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Math 1332
Test 3 Review
Name___________________________________
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Express the fraction as a percent.
3
1)
8
A) 3.8%
1)
B) 37.5%
C) 46.9%
D) 80%
Write the decimal as a percent.
2) 0.31
A) 0.031%
B) 310%
C) 3.1%
D) 31%
Express the percent as a decimal.
3) 89.6%
A) 8.96
B) 0.786
C) 0.0896
D) 0.896
2)
3)
Solve the problem.
4) What number is 28% of 27?
A) 0.756
B) 756
C) 7.56
D) 75.6
5) 17 is 4% of what number?
A) 4250
B) 68
C) 425
D) 42.5
6) 9 is what percent of 25?
A) 36%
B) 3600%
C) 0.36%
D) 3.6%
4)
5)
6)
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
7) A brand new video game system sells for $299. If the sales tax is 7%, how much is the tax
on the system? How much is the total cost of the video game system?
7)
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
8) A dress regularly sells for $137. The sale price is $101. Find the percent decrease of the sale price
from the regular price.
A) 280.6%
B) 35.6%
C) 26.3%
D) 73.7%
8)
The principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of the
money. Assume 360 days in a year and round answer to the nearest cent.
9) P = $4000
9)
r = 4%
t = 1 year
A) $40
B) $160
C) $1600
D) $4
1
Determine the present value, P, you must invest to have the future value, A, at simple interest rate r after time t. Round
A
answer to the nearest dollar. P =
1 + rt
10) A = $11,000
r = 9.5%
t = 4 years
A) $7971
10)
B) $7981
C) $8009
D) $15,180
The principle represents an amount of money deposited in a savings account subject to compound interest at the rate
shown. Use the formula
r nt
A = P(1 + )
n
to find how much money will be in the account after the given number of years and how much interest was earned in that
period.
11) principal: $9000
11)
rate: 4%
compounding periods per year: 2
time: 3 years
A) amount in account: $11,387.87; interest earned: $2387.87
B) amount in account: $10,135.46; interest earned: $1135.46
C) amount in account: $10,123.78; interest earned: $1123.78
D) amount in account: $9550.87; interest earned: $550.87
Solve the problem.
12) A mother invests $5000 in a bank account at the time of her daughter's birth. The interest is
compounded quarterly at a rate of 6%. What will be the value of the daughter's account on her
twentieth birthday, assuming no other deposits or withdrawals are made during this period?
A) $16,453.31
B) $24,000.00
C) $987.20
D) $3948.79
Solve the problem using the present value formula P =
A
.
r nt
(1 + )
n
13) How much money should be deposited today in an account that earns 6% compounded
semiannually so that it will accumulate to $7000 in 2 years?
A) $6229.98
B) $7878.56
C) $780.59
D) $6219.41
Use the formula A =
P[(1 + r)t - 1]
or A =
r
P 1+
r nt
-1
n
r
n
12)
13)
to find the value of the annuity.
14)
14)
Periodic Deposit
Rate
Time
$900 at the end of every six months 7% compounded semiannually 9 years
A) $47,764.01
B) $22,049.72
C) $20,434.51
2
D) $22,090.97
Solve the problem. Round answers to the nearest dollar.
15) The cost of a home entertainment center is $3800. We can finance this by paying $300 down and
$309.17 per month for 12 months. Determine a. the amount financed; b. the total installment price;
c. the finance charge.
A) a. amount financed: $3500; b. total installment price: $3975; c. finance charge: $175
B) a. amount financed: $3500; b. total installment price: $4010; c. finance charge: $210
C) a. amount financed: $3800; b. total installment price: $3975; c. finance charge: $175
D) a. amount financed: $3500; b. total installment price: $4010; c. finance charge: $510
Solve the problem.
16) A particular credit card calculates interest using the unpaid balance method. The monthly interest
rate is 1.57% on the unpaid balance on the first day of the billing period less payments and credits.
Here are some of the details in the July 1 - July 31 itemized billing:
July 1 Unpaid Balance: $1552
Payment Received July 10: $300
Purchases Charged to the VISA Account: meals, $80; theater tickets, $37; computer accessories, $350
Last Day of the Billing Period: July 31
Payment Due Date: August 9
a. Find the interest due on the payment due date.
b. Find the total balance owed on the last day of the billing period.
c. This credit card requires a $10 minimum monthly payment if the total balance owed on the last
day of the billing period is less than $360. Otherwise, the minimum monthly payment is 1/36 of the
balance owed on the last day of the billing period, rounded to the nearest whole dollar. What is the
minimum monthly payment due by August 9.
A) a. $19.66
B) a. $21.62
C) a. $19.66
D) a. $19.66
b. $1271.66
b. $1740.62
b. $1719
b. $1738.66
c. $35
c. $48
c. $48
c. $48
15)
16)
17) A credit card has a monthly rate of 1.33%. In the November 1-November 30 itemized billing, the
November 1 unpaid balance is $4000. A payment of $1500 was received on November 7. There are
no purchases or cash advances in this billing period. The payment due date is December 9. Find the
interest due on this date using:
a. the unpaid balance method
b. the previous balance method
c. the average daily balance method
A) a.unpaid balance method: $35.75
B) a.unpaid balance method: $35.75
b. previous balance method: $53.20
b. previous balance method: $35.75
c. average daily balance method: $37.91
c. average daily balance method: $36.04
C) a.unpaid balance method: $33.25
D) a.unpaid balance method: $33.25
b. previous balance method: $53.20
b. previous balance method: $53.20
c. average daily balance method: $37.24
c. average daily balance method: $36.13
17)
18) The price of a home is $330,000. The bank requires a 10% down payment. After the down payment,
the balance is financed with a 30-year fixed-rate mortgage at 6.5%. Determine the monthly
mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
A) $1892
B) $1877
C) $1977
D) $1865
18)
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Answer Key
Testname: MATH 1332 T3RS11
1) B
2) D
3) D
4) C
5) C
6) A
7) The tax is $20.93. The total cost is $319.93
8) C
9) B
10) A
11) B
12) A
13) D
14) B
15) B
16) D
17) C
18) B
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