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Review For TVM Calculator
Test Description: Review of interest rates, PV, FV, N, P/Y and C/Y
Instructions: Answer all questions to get your test result.
1) How much does Halena need to deposit into an account to collect $50 000 at the end of 3 years if the account is paying 5.2 % per year compounded quarterly?
A
42820.98
B
42820.99
C
41520
D
50000
2) PV stands for
A
Present Venture
B
Present Vine
C
Picture Value
D
Present Value
3) Car Loan Payment. What is Kim's monthly payment for a 4-year $9000 car loan with an APR of 7.95% from County Savings Bank?
A
$219.51
B
$199.51
C
$219.50
D
$299.51
4) Car Loan Payment. What is Sarah's monthly payment for 3-year $4500 car loan with an APR 10.25% from County Savings Bank?
A
$145.73
B
$45.70
C
$145.20
D
$114.67
5) House Mortgage Payment. Gendo obtains a 30-year $86,000 house loan with an APR of 8.75% from National City Bank. What is her monthly payment?
A
$730.28
B
$500
C
$738.87
D
$676.56
6) House Mortgage Payment. Roberta obtains a 25-year $100,000 house loan with an APR of 9.25% from NBD Bank. What is her monthly payment?
A
$856.38
B
$788.45
C
$942.02
D
$743.12
7) Shane takes out a loan for 15 months to purchase a new living room package for $4800. The interest rate on the loan is 12.5% compounded monthly. What will his monthly payment be?
A
$320
B
$723.66
C
$820.26
D
$347.31
8) Heather decides to invest $3500 into her savings account and leave it there (untouched) for 25 years. The savings account has an interest rate of 6.4% compounded quarterly. How much will she have in 25 years?
A
$17,262.06
B
$3,997.79
C
$20,319.90
D
$3,997.79
9) What will a deposit of $4,500 at 10% compounded semiannually be worth if left in the bank for six years?
A
$8,020.22
B
$8,181.55
C
$8,081.35
D
$7,959.55
10) Find the future value of a truck which is purchased for $135 000 and depreciates at 15% p.a. for 5 years.
A
271533.22
B
49 900.32
C
59 900.22
D
-271533.22
*select an answer for all questions
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