## AMU MATH 125 week 5 test answers American Military University

# AMU MATH 125 Test Week 5 answers

## AMU MATH 125 week 5 test Question 1

Express 0.05 as a percent.

A.0.05%

B.0.0005%

C.5%

D.0.5%

## AMU MATH 125 week 5 test Question 2

A coat was reduced from $500 to $425. Find the percent of the reduction in price.

A.17.5%

B.15%

C.10%

D.25%

## AMU MATH 125 week 5 test Question 3

The average teachers’ and superintendents’ salaries for a school district was $40,966. Eight years later, the new average was $53,236. Find the percent increase to the nearest tenth of a percent.

A.15.0%

B.7.5%

C.3.7%

D.30.0%

## AMU MATH 125 week 5 test Question 4

The total real estate commission for a real estate company was $25 million in 2008, an increase of $1 million over the year 2004. What was the percent increase? Round answer to the nearest tenth of a percent.

A.3.8%

B.4.2%

C.4.6%

D.2.1%

## AMU MATH 125 week 5 test Question 5

Find the missing value: Principal $2,100; Rate: 13.5%; Time: ____; Simple Interest: $708.75

A.2.5 years

B.3.5 years

C.2 years

D.3 years

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## AMU MATH 125 week 5 test Question 6

Find the missing value: Principal $14,200; Rate: _____; Time 7 years; Simple Interest: $19,880

A.20.5%

B.20%

C.19.5%

D.19%

## AMU MATH 125 week 5 test Question 7

Find the missing value: Principal ______; Rate 13.5%; Time 7 years; Simple Interest: $19,750.50

A.$21,050

B.$20,900

C.$21,000

D.$20,800

## AMU MATH 125 week 5 test Question 8

Find the future value of the loan. P = $10,900, r = 3%, t = 8 years

A.$13,807.79

B.$12,427.01

C.$13,516.00

D.$12,164.40

## AMU MATH 125 week 5 test Question 9

Dr. George borrowed some money to buy new furniture for his office. He paid $185.63 simple interest on a 5.5-year loan at 1.5%. Find the principal.

A.$2,250

B.$2,350

C.$2,400

D.$2,150

## AMU MATH 125 week 5 test Question 10

A Motel is converting its rooms into privately owned condominiums. The interest on a $2,300,000, 20-year construction loan is $50,000. What is the rate of interest? Does the rate seem unreasonable?

A.2.17%; unreasonable

B.6.09%; reasonable

C.0.11%; unreasonable

D.4.59%; reasonable

## AMU MATH 125 week 5 test Question 11

Find the compound interest: Principal $2,100; Rate 16%; Compounded Quarterly; Time 5.5 years.

A.$2,866.72

B.$2,874.68

C.$2,876.83

D.$2,879.97

## AMU MATH 125 week 5 test Question 12

Find the future value of an annuity if you invest $850 quarterly for 5 years at 1.5% compounded quarterly.

A.$17,719.59

B.$17,669.97

C.$17,599.22

D.$17,619.47

## AMU MATH 125 week 5 test Question 13

Determine the better investment: 6% compounded monthly or 6.2% compounded semiannually

A.6%, compounded monthly

B.6.2% compounded semiannually

## AMU MATH 125 week 5 test Question 14

In order to help pay for college, the grandparents of a child invest $2,350 in a bond that pays 8% interest compounded quarterly. How much money will there be in 5 years?

A.$3,471.73

B.$3,491.98

C.$3,592.10

D.$3,542.48

## AMU MATH 125 week 5 test Question 15

As part of his retirement planning, Mr. Smith purchases an annuity that pays 5% compounded semiannually. If the semiannual payment is $6,500, how much will Mr. Smith have saved in 7.5 years?

A.$116,608.02

B.$116,537.27

C.$116,557.52

D.$116,657.64

AMU MATH 125 week 5 test Question 16

Suppose you plan to work right after you graduate, but still save money for graduate school. You decide to save $10,000 before starting, and find a weekly annuity that pays 7% interest for 4 years. How much will you need to pay each week?

A.$37.52

B.$52.11

C.$45.86

D.$41.69

## AMU MATH 125 week 5 test Question 17

Joan purchased a refrigerator for $500. She made a down payment of $50 and paid $51 a month for 11 months. Find the total installment price of the refrigerator.

A.$633.00

B.$611.00

C.$622.00

D.$605.00

## AMU MATH 125 week 5 test Question 18

Stephen purchased a diamond engagement ring for $3,000. His down payment was $1200, and he made 24 monthly payments of $83.06. Find the APR from the table below.

Annual Percentage Rate

A.9.5%

B.11%

C.10%

D.10.5%

## AMU MATH 125 week 5 test Question 19

Katie had an unpaid balance of $2,072.25 on her credit card statement at the beginning of March. She made a payment of $440.00 during the month. If the interest rate on Katie’s credit card was 15.5% per month on the unpaid balance, find the finance charge and the new balance on April 1.

A.Finance charge = $319.31; new balance = $1,951.56

B.Finance charge = $331.34; new balance = $1,963.59

C.Finance charge = $321.20; new balance = $1,953.45

D.Finance charge = $325.31; new balance = $1,957.56

## AMU MATH 125 week 5 test Question 20

Amanda’s credit card statement showed these transactions during December.

Dec 1 Previous balance $228.11

Dec 12 Purchases $354.78

Dec 18 Purchases $86.13

Dec 27 Payment $80.00

The interest rate is 10% per month on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on January 1. [Hint: Remember that December has 31 days.]

A.Average Daily Balance = $482.99; Finance Charge = $48.30; New Balance = $637.32

B.Average Daily Balance = $472.99; Finance Charge = $46.30; New Balance = $630.32

C.Average Daily Balance = $479.99; Finance Charge = $38.30; New Balance = $629.32

D.Average Daily Balance = $480.79; Finance Charge = $47.00; New Balance = $630.32