Math 125 Unit 3 quiz

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Not all of these answers are right.  Please pay attention.

Unit 03 Quiz

// A dress was reduced from $75 to $50. Find the percent of the reduction in price.

A.50%
B.33%
C.12%
D.80%

//

// The average teachers’ and superintendents’ salaries for a school district was $51,237. Ten years later, the new average was $68,475. Find the percent increase to the nearest tenth of a percent.

A.16.8%
B.6.7%
C.3.4%
D.33.6%

//

// Find the missing value: Principal $15,400; Rate: 10%; Time: ____; Simple Interest: $6,160

A.3.5 years
B.4.5 years
C.5 years
D.4 years

//

// Find the missing value: Principal $24,300; Rate: _____; Time 8 years; Simple Interest: $19,400

A.10%
B.10.5%
C.9.5%
D.9%

//

// Find the future value of the loan. P = $4,600, r = 9%, t = 5 years

A.$6,369.90
B.$7,077.67
C.$6,670.00
D.$6,003.00

//

// Dr. Phillips borrowed some money to buy new furniture for her office. She paid $72.00 simple interest on a 6-year loan at 2%. Find the principal.

A.$500
B.$700
C.$750
D.$600

//

// Find the compound interest: Principal $600; Rate 10%; Compounded Annually; Time 8 years.

A.$689.29
B.$684.00
C.$676.04
D.$686.15

//

// Find the future value of an annuity if you invest $1,150 semiannually for 3.5 years at 15.5% compounded semiannually.

A.$10,183.01
B.$10,233.51
C.$10,283.13
D.$10,162.76

//

// In order to help pay for college, the grandparents of a child invest $2,350 in a bond that pays 8% interest compounded quarterly. How much money will there be in 5 years?

A.$3,592.10
B.$3,491.98
C.$3,542.48
D.$3,471.73

//

// As part of his retirement planning, Mr. Jones purchases an annuity that pays 9.5% compounded annually. If the yearly payment is $6,500, how much will Mr. Jones have saved in 6 years?

A.$49,622.69
B.$49,522.57
C.$49,502.32
D.$49,573.07

//

// Joan purchased a refrigerator for $600. She made a down payment of $80 and paid $61 a month for 9 months. Find the total installment price of the refrigerator.

A.$629.00
B.$638.00
C.$647.00
D.$585.00

//

// Stephen purchased a diamond engagement ring for $3,000. His down payment was $1200, and he made 24 monthly payments of $83.06. Find the APR from the table below.

Annual Percentage Rate

A.10.5%
B.11%
C.9.5%
D.10%

//

// Amanda’s credit card statement showed these transactions during December.
Dec 1 Previous balance $700.00
Dec 12 Purchases $50.00
Dec 18 Purchases $25.00
Dec 27 Payment $55.00
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 = $740.68; finance charge = $90.16; new balance = $808.16
B.Average daily balance = $734.68; finance charge = $88.16; new balance = $808.16
C.Average daily balance = $734.68; finance charge = $88.16; new balance = $818.16
D.Average daily balance = $744.68; finance charge = $89.36; new balance = $808.16

//

// A house sells for $312,500 and a 20% down payment is made. A 30-year mortgage at 7% was obtained. Find the monthly payment and the total interest paid.
Mortgage P&I Table

A.Monthly payment = $1,671.61; total interest paid = $351,779.60
B.Monthly payment = $1,762.49; total interest paid = $384,496.40
C.Monthly payment = $1,654.35; total interest paid = $345,566.00
D.Monthly payment = $1,662.50; total interest paid = $348,500.00

//

// A small restaurant was purchased for $447,000 with no down payment and a 6.5% loan for 10 years. Find the monthly payment.

A.$4,568.04
B.$5,075.59
C.$5,583.15
D.$4,060.48

//

//

A house has a $130,000.00 mortgage at 6.5%. The monthly payments are $1,132.30. Compute an amortization schedule for the first three months.
Payment Number
Interest
Payment on Principal
Balance of Loan
1
2
3
A.
Amortization Table
B.
Amortization Table
C.
Amortization Table
D.
Amortization Table

//

// What was the highest price that the stock sold for during the last 52 weeks?

52 WK
Stock Prices

A.$65.98 per share
B.$65.08 per share
C.$66.88 per share
D.$47.13 per share

//

// What was the lowest price that the stock sold for during the last 52 weeks?
Stock Prices

A.$41.79 per share
B.$45.23 per share
C.$43.51 per share
D.$69.04 per share

//

// What was the amount of the dividend per share that the company paid last year?
Stock Table

A.$1.83 per share
B.$79.66 per share
C.$127.68 per share
D.$128.23 per share

//

// Find the annual earnings per share.
Stock Table

A.$8.53
B.$10.40
C.$7.68
D.$7.59

//

// What was the closing price of the stock the day before yesterday?
Stock Table

A.$65.71
B.$48.70
C.$54.71
D.$53.13

//

// If the closing price of a stock is $46.12 and the annual earnings per share is $0.16, find the P/E ratio.

A.259.42
B.7.38
C.288.25
D.8.12

//

// The closing price of a stock is $70.72 and the annual earnings per share is $1.51, find the P/E ratio.

A.46.83
B.106.79
C.42.15
D.117.47

//

// If the closing price of a stock is $29.77 and the P/E ratio is 33, find the annual earning per share.

A.$982.41
B.$0.81
C.$884.17
D.$0.90

//

// An investor purchased 1000 shares of stock for $30.68 per share and sold them later for $32.80 per share. The broker’s commission was 4% of the purchase price and 4% of the selling price. Find the amount the investor made on the stock.

A.$2,035.20
B.$–419.20
C.$377.28
D.$419.20

//

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