1.	A 9% discounted loan is to be repaid in monthly installments over two years. The total amount borrowed was $500. How much is the monthly payment?	
	A)  $12.51    B)  $20.83    C)  $24.58    D)  $25.60	

2.	A 9% add-on loan is to be repaid in monthly installments over two years. The amount borrowed was $500. How much is the monthly payment?	
	A)  $12.51    B)  $20.83    C)  $24.58    D)  $25.60	

3.	A 7% discounted loan is to be repaid in monthly installments over six years. The total amount borrowed was $6000. How much is the monthly payment?	
	A)  $68.33    B)  $72.33    C)  $83.33    D)  $118.33	

4.	A 7% add-on loan is to be repaid in monthly installments over six years. The amount borrowed was $6000. How much is the monthly payment?	
	A)  $68.33    B)  $72.33    C)  $83.33    D)  $118.33	

5.	An 8% discounted loan is to be repaid in monthly installments over five years. The total amount borrowed was $12,000. How much is the monthly payment?	
	A)  $54    B)  $185    C)  $200    D)  $205	

6.	An 8% add-on loan is to be repaid in monthly installments over five years. The amount borrowed was $12,000. How much is the monthly payment?	
	A)  $54    B)  $185    C)  $200    D)  $205	

7.	A 12% discounted loan is to be repaid in monthly installments over four years. The total amount borrowed was $5400. How much is the monthly payment?	
	A)  $112.50    B)  $162.50    C)  $166.50    D)  $282.75	

8.	A 12% add-on loan is to be repaid in monthly installments over two years. The amount borrowed was $5400. How much is the monthly payment?	
	A)  $112.50    B)  $162.50    C)  $166.50    D)  $282.75	

9.	An 11.9% discounted loan is to be repaid in monthly installments over three years. The total amount borrowed was $29,000. How much is the monthly payment?	
	A)  $241.67    B)  $493.00    C)  $805.56    D)  $1093.14	

10.	An 11.9% add-on loan is to be repaid in monthly installments over three years. The total amount borrowed was $29,000. How much is the monthly payment?	
	A)  $241.67    B)  $493.00    C)  $805.56    D)  $1093.14	

11.	A 7.4% discounted loan is to be repaid in monthly installments over ten years. The total amount borrowed was $19,500. How much is the monthly payment?	
	A)  $112.50    B)  $162.50    C)  $166.50    D)  $282.75	

12.	A 7.4% add-on loan is to be repaid in monthly installments over ten years. The total amount borrowed was $19,500. How much is the monthly payment?	
	A)  $112.50    B)  $162.50    C)  $166.50    D)  $282.75	

13.	Annie wants to borrow $8000 to start a small business. She has found a bank that offers a 5.5% add-on loan to be repaid in monthly installments over ten years. How much is the monthly payment?	
	A)  $68.33    B)  $83.33    C)  $103.33    D)  $113.33	

14.	Annie wants to borrow $8000 to start a small business. She has found a bank that offers a 4% discounted loan to be repaid in monthly installments over ten years. How much should she borrow to get $8000 at the start of the loan?	
	A)  $8333.33    B)  $13,333.33    C)  $14,333.33    D)  $14,833.33	

15.	Inez wants to borrow $2100 to start a small business. She has found a bank that offers a 7% add-on loan to be repaid in monthly installments over five years. How much is the monthly payment?	
	A)  $16.67    B)  $26.00    C)  $35.00    D)  $47.25	

16.	Inez wants to borrow $2100 to start a small business. She has found a bank that offers a 7% discounted loan to be repaid in monthly installments over five years. How much should she borrow to get $2100 at the start of the loan?	
	A)  $2334.79    B)  $3230.77    C)  $3425.84    D)  $4255.30	

17.	Karana takes out a conventional loan to purchase a car. The interest rate is 6.4% compounded monthly and Karana has ten years to repay the $27,000 she borrowed. What are Karana's monthly payments?	
	A)  $385.07    B)  $305.21    C)  $186.49    D)  $171.48	

18.	Moe takes out a conventional loan to purchase a car. The interest rate is 8.3% compounded monthly and Moe has eight years to repay the $12,000 he borrowed. What are Moe's monthly payments?	
	A)  $385.07    B)  $305.21    C)  $186.49    D)  $171.48	

19.	Ellie takes out a conventional loan to purchase a car. The interest rate is 7.5% compounded monthly and Ellie has four years to repay the $12,000 she borrowed. What are Ellie's monthly payments?	
	A)  $95.46    B)  $139.33    C)  $169.53    D)  $290.15	

20.	May takes out a conventional loan to purchase a car. The interest rate is 6.8% compounded monthly and May has six years to repay the $10,000 she borrowed. What are May's monthly payments?	
	A)  $95.46    B)  $139.33    C)  $169.53    D)  $290.15	

21.	Suppose a student loan has an interest rate of 7% compounded monthly with monthly payments and the borrower has ten years to repay. If $12,000 is borrowed, what are the monthly payments?	
	A)  $95.46    B)  $139.33    C)  $169.53    D)  $290.15	

22.	Suppose a student loan has an interest rate of 5% compounded monthly with monthly payments and the borrower has ten years to repay. If $9000 is borrowed, what are the monthly payments?	
	A)  $95.46    B)  $139.33    C)  $169.53    D)  $290.15	

23.	Suppose a student loan has an interest rate of 5.8% compounded monthly with monthly payments and the borrower has ten years to repay. If $35,000 is borrowed, what are the monthly payments?	
	A)  $385.07    B)  $305.21    C)  $186.49    D)  $171.48	

24.	Suppose a student loan has an interest rate of 6.2% compounded monthly with monthly payments and the borrower has ten years to repay. If $5000 is borrowed, what are the monthly payments?	
	A)  $45.28    B)  $56.01    C)  $68.92    D)  $73.10	

25.	A credit card bill shows a balance due of $980 with a monthly interest rate of 1.91%. What is the APR?	
	A)  18.36%    B)  19.99%    C)  22.92%    D)  25.49%	

26.	A credit card bill shows a balance due of $980 with a monthly interest rate of 1.91%. What is the EAR?	
	A)  18.36%    B)  19.99%    C)  22.92%    D)  25.49%	

27.	A credit card bill shows a balance due of $2500 with a monthly interest rate of 1.53%. What is the APR?	
	A)  18.36%    B)  19.99%    C)  22.92%    D)  25.49%	

28.	A credit card bill shows a balance due of $2500 with a monthly interest rate of 1.53%. What is the EAR?	
	A)  18.36%    B)  19.99%    C)  22.92%    D)  25.49%	

29.	A credit card bill shows a balance due of $750 with a minimum payment of $15 and a monthly interest rate of 1.62%. What is the APR?	
	A)  17.28%    B)  18.72%    C)  19.44%    D)  21.26%	

30.	A credit card bill shows a balance due of $750 with a minimum payment of $15 and a monthly interest rate of 1.62%. What is the EAR?	
	A)  17.28%    B)  18.72%    C)  19.44%    D)  21.26%	

31.	A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the APR?	
	A)  17.28%    B)  18.72%    C)  19.44%    D)  21.26%	

32.	A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR?	
	A)  17.28%    B)  18.72%    C)  19.44%    D)  21.26%	

33.	Find the future value of an annuity with monthly deposits of $350, made over a period of five years, with 4% interest compounded monthly.	
	A)  $13,721    B)  $23,205    C)  $23,292    D)  $30,707	

34.	Find the future value of an annuity with monthly deposits of $250, made over a period of eight years, with 6% interest compounded monthly.	
	A)  $13,721    B)  $23,205    C)  $23,292    D)  $30,707	

35.	Find the future value of an annuity with monthly deposits of $150, made over a period of ten years, with 5% interest compounded monthly.	
	A)  $13,721    B)  $23,205    C)  $23,292    D)  $30,707	

36.	Find the future value of an annuity with monthly deposits of $75, made over a period of ten years, with 8% interest compounded monthly.	
	A)  $13,721    B)  $23,205    C)  $23,292    D)  $30,707	

37.	How much would you have to invest each month in an annuity earning 5% monthly to earn $30,000 at the end of 30 years?	
	A)  $14.32    B)  $36.05    C)  $39.82    D)  $40.26	

38.	How much would you have to invest each month in an annuity earning 5% monthly to earn $5000 at the end of 18 years?	
	A)  $14.32    B)  $36.05    C)  $39.82    D)  $40.26	

39.	How much would you have to invest each month in an annuity earning 6% monthly to earn $40,000 at the end of 30 years?	
	A)  $14.32    B)  $36.05    C)  $39.82    D)  $40.26	

40.	You invest $150 each month into an annuity earning 5.4% each month. How much do you have at the end of 18 years?	
	A)  $48,826    B)  $54,582    C)  $64,651    D)  $68,461	

41.	You invest $100 each quarter into an annuity earning 8% each quarter. How much do you have at the end of 30 years?	
	A)  $48,826    B)  $54,582    C)  $64,651    D)  $68,461	

42.	Find the future value of an annuity with monthly deposits of $150, made over a period of four years, with 5.2% interest compounded monthly.	
	A)  $5777.18    B)  $7984.39    C)  $7706.18    D)  $8254.28	

43.	Find the future value of an annuity with monthly deposits of $60, made over a period of ten years, with 8.1% interest compounded monthly.	
	A)  $11,038.21    B)  $17,234.56    C)  $29,668.96    D)  $58,843.96	

44.	Find the future value of an annuity with monthly deposits of $250, made over a period of 30 years, with 6.1% interest compounded monthly.	
	A)  $153,264.36    B)  $198,328.32    C)  $231,235.54    D)  $255,986.36	

45.	Find the future value of an annuity with monthly deposits of $75, made over a period of five years, with 9.8% interest compounded monthly.	
	A)  $5777.18    B)  $7984.39    C)  $7706.18    D)  $8254.28	

46.	How much would you have to invest each month in an annuity earning 6.5% monthly to earn $30,000 at the end of 15 years?	
	A)  $84.77    B)  $98.83    C)  $146.93    D)  $152.15	

47.	How much would you have to invest each quarter in an annuity earning 5% quarterly to earn $20,000 at the end of 20 years?	
	A)  $84.77    B)  $98.83    C)  $146.93    D)  $152.15	

48.	How much would you have to invest each month in an annuity earning 7.4% monthly to earn $15,000 at the end of ten years?	
	A)  $84.77    B)  $98.83    C)  $146.93    D)  $152.15	

49.	You invest $75 each month into an annuity earning 6.2% each month. How much do you have at the end of 18 years?	
	A)  $11,038.21    B)  $17,234.56    C)  $29,668.96    D)  $58,843.96	

50.	You invest $300 each quarter into an annuity earning 8.1% each quarter. How much do you have at the end of 20 years?	
	A)  $11,038.21    B)  $17,234.56    C)  $29,668.96    D)  $58,843.96	

51.	You invest $200 each quarter into an annuity earning 8.1% each quarter. How much do you have at the end of 20 years?	
	A)  $39,229    B)  $19,779.31    C)  $11,489.70    D)  $7,358,81	

52.	You have established an annuity plan that will accumulate to $50,000 in 10 years by investing $100 a month.  If you instead invest $200 a month, what would your annuity accumulate?	
	A)  more than $ 160,000    B)  $150,000    C)  $100,000    D)  less than $90,000	

53.	You have established an annuity plan that will accumulate to $30,000 in 10 years by investing $100 a month.  If you instead invest $200 a month, what would your annuity accumulate?	
	A)  $50,000    B)  $60,000    C)  more than $70,000    D)  less than $45,000	

54.	Which of these savings rates is most favorable?	
A)	5% compounded annually	C)	5% compounded quarterly	
B)	5% compounded semi-annually	D)	5% compounded monthly	

55.	Which of these savings rates is most favorable?	
A)	4% compounded quarterly	C)	4% compounded monthly	
B)	4% compounded semi-annually	D)	4% compounded annually	

56.	Which of these savings rates is most favorable?	
A)	4% compounded annually	C)	3.9% compounded quarterly	
B)	3.9% compounded monthly	D)	3.8% continuously compounded	

57.	Which of these savings rates is most favorable?	
A)	5% compounded annually	C)	4.8% compounded quarterly	
B)	4.9% compounded monthly	D)	4.8% continuously compounded	

58.	Which of these savings rates is most favorable?	
A)	6% compounded annually	C)	5.9% compounded quarterly	
B)	5.8% compounded monthly	D)	5.8% continuously compounded	

59.	Which of these loan rates is most favorable?	
A)	12% compounded annually	C)	12% compounded quarterly	
B)	12% compounded monthly	D)	12% continuously compounded	

60.	Which of these loan rates is most favorable?	
A)	12% compounded annually	C)	11.5% compounded quarterly	
B)	11.5% compounded monthly	D)	11% continuously compounded	

Answer Key

1.	B	
2.	C	
3.	C	
4.	D	
5.	C	
6.	D	
7.	A	
8.	C	
9.	C	
10.	D	
11.	B	
12.	D	
13.	C	
14.	B	
15.	D	
16.	B	
17.	B	
18.	D	
19.	D	
20.	C	
21.	B	
22.	A	
23.	A	
24.	B	
25.	C	
26.	D	
27.	A	
28.	B	
29.	C	
30.	D	
31.	A	
32.	B	
33.	B	
34.	D	
35.	C	
36.	A	
37.	B	
38.	A	
39.	C	
40.	B	
41.	A	
42.	B	
43.	B	
44.	D	
45.	A	
46.	B	
47.	C	
48.	A	
49.	C	
50.	D	
51.	A	
52.	C	
53.	B	
54.	D	
55.	C	
56.	A	
57.	B	
58.	C	
59.	A	
60.	D