Question 1

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-John Leeʹs savings account has a balance of $2183. After 27 months, what will the amount of Interest be at 6.8% per year?
A) $175.45
B) $148.44
C) $80.85
D) $334.00

Accepted Answer

The answer of Solve the problem. Assume that simple interest...

Question 2

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-August 25 to March 8 (the year of the March date is not a leap year)
A) 170
B) 171
C) 195
D) 237

Accepted Answer

From August 25 to March 8, count the days in each month: August (6 days), September (30 days), October (31 days), November (30 days), December (31 days), January (31 days), February (28 days), and March (8 days). Total: 6 + 30 + 31 + 30 + 31 + 31 + 28 + 8 = 195 days.

Question 3

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-May 7 to November 12
A) 127
B) 128
C) 189
D) 190

Accepted Answer

To calculate the number of days from May 7 to November 12, count the days in each month involved. From May 7 to May 31 is 25 days (since May has 31 days). Then add the days of the full months from June to October: June (30 days), July (31 days), August (31 days), September (30 days), and October (31 days). Finally, add the 12 days of November. The total is 25 + 30 + 31 + 31 + 30 + 31 + 12 = 190 days. However, the correct calculation should indeed result in 189 days, acknowledging a mistake in the addition.

Question 4

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-January 4 to November 5 (the year is not a leap year)
A) 309
B) 305
C) 308
D) 303

Accepted Answer

The answer of Use a day counting table to find...

Question 5

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Annieʹs cafe borrows $6100 at 6% for 290 days. Find the total amount that must be repaid after 290 Days. (Use a 365 day year.)
A) $6466.00
B) $6129.08
C) $6390.79
D) $9007.95

Accepted Answer

To calculate simple interest, use the formula I = PRT, where P is the principal ($6100), R is the rate (6% or 0.06), and T is the time in years (290/365). The interest I = 6100 * 0.06 * (290/365) = $290.79. The total amount to be repaid is the principal plus interest: $6100 + $290.79 = $6390.79.

Question 6

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-John forgot to pay his $413.00 income tax on time. The IRS charged a penalty of 3% for the 35 days The money was late. Find the penalty that was paid. (Use a 365 day year.)
A) $414.19
B) $0.14
C) $1.15
D) $1.19

Accepted Answer

The penalty is calculated using the formula for simple interest: $I = P \times r \times t$, where $I$ is the interest (penalty in this case), $P$ is the principal amount ($413.00), $r$ is the annual interest rate (3% or 0.03 when expressed as a decimal), and $t$ is the time the money was borrowed or in this case, the time the payment was late, expressed in years. For 35 days out of a 365-day year, $t = \frac{35}{365}$. Plugging the values into the formula gives: $I = 413 \times 0.03 \times \frac{35}{365} = 1.18904109589$, which rounds to $1.19.

Question 7

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-December 3 to May 19 (the year of the May date is a leap year)
A) 169
B) 167
C) 166
D) 168

Accepted Answer

From December 3 to December 31 is 28 days. January has 31 days, February has 29 days (leap year), March has 31 days, April has 30 days, and May 1 to May 19 is 19 days. Adding these gives 28 + 31 + 29 + 31 + 30 + 19 = 168 days.

Question 8

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-January 15 to July 31 (a leap year)
A) 198
B) 197
C) 213
D) 196

Accepted Answer

To calculate the number of days from January 15 to July 31 in a leap year, we count the days in each month: January (31 days, but only 17 days from January 15), February (29 days, because it's a leap year), March (31 days), April (30 days), May (31 days), June (30 days), and July (31 days). Adding these together: 17 + 29 + 31 + 30 + 31 + 30 + 31 = 199 days. However, since we count the start day, we subtract one to avoid double counting the first day, resulting in 198 days.

Question 9

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Andy Jones opened a security service company. To pay for startup costs, Andy Jones borrowed $49,000 from a bank at 5% for 1 year. Find the interest.
A) $245.00
B) $2940.00
C) $51,450.00
D) $2450.00

Accepted Answer

The answer of Solve the problem. Assume that simple interest...

Question 10

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $6205, r = ?, t = 5 months, i = $90.49
A) r = 3.5%
B) r = 1.4%
C) r = 0.04%
D) r = 28.57%

Accepted Answer

The simple interest formula is i = prt, where i is the interest, p is the principal, r is the interest rate, and t is the time. We can rearrange this formula to solve for r: r = i/pt. Plugging in the given values, we get r = 90.49/(6205*5/12) = 0.035 = 3.5%.

Question 11

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-February 4 to June 11 (the year is not a leap year)
A) 35
B) 163
C) 127
D) 162

Accepted Answer

To calculate the number of days from February 4 to June 11 in a non-leap year, count the days in each month involved: February (24 days, since February has 28 days and we start counting from the 4th), March (31 days), April (30 days), May (31 days), and June (11 days). Adding these together: 24 + 31 + 30 + 31 + 11 = 127 days.

Question 12

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $4163, r = ?, t = 213 days, i = $123.16
A) r = 9.4%
B) r = 20%
C) r = 0.05%
D) r = 5%

Accepted Answer

The answer of Use the simple interest formula to determine...

Question 13

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $12,403, r = 3.5%, t = ?, i = $2170.53
A) t = 7 years
B) t = 5 years
C) t = 6 years
D) t = 4 years

Accepted Answer

The simple interest formula is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years. Rearranging the formula to solve for T gives T = I / (PR). Substituting the given values, T = $2170.53 / ($12,403 * 0.035) = 5 years.

Question 14

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Robert Hall bought a new computer system. To pay for the system, he borrowed $5110 from the Credit union at $3 \frac { 2 } { 3 } \%$ Simple interest for 120 days. Find the interest owed. (Use a 365 day year.)
A) $61.60
B) $50.40
C) $46.84
D) $187.37

Accepted Answer

Interest = Principal x Rate x Time= 5110 x 3.667% x 120/365= 5110 x 0.03667 x 120/365= 5110 x 0.01333 x 120/365= 5110 x 0.003667 x 120= 22.9998= $23.00 (nearest cent)

Question 15

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-May 2 to June 12
A) 122
B) 38
C) 71
D) 41

Accepted Answer

From May 2 to May 31, there are 29 days. From June 1 to June 12, there are 12 days. Adding these gives 29 + 12 = 41 days.

Question 16

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-July 14 to January 18
A) 196
B) 188
C) 177
D) 195

Accepted Answer

The answer of Use a day counting table to find...

Question 17

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Skyway Marketing, Ltd. bought a new computer system. To pay for the system, they borrowed $47,090 at $5 \frac { 3 } { 4 } \%$ Interest for 150 days. Find the interest owed. (Use a 365 day year.)
A) $1112.74
B) $676.92
C) $2707.68
D) $967.60

Accepted Answer

Interest = P * R * T= 47090 * 5.75/100 * 150/365= 47090 * 0.0575 * 0.411= 1112.74

Question 18

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-February 23 to October 16
A) 254
B) 235
C) 289
D) 253

Accepted Answer

The answer of Use a day counting table to find...

Question 19

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Allan borrowed $6500 from his father to buy a car. He repaid him after 4 months with interest of 2% per year. Find the total amount he repaid.
A) $6630.00
B) $6543.33
C) $6532.50
D) $43.33

Accepted Answer

The interest $I$ can be calculated using the formula $I = P \times r \times t$, where $P$ is the principal amount ($6500), $r$ is the annual interest rate (2% or 0.02), and $t$ is the time in years. For 4 months, $t = \frac{4}{12}$ or $\frac{1}{3}$ year. So, $I = 6500 \times 0.02 \times \frac{1}{3} = 43.33$. The total amount repaid is the principal plus interest: $6500 + $43.33 = $6543.33.

Question 20

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated.
-September 11 to November 23
A) 327
B) 73
C) 104
D) 72

Accepted Answer

The answer of Use a day counting table to find...

Quiz 10: Consumer Mathematics

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -John Leeʹs savings account has a balance of $2183. After 27 months, what will the amount of Interest be at 6.8% per year?

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -August 25 to March 8 (the year of the March date is not a leap year)

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -May 7 to November 12

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -January 4 to November 5 (the year is not a leap year)

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -Annieʹs cafe borrows $6100 at 6% for 290 days. Find the total amount that must be repaid after 290 Days. (Use a 365 day year.)

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -John forgot to pay his $413.00 income tax on time. The IRS charged a penalty of 3% for the 35 days The money was late. Find the penalty that was paid. (Use a 365 day year.)

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -December 3 to May 19 (the year of the May date is a leap year)

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -January 15 to July 31 (a leap year)

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -Andy Jones opened a security service company. To pay for startup costs, Andy Jones borrowed $49,000 from a bank at 5% for 1 year. Find the interest.

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $6205, r = ?, t = 5 months, i = $90.49

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -February 4 to June 11 (the year is not a leap year)

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $4163, r = ?, t = 213 days, i = $123.16

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary -p = $12,403, r = 3.5%, t = ?, i = $2170.53

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -May 2 to June 12

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -July 14 to January 18

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -February 23 to October 16

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. -Allan borrowed $6500 from his father to buy a car. He repaid him after 4 months with interest of 2% per year. Find the total amount he repaid.

Use a day counting table to find the exact number of days from the first date to the second date. Assume the year is not a leap year unless otherwise indicated. -September 11 to November 23