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Mathematics of Finance 8th Edition Test Bank

Mathematics of Finance 8th Edition Test Bank simplifies your exam prep with detailed solutions and a wide range of test questions.

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1Student: ___________________________________________________________________________1.You invest $800 on May 25, 2007, on what day will you have earned exactly $31.96 of interest ifyour investment earns simple interest atr= 6%?A.August 31, 2007B.January 20, 2008C.January 23, 2008D.January 25, 20082.Youinvest $50,000 today. It earns simple interest at 15% for the first 5 months, 10% for the next 3months and 12% for the last 2 months. What is the accumulated value at the end of 10 months?A.$56,450B.$56,250C.$55,542D.$55,3753.You buy a stove for $1500 on February 20. The store gives you 4 months "interest free", afterwhich you must pay the $1500. However, the store charges an administration fee of $50, to bepaid today. What rate of simple interest,r, are you being charged for this "interest free" plan?A.10.49%B.10.34%C.10.14%D.10.00%4.You buy some furniture for $600. The department store offers you "no interest for 8 months" afterwhich you can pay the $600 in one lump sum. To take advantage of this deal, the store charges a$25 service fee, which is to be paidtoday. What rate ofsimple interest is the store charging youfor this "no interest" loan?A.0%B.5.80%C.6.05%D.6.52%

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Mathematics Of Finance by Robert Br...

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