Quiz about Financial Algebra

Question 1

Sandra has $500 in a savings account that earns 1% annual interest. She leaves that money in the account for 5 years. If inflation averaged 2% per year, what happened to the purchasing power of her savings?

Accepted Answer

It decreased

Answer

It increased

Answer

It stayed the same

Answer

It matched inflation

Question 2

Rupert makes $1,600 bi-weekly.

Find his annual salary.

Accepted Answer

$41,600

Answer

$19,200

Answer

$83,200

Answer

$61.54

Question 3

How much is each weekly paycheck?

Accepted Answer

$1,153.85

Answer

$1,352.50

Answer

$2,500

Answer

$3,120

Question 4

Carlos makes $18.25 an hour.

Give the best estimate of his annual pay (40 hours per week).

Accepted Answer

$36,500

Answer

$26,500

Answer

$46,500

Answer

$56,500

Question 5

Derek is placing a 7-line job posting for an assistant. The following piecewise function gives the price of an x-line posting. Find the difference between the cost of a 6-line ad and the cost of a 7-line ad.

Accepted Answer

9

Answer

59

Answer

68

Answer

32

Question 6

Question 6.

Accepted Answer

$11,261.25

Answer

$41,945

Answer

$10,486.25

Answer

$11,286.25

Question 7

Talia makes $12 an hour.

She gets time-and-a-half for overtime.

Find her weekly pay if she works 45 hours.

Accepted Answer

$570

Answer

$480

Answer

$540

Question 8

De'sean makes $20 an hour. He gets time-and-a-half for overtime. Find his weekly pay if he works 41 hours.

Accepted Answer

$830

Answer

$840

Answer

$850

Question 9

Phil makes $12.50 an hour. He gets time-and-a-half for overtime. Find his weekly pay if he works 50 hours.

Accepted Answer

$687.50

Answer

$500

Answer

$587.50

Question 10

If you get paid semi-monthly (twice per month) how many times do you get paid in a year?

Accepted Answer

24

Answer

26

Answer

31

Answer

52

Question 11

Bailey has $3200 per month to spend. Her monthly costs include: rent of $1,200, car expenses of $525, utilities of $145, insurance of $200, food for $315, and other expenses of of $75. What is the end result?

Accepted Answer

Budget surplus of $740

Answer

Budget deficit of $740

Answer

Budget surplus of $125

Answer

Budget deficit of $125

Question 12

How much interest is earned if $1,000 is put into a savings account for 15 years at an annual simple interest rate of 4%.

Accepted Answer

$600

Answer

$7,000

Answer

$6,000

Answer

$1,600

Question 13

The Smiths put $6,000 into a savings account for their daughter Kate that earned 4.75% simple interest annually for 20 years. How much is in the account after 18 years?

Accepted Answer

$11,700

Answer

$5,700

Answer

$6,285

Answer

$51,300

Question 14

Devon earned $495 in simple interest over four years at a 1.5% interest rate. What was the amount that he put in his savings account to start.

Accepted Answer

$8,250

Answer

$495

Answer

$18.56

Answer

$825

Question 15

The details of any loan will include the following 3 components:

Accepted Answer

The principal, the interest rate and the loan term

Answer

The loan amount, the credit card interest, and the statement

Answer

The money you pay, the money the lender pays, the principal

Answer

The principal, the loan amount and the money you pay

Question 16

The Mayhew family wants to purchase a home for $500,000. They have been approved for a 30 year loan at a rate of 7.66%. Which of the following will give them the cheapest monthly payment?

Accepted Answer

Good Credit Score and 20% Down Payment

Answer

Good Credit Score and 10% Down Payment

Answer

Poor Credit Score and 10% Down Payment

Answer

Poor Credit Score and Less than 10% Payment

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