; payoff amount: $6603.75
B) u = $368.78 payoff amount: $6813.40
C) u = $368.78; payoff amount: $5574.60
D) u = $409.75; payoff amount: $6194.00

Question 53

Dr. Sand borrowed some money to buy new furniture for her office. She paid $2173.50 simple interest on a 7-year loan at 13.5%. Find the principal.

A) $2450
B) $2200
C) $2400
D) $2300

Question 54

The closing price of a stock is $55.04 and the annual earnings per share is $2.51, find the P/E ratio.

A) 21.93
B) 151.97
C) 19.74
D) 138.15

Question 55

A student loan is taken out for $8100 at 5.7%. Find the interest that accrues in a 30-day month.

A) $39.06
B) $1.26
C) $37.92
D) $379.22

Question 56

$$\begin{array}{l}\text { Find the maturity value. }\\\begin{array} { c | c | c | c } \text { Principal } & \text { Rate } & \text { Compounded } & \text { Time } \\\hline \$ 150 & 2.5 \% & \text { Semiannually } & 6 \text { years }\end{array}\end{array}$$

A) $274.23
B) $224.61
C) $174.11
D) $153.86

Question 57

An investor purchased 400 shares of stock for $30.43 per share and sold them later for $32.55 per share. The broker's commission was 3% of the purchase price and 3% of the selling price. Find the amount the investor made on the stock.

A) -$83.02
B) -$92.24
C) $822.56
D) $92.24

Question 58

Express 355% as a decimal.

A) 35,500
B) 35.5
C) 355
D) 3.55

Question 59

Kevin bought a new car for $\$ 22,000$ . He made a down payment of $\$ 10,000$ and has monthly payments of $\$ 295.78$ for 4 years. He is able to pay off his loan at the end of 30 months. Using the actuarial method, find the unearned interest and payoff amount.

A) u = $341.78; payoff amount: $5619.73
B) u = $375.95; payoff amount: $5805.74
C) u = $375.95; payoff amount: $4750.15
D) u = $341.78; payoff amount: $5278.04

Question 60

Joan purchased a refrigerator for $700. She made a down payment of $65 and paid $71 a month for 10 months. Find the total installment price of the refrigerator.

A) $795.00
B) $750.00
C) $775.00
D) $785.00

Question 61

Find (a) the discount, (b) the amount of money received, and (c) the true interest rate. P = $1750, r = 4.5%, t = 9 years

Question 62

If the closing price of a stock is $27.11 and the P/E ratio is 53, find the annual earning per share.

A) $0.46
B) $0.51
C) $1293.15
D) $1436.83

Question 63

Aaron had an unpaid balance of $1427.57 on his credit card statement at the beginning of August. He made a payment of $245.00 during the month, and made purchases of $205.97. If the interest rate on Aaron's credit card was 19.5% per month on the unpaid balance, find his finance charge and the new balance on September 1.

A) Finance charge = $281.49; new balance = $1670.03
B) Finance charge = $280.70; new balance = $1669.24
C) Finance charge = $278.38; new balance = $1666.92
D) Finance charge = $277.59; new balance = $1666.13

Question 64

A house sells for $\$ 95,000$ and a $30 \%$ down payment is made. A 30-year mortgage at $6.5 \%$ was obtained. Find the monthly payment and the total interest paid.
Monthly Payment per $\$ 1000$ of Mortgage
(Includes Principle and Interest)

$\quad$ $\quad$ $\quad$ $\quad$$\text { Number of years }$
$\begin{array}{c|c|c}\text { Rate }(\%) & 15 & 30 \\\hline 6.5 & \$ 8.71 & \$ 6.32 \\7 & \$ 8.99 & \$ 6.65 \\7.5 & \$ 9.28 & \$ 6.99 \\8 & \$ 9.56 & \$ 7.34\end{array}$

A) Monthly payment = $429.39; total interest paid = $88,080.40
B) Monthly payment = $412.13; total interest paid = $81,866.80
C) Monthly payment = $520.27; total interest paid = $120,797.20
D) Monthly payment = $420.28; total interest paid = $84,800.80

Question 65

A coat was reduced from $250 to $200. Find the percent of the reduction in price.

A) 1.25%
B) 25%
C) 20%
D) 0.8%

Question 66

A credit card statement showed these transactions during October.
$\begin{array} { l l r } \text { October 1 } & \text { Previous balance } & \$ 103.93 \\ \text { October 12 } & \text { Purchases } & \$ 86.42 \\ \text { October 29 } & \text { Payment } & \$ 170.00 \end{array}$
The credit card has an interest rate of $6 \%$ on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1 . [Hint: Remember that October has 31 days.]

A) Average daily balance = $195.36; finance charge = $11.72; new balance = $32.07
B) Average daily balance = $143.23; finance charge = $8.59; new balance = $28.94
C) Average daily balance = $141.14; finance charge = $8.47; new balance = $28.82
D) Average daily balance = $145.61; finance charge = $8.74; new balance = $29.09

Question 67

$$\begin{array}{l}\text { What was the closing price of the stock the day before yesterday? }\\\begin{array} { l l l l l l l l l } 52 \text { weeks } & & & & & & & \\\text { HI } & \text { LO } & \text { STOCK } & \text { DIV } & \text { YLD\% } & \text { P/E } & \begin{array} { l } \text { VOL } \\( 1,000 \mathrm {~s} )\end{array} & \text { CLOSE } & \text { NET } \\& & & & & & \begin{array} { l } \text { NEG } \\\text { CHG }\end{array} \\61.32 & 46.67 & \text { ABC } & 1.60 & 2.9 & 6 & 3010 & 51.53 & 0.59\end{array}\end{array}$$

A) $46.08
B) $50.94
C) $51.53
D) $60.73

Question 68

Express 0.462 as a percent.

A) 4.62%
B) 0.462%
C) 46.2%
D) 0.00462%

Question 69

Find the future value of the loan. P = $8800, r = 7.5%, t = 11 months

A) $10,343.48
B) $9403.16
C) $9405.00
D) $10,345.50

Question 70

Amanda's credit card statement showed these transactions during December.
$\begin{array} { l l r } \text { Dec 1 } & \text { Previous balance } & \$ 128.11 \\ \text { Dec 12 } & \text { Purchases } & \$ 254.78 \\ \text { Dec 18 } & \text { Purchases } & \$ 76.13 \\ \text { Dec 27 } & \text { Payment } & \$ 75.00 \end{array}$
The interest rate is $12 \%$ per month on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on January 1. [Hint: Remember that December has 31 days.]

A) Average daily balance = $329.12; finance charge = $39.49; new balance = $423.51
B) Average daily balance = $311.98; finance charge = $37.44; new balance = $421.46
C) Average daily balance = $314.77; finance charge = $37.77; new balance = $421.79
D) Average daily balance = $302.36; finance charge = $36.28; new balance = $420.30

Question 71

$9600 is invested for 3 months in a savings account with a rate of 9.5% simple interest per year. Find the interest.

A) $2280.00
B) $228.00
C) $27,360.00
D) $2736.00

Question 72

Find the effective rate when the stated rate is 20% and the interest is compounded semiannually.

A) 21.00%
B) 20.25%
C) 21.25%
D) 22.05%

Question 73

An investor purchased 200 shares of stock at $54.54 per share. She later sold it at $51.67 . The broker's commission on the purchase was 3% and 1% on the sale. Find the amount of money the investor lost on the stock.

A) -$574.00
B) -$1004.58
C) -$516.60
D) -$904.12

Question 74

Suppose you plan to work right after you graduate, but still save money for graduate school. You decide to save $35,000 before starting, and find a weekly annuity that pays 6% interest for 4 years. How much will you need to pay each week?

A) $148.98
B) $186.23
C) $134.08
D) $163.88

Question 75

Sheila borrowed $1,000.00 for 1 year. Her monthly payments are $89.60. If she decides to pay the loan off after 4 months, find the amount of interest that she will save. (Use the rule of 78s.)

A) $34.71
B) $9.64
C) $75.20
D) $37.60

Question 76

$$\begin{array}{l}\text { Find the missing value. }\\\begin{array} { c | c | c | c } \text { Principal } & \text { Rate } & \text { Time } & \text { Simple Interest } \\\hline \$ 14,800 & 14 \% & 18 \text { months } &\end{array}\end{array}$$

A) $37,296.00
B) $31,080.00
C) $372,960.00
D) $3108.00

Question 77

Samir purchased a car for $\$ 40,000$ . He made a down payment of $\$ 27,000$ and paid $\$ 410.37$ monthly for 3 years. Find the APR from the table below.

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Percentage Rate }$
$\begin{array}{ccccccc} & 6.0 \% & 6.5 \% & 7.0 \% & 7.5 \% & 8.0 \% & 8.5 \% \\\begin{array}{c}\text { Number of } \\\text { Payments }\end{array} & & & & & & \\36 & \$ 9.52 & \$ 10.34 & \$ 11.16 & \$ 11.98 & \$ 12.81 & \$ 13.64\end{array}$
$\text { (Finance charge per } \$ 100 \text { of amount financed) }$

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Percentage Rate }$
$\begin{array}{cccccccc}\begin{array}{c}\text { Number of } \\\text { Payments }\end{array} & 9.0 \% & 9.5 \% & 10.0 \% & 10.5 \% & 11.0 \% & 11.5 \% & 12.0 \% \\36 & \$ 14.48 & \$ 15.32 & \$ 16.16 & \$ 17.01 & \$ 17.86 & \$ 18.71 & \$ 19.57\end{array}$

$\text { (Finance charge per } \$ 100 \text { of amount financed) }$

A) 7.0%
B) 8.0%
C) 8.5%
D) 7.5%

Question 78

In order to help pay for college, the grandparents of a child invest $2650 in a bond that pays 12% interest compounded semiannually. How much money will there be in 2.5 years?

A) $3596.80
B) $3646.42
C) $3546.30
D) $3526.05

Question 79

If the closing price of a stock is $43.87 and the annual earnings per share is $0.93, find the P/E ratio.

A) 42.45
B) 47.17
C) 44.88
D) 40.80

Question 80