Financial Mathematics Practice Exam

Waldo borrows $720 at 4.8% simple interest per month. When he pays the loan back in 5 years, how much interest does Waldo pay?

• $135.60

• $754.56

• $2793.60

• $2073.60

Harry borrows $2770 at 4% interest compounded yearly. When he pays the loan bak in 4 years, what is the total amount that Harry ends up repaying?

• $470.51

• $3245.51

• $443.20

• $3240.51

Adam borrows $720 at 2.7% simple interest per month. When Adam pays back the loan in 2 months, what is the total amount he ends up repaying?

• $38.88

• $758.88

• $681.12

• $739.44

Molly borrows $3770 at 8% interest compounded yearly. When Molly pays the loan back 6 years later, how much interest does Molly pay?

• $2212.52

• $5982.52

• $1809.60

• $9752.52

How much more interest would you get in 2 years from 5% compounded quarterly compared to 5% simple interest on a $1600 deposit?

• $12.33

• $7.18

• $-2.77

• $2.28

Opal borrows $3180 at 1% simple interest per month. When she pays back the loan in 11 years, how much interest does Opal pay?

• $4179.60

• $1017.60

• $7377.60

• $3211.80

How much more interest would you get in 4 years from 24% compounded quarterly compared to 24% simple interest on a $4600 deposit?

• $2621.86

• $2694.34

• $2717.98

• $2669.62

Gina borrows $3930 at 4.6% simple interest per month. When Gina pays the loan back in 8 years, what is the total amount that Gina ends up repaying?

• $4110.78

• $21284.88

• $13424.88

• $17354.88

Gill borrows $3320 at 16% interest compounded yearly. When Gill pays the loan back 8 years later, how much interest does Gill pay?

• $7564.34

• $4249.60

• $10884.34

• $14204.34

How much more interest would you get in 2 years from 18% compounded monthly compared to 18% simple interest on a $1900 deposit?

• $96.24

• $150.60

• $132.06

• $114.42