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Consumer Mathematics and Financial...
Pretest

1 .      

Express 8m4q1.gif as a percent.

[Hint]



2 .      

Express 0.052 as a percent.

[Hint]



3 .      

Express 450% as a decimal.

[Hint]



4 .      

Find the simple interest on $2000, if it is invested at a rate of 9% for 4 years.

[Hint]



5 .      

How much money will accumulate in an account if $600 is invested at a rate of 5%, and it is compounded 4 times per year for 7 years? Use the following formula.

8m4q5.gif

[Hint]



6 .      

The cost of a boat is $12,360. If the boat is financed by paying $500 down and $256.70 per month for 60 months, determine the amounted financed.

[Hint]



7 .      

The cost of a car is $19,725. If the car is financed by paying $1000 down and $512.75 per month for 48 months, determine the total installment price.

[Hint]



8 .      

The price of a home is $210,000. The bank requires a 20% down payment and 2 points at the time of closing. The cost of the home is financed with a 30-year, fixed-rate mortgage at 8%. Find the required down payment.

[Hint]



9 .      

The price of a home is $150,000. The bank requires a 20% down payment and 3 points at the time of closing. The cost of the home is financed with a 30-year, fixed-rate mortgage at 7.5%. How much must be paid for the 3 points at the closing?

[Hint]



10 .      

An investor purchased 320 shares of stock at 8m4q10.gif per share. Find the cost of the stock.

[Hint]



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