Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 1 of 14Course Name: Financial Algebra
Course ID: MTHH047055
Student: Jaewon Lee
Student ID: B62729106
Generated Date: June 08, 2023
Test Version: R Test
Progress Test 2
This Progress Test covers the course materials that were assigned in Units 3 and 4.
Although the progress test is similar in style to the unit evaluations, the progress test is a
closed-book test. It is important that you do your own work. Select the response that
best completes the statement or answers the question. Note: You may use your
scientific or graphing calculator.
Use this link to access supplemental information that you may use as you take this
Progress Test.
____ 1. Find the ending balance if the original balance was $237.47 and the following
transactions occurred over the space of a week: wrote a check, $18;
paycheck deposit, $162.75; check deposit, $25; ATM, $15; wrote a check,
$52.16; deposit, $20; maintenance fee, $10; interest, $0.50.
A. $349.56
B. $380.56
C. $452.88
D. $350.56
____ 2. If
find
A. 0
B. 3
C. 1
D. There is no limit.
____ 3. Find the simple interest on a $2,590 principal deposited for five years at 3.45%
A. $3,036.78
B. $90.65
C. $6,345.50
D. $446.78
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Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 2 of 14
____ 4. Janice deposits $2,350 in an account that earns interest at a rate of 3.1%
compounded monthly. What is her ending balance after five years?
A. $2,743.45
B. $4,371.00
C. $3,035.42
D. $2,380.35
____ 5. Althea will need $40,000 for her school tuition in three years. She has an
account that earns 3.15% interest, compounded quarterly. How much does
she need to deposit into that account each quarter to reach her goal?
A. $9,856.45
B. $3,285.48
C. $2,648.60
D. $3,191.41
____ 6. Mia just received her bank statement. The statement lists three deposits and
25 checks that cleared. Her register shows eight outstanding checks. How
many checks has Mia written since her last statement?
A. 36
B. 33
C. 25
D. 8
____ 7. How much does $2,500 earn in three months at an interest rate of 5.25%,
compounded quarterly?
A. $2,631.25
B. $2,532.81
C. $131.25
D. $32.81
____ 8. Bianca has a credit line of $9,000. She had a previous balance of $1,705.91
and made a payment of $1,425. Her total purchases are $6,756.20 and she
has been charged a $20.00 finance charge. What is her available credit?
A. $1,705.91
B. $9,000.00
C. $1,942.89
D. $7,057.11
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____ 9. Karol wants to buy a boat in 4 years for $7,000. He finds an account that pays
5% interest, compounded daily. How much should he put into the account so
that he’ll have enough in four years?
A. $5,600.00
B. $1,400.00
C. $5,671.21
D. $5,731.19
____ 10. Jake had these balances on his credit card for his last billing period. He did
not pay the card in full the previous month, so he will have to pay a finance
charge. The APR is 18.6%. What is his average daily balance?
A. $997.42
B. $1,030.67
C. $883.62
D. $165.99
____ 11. Jill’s credit card was stolen. The thief charged a $1,000 kayak before she
reported it stolen. How much of the thief’s purchase is Jill responsible for?
A. $0
B. $50
C. $100
D. $1,000
____ 12. Carolyn has a CD at Crossroads Bank. She invests $20,000 for five years at
3.25% interest, compounded quarterly. What is her ending balance?
A. $23,250.00
B. $24,525.00
C. $23,513.52
D. $20,314.41
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____ 13. Susie deposits $3,000 at 2.45% interest, compounded continuously for five
years. What would be her ending balance to the nearest cent?
A. $3,367.50
B. $3,390.96
C. $3,074.41
D. $3,908.37
____ 14. Examine the summary section of this monthly credit card statement. Use the
first five entries to determine the new balance.
A. $559.38
B. $1,264.08
C. $1,282.14
D. $1,109.72
____ 15. George filled out this information on his monthly statement. Find his revised
statement balance. Does his account reconcile?
A. $864.52; yes
B. $864.52; no
C. $586.90; yes
D. $586.90; no
____ 16. On July 10, Isabella opened a savings account with $900. It earned 3%
interest, compounded daily. On July 11, she deposited her first paycheck of
$76.22. What was her balance at the end of the day on July 11?
A. $976.22
B. $976.76
C. $976.37
D. $1,005.51
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____ 17. Find the interest for a three-year CD for $5,000 at an interest rate of 6%,
compounded annually.
A. $955.08
B. $900.00
C. $5,955.08
D. $5,900.00
____ 18. Carly took out a $7,000, three-year loan with an APR of 8.15%. What is the
total amount of payments?
A. $6,161.40
B. $7,000.00
C. $7,914.24
D. $5,276.16
____ 19. The finance charge on Lauren’s credit card bill last month was $13.50. Her
APR was 18%. What was her average daily balance?
A. $243.00
B. $13.50
C. $900.00
D. $405.00
____ 20. Andrew wants to open an account for his grandson that he hopes will have
$25,000 in it when he turns 21. How much should he put into an account
monthly that earns 1.5% interest, compounded monthly, if he begins when his
grandson is born?
A. $45.32
B. $89.36
C. $84.46
D. $93.23
____ 21. The average daily balance on Crandall’s credit card is $7,453.98. His APR is
16%. What is his finance charge for this billing cycle?
A. $16.00
B. $99.39
C. $119.26
D. $54.66
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____ 22. Carol deposited a $287 paycheck, a $13.60 rebate check, and a tax refund
check in the amount of $254 into her checking account. At the same time, she
withdrew $70. Her original account balance was $452.35. Assuming that all
of the checks clear, how much will be in the account?
A. $866.95
B. $484.60
C. $554.60
D. $936.95
____ 23. Scott bought a $6,435 boat on the installment plan. The agreement included a
20% down payment and 36 monthly payments of $162.21. What is the
finance charge on this installment plan?
A. $691.56
B. $595.44
C. $1,287.00
D. $162.21
____ 24. Juan had a credit score of 750. He then missed four monthly payment on his
credit cards and his score was lowered x points. Express his new score
algebraically.
A. 750 – x
B. 750 + x
C. x + 750
D. x – 750
____ 25. Put the following interest rates in descending order: Salem National Bank,
Corning Federal,
Turing State Bank,
Century National.
A. Turing State Bank, Century National, Corning Federal, Salem National
Bank
B. Turing State Bank, Corning Federal, Salem National Bank, Century
National
C. Salem National Bank, Century National, Corning Federal, Turing State
Bank
D. Century National, Turing State Bank, Corning Federal, Salem National
Bank
Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 6 of 14
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____ 26. First National Bank charges a monthly maintenance fee of $10 and a check
writing fee of $0.05 per check. Sophie wrote 420 checks last year. What
was the total of all of the fees that she paid on the account last year?
A. $31
B. $21
C. $141
D. $120
____ 27. What was the principal for a continuously compounded account earning 4.1%
interest that now has a balance of $250,000 after 10 years?
A. $84,087.44
B. $102,500.00
C. $376,704.45
D. $165,912.56
____ 28. Bill can afford a monthly payment of $1,000. He wants to take out a $60,000
loan at 8% interest rate. What should be the length of time? Round your
answer to the nearest tenth of a year.
A. 6.1 years
B. 6.2 years
C. 6.3 years
D. 6.4 years
____ 29. Sam had these balances on his credit card for his last billing period. He did
not pay the card in full the previous month, so he will have to pay a finance
charge. The APR is 18.6%. What is his finance charge?
A. $191.70
B. $25.67
C. $185.52
D. $15.98
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Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 8 of 14
____ 30. ABC Savings and Loan charges a monthly fee of $9 on checking accounts and
an overdraft protection fee of $30. Kendra’s check register showed that she
had a balance of $489 when she wrote a check for $376. Three days later
she realized that her check register had an error and she actually only had
$235. So she transferred $250 into her checking account. The next day, her
monthly account statement was sent to her. What was the balance on her
statement?
A. $80
B. $70
C. $131
D. $42
____ 31. Shania bought a $2,145 drum set on the installment plan. The agreement
included a 16% down payment and 18 monthly payments of $105.78 each.
What was the down payment?
A. $105.78
B. $343.20
C. $16.00
D. $2,145.00
____ 32. Pete bought a $3,255 lawn mower on the installment plan. The agreement
included a 15% down payment and 24 monthly payments of $123.35 each.
How much did the lawn mower cost on the installment plan?
A. $3,448.65
B. $2,960.40
C. $3,255.00
D. $4,692.24
____ 33. How long does it take $400 to double at a simple interest rate of 4.75%?
A. 320 months
B. 200 months
C. 253 months
D. 42 months
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____ 34. The Wilson family is taking out a $200,000 mortgage to buy a house. The
interest rate on the loan is 5.4% for 30 years. Compute the monthly payment.
A. $3,240.00
B. $1,123.06
C. $555.56
D. $1455.56
____ 35. Sarah is taking out a $15,300 four-year new-car loan with an APR of 5.15%.
What is the finance charge for this loan? Round to the nearest hundred
dollars.
A. $1,700
B. $3,200
C. $6,600
D. $3,100
____ 36. The policy of Black Oyster Pawnshop is to lend up to 30% of the value of a
borrower’s collateral. Harry wants to use a $700 computer and a $500
camera as collateral for a loan. What is the maximum that he could borrow
from Black Oyster?
A. $840
B. $1,200
C. $360
D. $210
____ 37. Clara wants to go on a cruise in 5 years. She plans on putting $35 every
week into an account that earns 4.1% interest, compounded weekly. How
much will she have?
A. $2,149.60
B. $63,362.47
C. $9,690.73
D. $10,095.49
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Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 10 of 14
____ 38. What is the balance on $3,000 in six months at an interest rate of 4%,
compounded quarterly?
A. $3,060.00
B. $3,060.30
C. $3,720.00
D. $3,360.00
____ 39. Chris purchases a living room set for $4,345. He has a one-year, no interest,
no money down, deferred payment plan. He does have to make $15 monthly
payments for the first 11 months. Assuming he makes minimum payments,
how much does he have to pay in the twelfth month in order not to have to pay
interest?
A. $15
B. $4,345
C. $4,180
D. $165
____ 40. Oscar was given a credit card with an APR of 21%. What was his monthly
periodic rate?
A. 21%
B. 2.1%
C. 12%
D. 1.75%
____ 41. Bob wants $300,000 in his retirement account when he retires in 30 years.
How much does he need to deposit each month if his account pays 2.45%
interest, compounded monthly?
A. $1,656.78
B. $2,208.78
C. $565.08
D. $2,159.04
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____ 42. Sophia deposits $200 into her account every month. Her account pays 2.5%
interest, compounded monthly. How much will she have in 20 years?
A. $48,000.00
B. $31,097.47
C. $62,194.94
D. $20,667.05
____ 43. Josh has a savings account at a bank that charges a $12 fee for every month
that his balance falls below $1,000. His account has a balance of $1,452.12
and he withdraws $600. What will his balance be in six months if he makes no
deposits nor withdrawals?
A. $754.23
B. $852.00
C. $840.00
D. $780.12
____ 44. Find the interest earned on a $35,000 deposit for a year at 2.5% interest,
compounded continuously.
A. $35,875.00
B. $875.00
C. $35,886.03
D. $886.03
____ 45. Faith is taking out an $8,100, 2½-year loan with an APR of 8.22%. What is
the monthly payment for this loan?
A. $299.61
B. $244.13
C. $245.80
D. $275.21
____ 46. What interest rate is needed for $7,200 to earn $600 in 18 months?
A. 3.92%
B. 5.56%
C. 4.52%
D. 5.89%
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____ 47. How much interest did Joanne receive if she deposits $4,300 into a one-year
CD at a rate of 4.3%, compounded daily?
A. $184.90
B. $4,484.90
C. $188.92
D. $4,488.92
____ 48. Put the following interest rates in ascending order: Michigan Savings and
Loan,
First National Bank,
Octagon Finance,
and Lake
Superior Credit Union,
A. First National Bank, Michigan Savings and Loan, Lake Superior Credit
Union, Octagon Finance
B. Michigan Savings and Loan, First National Bank, Lake Superior Credit
Union, Octagon Finance
C. Octagon Finance, First National Bank, Michigan Savings and Loan, Lake
Superior Credit Union
D. Michigan Savings and Loan, Lake Superior Credit Union, First National
Bank, Octagon Finance
____ 49. Sydney and Jacques are taking out a $175,000 mortgage to buy a house.
The interest rate on the loan is 3.9% for 30 years. What will be their finance
charge?
A. $825.42
B. $122,150.97
C. $204,750.00
D. $81,900.00
____ 50. If the billing cycle is from the first day of June to the last day of June, how
many days are in the billing period?
A. 28
B. 29
C. 30
D. 31
Carefully review your answers on this progress test and make any corrections
you feel are necessary. When you are satisfied that you have answered the
questions to the best of your ability, transfer your answers to the online test
submission page in the presence of your proctor.
Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 12 of 14
Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 13 of 14
The University of Nebraska is an equal opportunity educator and employer. ©2023, The
Board of Regents of the University of Nebraska. All rights reserved.
Progress Test 2 – MTHH047055 – Jaewon Lee – Jun 08, 2023 – Page 13 of 14
Progress Test 2
Financial Algebra (MTHH 047 055)
Formula Sheet
Simple Interest
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Compound Interest
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Continuous Compound Interest
B pert
Future Value of Periodic Investments
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P 1 1
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Present Value of Single Deposit Investment
P
nt
B
r
1
n
nt
Present Value of Periodic Deposit Investment
r
n
P
nt
r
1 1
n
Monthly Payment
r
r
p 1
12
12
M 12t
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1
1
12
Length of a Loan
M M r
ln ln
p p 12
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12 ln 1
12
B*
12t
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