QRB 501 Week 5 Practice Quiz Study Guide
QRB 501 Week 5 Practice Quiz Study Guide
1. find the interest paid on a loan of $2100 for two years at a simple interest rate of 12% per year.
2. Find the maturity value of a loan of $2300.00 after three years. The loan carries a simple interest rate of 7.3% per year.
3. Convert two years, expressed in decimal form to the nearest hundredth. Five months.
4. A man needed money to buy lawn equipment. He borrowed $800.00 for five months and paid $53.97 in interest. What was the rate of interest?
5. Find the exact interest on a loan of $32,600 at 8% annually for 30 days.
6. A loan made on March 13 is due September 10 of the following year. Find the exact time for the loan in a non-leap year and a leap year.
7. A loan is made on March 20 for 181 days. Find the due date.
8. A loan for $2000 with a simple annual interest rate of 15% was made on June 18 and was due on August 18. Find the exact interest.
9. Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.8% ordinary interest is a partial payment of $4000 is made on the 60th day of the loan.
10. Raul Fletes borrowed $9000 on a 150 day note that required ordinary interest at 11.45%. Raul paid $4500 on the note on the 50th day. How much interest did he save by making the partial payment?
11. A man makes a simple discount note with a face value of $2400, a term of 160 days, and a 9% discount rate. Find the discount.
12. A man has a simple discount note for $6300, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest 10th of a percent.
13. A man holds a note of $4000 that has an interest rate of 11% annually. The note was made on March 19 and is due November 12. He sells the note to a bank on June 11 at a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the bankers rule)
14. A loan of $4000 at 4% is compounded semiannually for four years. Find the future value and compound interest. Use the $1.00 future value table or the future value and compound interest formula.
15. A loan of $1000 and 30% is compounded monthly for one year. Find the future value and compound interest. Use a $1.00 future value table or the future value and compound interest formula.
16. Tom Bond borrowed $6200 at 6 ½% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan?
17. A bank loaned John Smith $4000 for seven years compounded annually at 8%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula.
18. Find the future value of an investment of $12,000 if it is invested for four years and compounded semiannually at an annual rate of 2%. Use the $1.00 future value table or the future value and compound interest formula.
19. Find the effective interest rate for a loan for four years compounded semiannually at an annual rate of 2%.
20. Find the compound interest on a $2500 investment at .75% compounded daily for 21 days.
21. Find the amount that should be set aside today to yield the desired future amount. Future amount needed, $8000, interest rate, 12%, compounding., Semiannually, investment time, two years.
22. Compute the amount of money to be set aside today to ensure a future value of $4200 in one year if the interest rate is 2.5% annually, compounded annually.
23. Ronnie Cox has just inherited $27,000. How much of this money should be set aside today to have $15,000 to pay cash for a Ventura Van, which he plans to purchase in one year? He can invest at 1.6% annually, compounded annually.
24. Dewey Sykes plans to open a business and eight years when he retires. How much must he invest today to have $5000 when he retires if the bank pays 3% annually, compounded semiannually?
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