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Simple interest · Chapter 16
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Simple interest · Mock exam

Make sense of principal, rates, maturity value, and the U.S. Rule. 120 multiple-choice questions: 40 concepts and 80 calculations, with complete worked explanations.
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  • Slater, Ch. 16, pp. 425-426
  • Slater, Ch. 16, pp. 426, 431-433
  • Slater, Ch. 16, pp. 426
  • Slater, Ch. 16, pp. 426-427
  • Slater, Ch. 16, pp. 427
  • Slater, Ch. 16, pp. 427-428
  • Slater, Ch. 16, pp. 426, 428-431
  • Slater, Ch. 16, pp. 429-430
  • Slater, Ch. 16, pp. 430
  • Slater, Ch. 16, pp. 430-431
  • Slater, Ch. 16, pp. 431
  • Slater, Ch. 16, pp. 431-432
  • Slater, Ch. 16, pp. 432-433
  • Slater, Ch. 16, pp. 433
  • Slater, Ch. 16, pp. 431-433
  • Slater, Ch. 16, pp. 427, 438
  • Slater, Ch. 16, pp. 425-427
Simple interest · Chapter 16

Exam overview

Answers save as you go.

40concepts
80calculations
Calculation conventions

Annual rates use time in years: months/12, actual days/360 for ordinary interest, or actual days/365 for exact interest. Exclude the first date and include the last. Keep full precision except for U.S. Rule interval interest, which is rounded to cents before adjusting principal. Round fractional days up where requested.

Questions in this exam

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01What does the principal of a loan represent?

Concept

  1. The annual rate
  2. The original amount borrowed
  3. The interest charged
  4. The total amount due at maturity
Slater, Ch. 16, pp. 425-426
02In simple interest, interest is calculated on which base?

Concept

  1. The maturity value in every case
  2. Only the latest interest charge
  3. Principal plus all prior interest every period
  4. The original principal, unless a payment reduces it
Slater, Ch. 16, pp. 426, 431-433
03Which formula gives simple interest?

Concept

  1. I = P + RT
  2. I = P(1 + R)^T
  3. I = P / (RT)
  4. I = PRT
Slater, Ch. 16, pp. 426
04Which formula gives maturity value for a simple interest loan with no partial payments?

Concept

  1. M = P / I
  2. M = I - P
  3. M = P - I
  4. M = P + I
Slater, Ch. 16, pp. 425-426
05With an annual rate, how should a term stated in months be entered into I = PRT?

Concept

  1. Months multiplied by 12
  2. Months divided by 12
  3. Months used as whole years
  4. Months divided by 100
Slater, Ch. 16, pp. 426-427
06Which denominator does the chapter use for exact interest?

Concept

  1. 360
  2. 365
  3. 100
  4. 12 regardless of units
Slater, Ch. 16, pp. 427
07Which denominator does the chapter use for ordinary interest?

Concept

  1. Actual number of days in the month
  2. 365
  3. 366
  4. 360
Slater, Ch. 16, pp. 427-428
08What combination defines the Banker's Rule used in this chapter?

Concept

  1. Actual elapsed days with a 365-day year
  2. Actual elapsed days with a 360-day year
  3. Interest compounded every banking day
  4. Thirty days for every month with a 365-day year
Slater, Ch. 16, pp. 427-428
09How are the loan's starting and repayment dates counted?

Concept

  1. Include both dates
  2. Exclude both dates
  3. Exclude the starting date; include the repayment date
  4. Include the starting date twice
Slater, Ch. 16, pp. 427
10For the same positive principal, rate, and actual number of days, which method gives more interest?

Concept

  1. Both always give the same interest
  2. Exact interest
  3. Ordinary interest
  4. Neither can be compared
Slater, Ch. 16, pp. 427-428
11How is an annual rate of 7.5% written as a decimal in a formula?

Concept

  1. 0.75
  2. 0.0075
  3. 0.075
  4. 7.5
Slater, Ch. 16, pp. 426
12What should you generally do with intermediate values in a simple-interest calculation?

Concept

  1. Round time to the nearest whole year
  2. Round the rate to a whole percent
  3. Keep full precision until the final answer
  4. Round every factor to two decimals
Slater, Ch. 16, pp. 426, 428-431
13Given interest, rate, and time, which formula finds principal?

Concept

  1. P = I / (RT)
  2. P = IRT
  3. P = RT / I
  4. P = I / (R + T)
Slater, Ch. 16, pp. 429-430
14Given interest, principal, and time, which formula finds annual rate?

Concept

  1. R = I / (PT)
  2. R = IPT
  3. R = I / (P + T)
  4. R = P / (IT)
Slater, Ch. 16, pp. 430
15Given interest, principal, and annual rate, which formula finds time in years?

Concept

  1. T = I / (PR)
  2. T = (I - P) / R
  3. T = PR / I
  4. T = IPR
Slater, Ch. 16, pp. 430-431
16After finding T in years, how do you find the total ordinary-interest days?

Concept

  1. Divide T by 360
  2. Multiply the entire T by 360
  3. Use only the fractional part of T and discard whole years
  4. Multiply T by 100
Slater, Ch. 16, pp. 430-431
17A computed term is 42.01 days. Under the chapter's whole-day rule, which term is reported?

Concept

  1. 43 days
  2. 42.1 days
  3. 42 days
  4. 41 days
Slater, Ch. 16, pp. 431
18A computed term is exactly 42 days. What is the reported term?

Concept

  1. 41 days
  2. 43 days
  3. 42 days
  4. 40 days
Slater, Ch. 16, pp. 431
19With principal and time fixed, what happens to simple interest when the rate doubles?

Concept

  1. Interest is halved
  2. Interest doubles
  3. Interest quadruples
  4. Interest stays unchanged
Slater, Ch. 16, pp. 426
20With a positive rate and unchanged principal, what happens to simple interest when time triples?

Concept

  1. Interest triples
  2. Interest stays unchanged
  3. Interest increases by only three dollars
  4. Interest is cubed
Slater, Ch. 16, pp. 426-427
21Why is a nine-month loan at an annual rate not treated as nine years?

Concept

  1. Months never affect interest
  2. The time unit must match the annual rate
  3. Interest rates can only be used for whole years
  4. A nine-month loan has no maturity value
Slater, Ch. 16, pp. 426-427
22If maturity value and principal are known, how do you find interest?

Concept

  1. I = M / P
  2. I = M + P
  3. I = P - M
  4. I = M - P
Slater, Ch. 16, pp. 425-426
23If principal and interest are both positive, how does maturity value compare with principal?

Concept

  1. Maturity value is smaller
  2. Maturity value is greater
  3. Maturity value equals principal
  4. There is no relationship
Slater, Ch. 16, pp. 425-426
24Under the U.S. Rule, what does a partial payment cover first?

Concept

  1. Accrued interest
  2. All future interest
  3. Principal only
  4. The original maturity value
Slater, Ch. 16, pp. 431-432
25Under the U.S. Rule, what happens to the part of a payment left after accrued interest is covered?

Concept

  1. It increases principal
  2. It is ignored until maturity
  3. It becomes extra interest
  4. It reduces principal
Slater, Ch. 16, pp. 431-432
26After a partial payment reduces principal, what base is used for the next interval's interest?

Concept

  1. The adjusted principal balance
  2. The sum of every prior payment
  3. The final maturity value
  4. Always the original principal
Slater, Ch. 16, pp. 432-433
27What time is used for the second interest interval in a U.S. Rule schedule?

Concept

  1. Time since the previous payment
  2. Time from origination all over again
  3. Time after maturity
  4. The full original term
Slater, Ch. 16, pp. 432-433
28At maturity after partial payments, what must still be paid?

Concept

  1. Adjusted principal plus interest since the last payment
  2. All previous payments again
  3. Only the original principal
  4. Adjusted principal less the last interval's interest
Slater, Ch. 16, pp. 433
29How is total interest found from a U.S. Rule schedule?

Concept

  1. Add all principal reductions
  2. Add the interest from all intervals
  3. Subtract the last interest from the first
  4. Use the final principal alone
Slater, Ch. 16, pp. 432-433
30When does the chapter's U.S. Rule example round interest?

Concept

  1. At each payment interval, to cents
  2. Never, even for actual payments
  3. To whole dollars at every interval
  4. Only after all principal balances are discarded
Slater, Ch. 16, pp. 432-433
31A partial payment exactly equals the interest accrued. What happens to principal?

Concept

  1. It becomes zero
  2. It stays unchanged
  3. It doubles
  4. It falls by the full payment
Slater, Ch. 16, pp. 431-432
32For the same loan and payment amount, why can paying earlier reduce total interest?

Concept

  1. Principal is reduced sooner
  2. The stated annual rate must fall
  3. The original principal is erased
  4. The calendar year gains more days
Slater, Ch. 16, pp. 431-433
33Which action overstates the principal reduction from a partial payment?

Concept

  1. Subtracting the entire payment from principal without covering interest first
  2. Calculating accrued interest first
  3. Using elapsed days between payments
  4. Using the adjusted balance for the next interval
Slater, Ch. 16, pp. 431-433
34What does the adjusted balance mean immediately after a qualifying U.S. Rule payment?

Concept

  1. Only the interest paid that day
  2. The remaining principal
  3. The total amount of all payments made
  4. The original principal plus every future interest charge
Slater, Ch. 16, pp. 432-433
35How should you verify a principal found from I / (RT)?

Concept

  1. Multiply interest by principal
  2. Add the rate to the number of days
  3. Compare it only with the maturity date
  4. Substitute it into I = PRT
Slater, Ch. 16, pp. 429-430
36Under the chapter's stated exact-interest convention, what changes when elapsed dates include February 29?

Concept

  1. The loan must compound daily
  2. February 29 is skipped
  3. The actual day count includes that day
  4. The denominator always becomes 360
Slater, Ch. 16, pp. 427, 438
37Why is ordinary interest not automatically a 30-days-per-month calculation here?

Concept

  1. The denominator is always 365
  2. The principal is divided by 30
  3. The numerator still uses actual calendar days
  4. The rate changes every month
Slater, Ch. 16, pp. 427-428
38If a simple-interest loan has zero interest rate and no fees, what is its maturity value?

Concept

  1. The principal
  2. The principal divided by time
  3. Zero
  4. Twice the principal
Slater, Ch. 16, pp. 425-426
39If a problem asks for the annual rate, why is interest divided only by principal insufficient for a partial year?

Concept

  1. That gives the maturity date
  2. That always gives a negative rate
  3. That gives the principal reduction
  4. That gives the return for the term, not an annualized rate
Slater, Ch. 16, pp. 430
40Which expression correctly recovers principal from maturity value, annual simple rate, and time?

Concept

  1. P = M / (RT)
  2. P = M(1 + RT)
  3. P = M - RT
  4. P = M / (1 + RT)
Slater, Ch. 16, pp. 425-426
41A loan of $2,400.00 carries 5.50% annual simple interest for 7 months. How much interest is due?

Calculation

  1. $924.00
  2. $77.00
  3. $132.00
  4. $2,477.00
Slater, Ch. 16, pp. 426-427
42A loan of $7,500.00 carries 8.00% annual simple interest for 15 months. How much interest is due?

Calculation

  1. $600.00
  2. $8,250.00
  3. $750.00
  4. $9,000.00
Slater, Ch. 16, pp. 426-427
43A loan of $12,800.00 carries 6.25% annual simple interest for 9 months. How much interest is due?

Calculation

  1. $600.00
  2. $800.00
  3. $13,400.00
  4. $7,200.00
Slater, Ch. 16, pp. 426-427
44A loan of $3,600.00 carries 9.50% annual simple interest for 18 months. How much interest is due?

Calculation

  1. $6,156.00
  2. $513.00
  3. $342.00
  4. $4,113.00
Slater, Ch. 16, pp. 426-427
45A loan of $9,500.00 carries 7.25% annual simple interest for 5 months. How much interest is due?

Calculation

  1. $3,443.75
  2. $688.75
  3. $286.98
  4. $9,786.98
Slater, Ch. 16, pp. 426-427
46With no interim payments, what is the maturity value of $8,000.00 borrowed for 2 years at 6.50% annual simple interest?

Calculation

  1. $9,073.80
  2. $9,040.00
  3. $1,040.00
  4. $8,086.67
Slater, Ch. 16, pp. 425-427
47With no interim payments, what is the maturity value of $15,000.00 borrowed for 3 years at 4.25% annual simple interest?

Calculation

  1. $16,994.93
  2. $1,912.50
  3. $16,912.50
  4. $15,159.38
Slater, Ch. 16, pp. 425-427
48With no interim payments, what is the maturity value of $4,800.00 borrowed for 1.5 years at 7.50% annual simple interest?

Calculation

  1. $4,845.00
  2. $540.00
  3. $5,350.00
  4. $5,340.00
Slater, Ch. 16, pp. 425-427
49With no interim payments, what is the maturity value of $22,000.00 borrowed for 4 years at 5.00% annual simple interest?

Calculation

  1. $4,400.00
  2. $26,741.14
  3. $26,400.00
  4. $22,366.67
Slater, Ch. 16, pp. 425-427
50With no interim payments, what is the maturity value of $6,400.00 borrowed for 2.5 years at 8.50% annual simple interest?

Calculation

  1. $6,513.33
  2. $1,360.00
  3. $7,847.92
  4. $7,760.00
Slater, Ch. 16, pp. 425-427
51Find ordinary interest on $3,200.00 at 9.00% for 75 actual days.

Calculation

  1. $59.18
  2. $288.00
  3. $60.00
  4. $3,260.00
Slater, Ch. 16, pp. 427-428
52Find ordinary interest on $8,400.00 at 5.50% for 145 actual days.

Calculation

  1. $183.53
  2. $8,586.08
  3. $186.08
  4. $462.00
Slater, Ch. 16, pp. 427-428
53Find ordinary interest on $15,000.00 at 8.25% for 210 actual days.

Calculation

  1. $721.88
  2. $15,721.88
  3. $711.99
  4. $1,237.50
Slater, Ch. 16, pp. 427-428
54Find ordinary interest on $6,250.00 at 7.20% for 95 actual days.

Calculation

  1. $118.75
  2. $6,368.75
  3. $117.12
  4. $450.00
Slater, Ch. 16, pp. 427-428
55Find ordinary interest on $18,000.00 at 6.50% for 128 actual days.

Calculation

  1. $1,170.00
  2. $18,416.00
  3. $410.30
  4. $416.00
Slater, Ch. 16, pp. 427-428
56What is the maturity value of a $4,600.00 loan at 6.75% for 84 actual days using exact interest and a 365-day denominator?

Calculation

  1. $4,671.46
  2. $4,672.45
  3. $4,910.50
  4. $71.46
Slater, Ch. 16, pp. 427
57What is the maturity value of a $12,500.00 loan at 9.20% for 172 actual days using exact interest and a 365-day denominator?

Calculation

  1. $541.92
  2. $13,041.92
  3. $13,049.44
  4. $13,650.00
Slater, Ch. 16, pp. 427
58What is the maturity value of a $7,200.00 loan at 4.50% for 240 actual days using exact interest and a 365-day denominator?

Calculation

  1. $7,413.04
  2. $213.04
  3. $7,524.00
  4. $7,416.00
Slater, Ch. 16, pp. 427
59What is the maturity value of a $9,000.00 loan at 8.00% for 109 actual days using exact interest and a 365-day denominator?

Calculation

  1. $9,218.00
  2. $9,720.00
  3. $9,215.01
  4. $215.01
Slater, Ch. 16, pp. 427
60What is the maturity value of a $21,500.00 loan at 5.80% for 310 actual days using exact interest and a 365-day denominator?

Calculation

  1. $22,573.81
  2. $22,747.00
  3. $22,559.10
  4. $1,059.10
Slater, Ch. 16, pp. 427
61For $10,000.00 at 6.00% over 180 actual days, how much more interest does ordinary interest charge than exact interest? Keep both calculations unrounded until subtracting.

Calculation

  1. $4.11
  2. $295.89
  3. $49.32
  4. $300.00
Slater, Ch. 16, pp. 427-428
62For $24,000.00 at 7.25% over 92 actual days, how much more interest does ordinary interest charge than exact interest? Keep both calculations unrounded until subtracting.

Calculation

  1. $444.67
  2. $438.58
  3. $73.10
  4. $6.09
Slater, Ch. 16, pp. 427-428
63For $72,000.00 at 4.00% over 225 actual days, how much more interest does ordinary interest charge than exact interest? Keep both calculations unrounded until subtracting.

Calculation

  1. $1,775.34
  2. $24.66
  3. $1,800.00
  4. $295.89
Slater, Ch. 16, pp. 427-428
64For $18,500.00 at 8.75% over 153 actual days, how much more interest does ordinary interest charge than exact interest? Keep both calculations unrounded until subtracting.

Calculation

  1. $678.54
  2. $9.42
  3. $687.97
  4. $113.09
Slater, Ch. 16, pp. 427-428
65For $50,000.00 at 5.20% over 270 actual days, how much more interest does ordinary interest charge than exact interest? Keep both calculations unrounded until subtracting.

Calculation

  1. $1,923.29
  2. $320.55
  3. $1,950.00
  4. $26.71
Slater, Ch. 16, pp. 427-428
66A loan earns $120.00 in ordinary interest at 8.00% over 90 days. What is the principal?

Calculation

  1. $6,000.00
  2. $2.40
  3. $6,083.33
  4. $1,500.00
Slater, Ch. 16, pp. 429-430
67A loan earns $315.00 in ordinary interest at 7.00% over 180 days. What is the principal?

Calculation

  1. $4,500.00
  2. $9,000.00
  3. $9,125.00
  4. $11.03
Slater, Ch. 16, pp. 429-430
68A loan earns $187.50 in ordinary interest at 5.00% over 150 days. What is the principal?

Calculation

  1. $3,750.00
  2. $9,000.00
  3. $9,125.00
  4. $3.91
Slater, Ch. 16, pp. 429-430
69A loan earns $480.00 in ordinary interest at 9.60% over 120 days. What is the principal?

Calculation

  1. $15,000.00
  2. $15.36
  3. $5,000.00
  4. $15,208.33
Slater, Ch. 16, pp. 429-430
70A loan earns $72.00 in ordinary interest at 6.00% over 80 days. What is the principal?

Calculation

  1. $0.96
  2. $5,400.00
  3. $5,475.00
  4. $1,200.00
Slater, Ch. 16, pp. 429-430
71A $4,000.00 loan incurs $75.00 interest in 90 days. What annual simple rate was charged using ordinary interest?

Calculation

  1. 1.88%
  2. 7.60%
  3. 7.50%
  4. 90.00%
Slater, Ch. 16, pp. 430
72A $7,500.00 loan incurs $187.50 interest in 120 days. What annual simple rate was charged using ordinary interest?

Calculation

  1. 90.00%
  2. 2.50%
  3. 7.50%
  4. 7.60%
Slater, Ch. 16, pp. 430
73A $18,000.00 loan incurs $450.00 interest in 150 days. What annual simple rate was charged using ordinary interest?

Calculation

  1. 6.08%
  2. 72.00%
  3. 6.00%
  4. 2.50%
Slater, Ch. 16, pp. 430
74A $6,400.00 loan incurs $192.00 interest in 180 days. What annual simple rate was charged using ordinary interest?

Calculation

  1. 6.00%
  2. 3.00%
  3. 72.00%
  4. 6.08%
Slater, Ch. 16, pp. 430
75A $12,000.00 loan incurs $270.00 interest in 135 days. What annual simple rate was charged using ordinary interest?

Calculation

  1. 6.00%
  2. 2.25%
  3. 72.00%
  4. 6.08%
Slater, Ch. 16, pp. 430
76A $5,000.00 ordinary-interest loan at 8.00% incurs $53.00 interest. Find the term in days, rounding any fraction of a day UP.

Calculation

  1. 50 days
  2. 49 days
  3. 47 days
  4. 48 days
Slater, Ch. 16, pp. 430-431
77A $7,200.00 ordinary-interest loan at 6.50% incurs $88.00 interest. Find the term in days, rounding any fraction of a day UP.

Calculation

  1. 70 days
  2. 69 days
  3. 68 days
  4. 67 days
Slater, Ch. 16, pp. 430-431
78A $9,500.00 ordinary-interest loan at 7.25% incurs $119.00 interest. Find the term in days, rounding any fraction of a day UP.

Calculation

  1. 64 days
  2. 65 days
  3. 62 days
  4. 63 days
Slater, Ch. 16, pp. 430-431
79A $2,400.00 ordinary-interest loan at 9.00% incurs $21.00 interest. Find the term in days, rounding any fraction of a day UP.

Calculation

  1. 36 days
  2. 35 days
  3. 39 days
  4. 37 days
Slater, Ch. 16, pp. 430-431
80A $16,000.00 ordinary-interest loan at 5.50% incurs $245.00 interest. Find the term in days, rounding any fraction of a day UP.

Calculation

  1. 100 days
  2. 103 days
  3. 101 days
  4. 102 days
Slater, Ch. 16, pp. 430-431
81A $3,000.00 loan at 8.00% simple interest earns $180.00 interest. What is its term in months?

Calculation

  1. 18 months
  2. 0.75 months
  3. 12 months
  4. 9 months
Slater, Ch. 16, pp. 430-431
82A $8,000.00 loan at 7.50% simple interest earns $700.00 interest. What is its term in months?

Calculation

  1. 17 months
  2. 28 months
  3. 1.16667 months
  4. 14 months
Slater, Ch. 16, pp. 430-431
83A $12,500.00 loan at 4.80% simple interest earns $900.00 interest. What is its term in months?

Calculation

  1. 36 months
  2. 1.5 months
  3. 18 months
  4. 21 months
Slater, Ch. 16, pp. 430-431
84A $9,600.00 loan at 6.25% simple interest earns $350.00 interest. What is its term in months?

Calculation

  1. 10 months
  2. 7 months
  3. 0.583333 months
  4. 14 months
Slater, Ch. 16, pp. 430-431
85A $4,500.00 loan at 9.60% simple interest earns $180.00 interest. What is its term in months?

Calculation

  1. 8 months
  2. 5 months
  3. 10 months
  4. 0.416667 months
Slater, Ch. 16, pp. 430-431
86A simple-interest loan at 9.00% matures after 6 months for $10,450.00. What was the principal?

Calculation

  1. $10,450.00
  2. $232,222.22
  3. $9,979.75
  4. $10,000.00
Slater, Ch. 16, pp. 425-426
87A simple-interest loan at 8.00% matures after 6 months for $15,600.00. What was the principal?

Calculation

  1. $15,600.00
  2. $15,000.00
  3. $390,000.00
  4. $14,976.00
Slater, Ch. 16, pp. 425-426
88A simple-interest loan at 6.00% matures after 6 months for $6,180.00. What was the principal?

Calculation

  1. $5,994.60
  2. $6,180.00
  3. $206,000.00
  4. $6,000.00
Slater, Ch. 16, pp. 425-426
89A simple-interest loan at 9.60% matures after 15 months for $22,640.00. What was the principal?

Calculation

  1. $20,214.29
  2. $188,666.67
  3. $22,640.00
  4. $19,923.20
Slater, Ch. 16, pp. 425-426
90A simple-interest loan at 7.00% matures after 10 months for $9,525.00. What was the principal?

Calculation

  1. $9,525.00
  2. $163,285.71
  3. $9,000.00
  4. $8,969.38
Slater, Ch. 16, pp. 425-426
91A loan runs from January 12, 2025 to April 27, 2025. Exclude the first date and include the last. How many actual days are charged?

Calculation

  1. 105 days
  2. 104 days
  3. 107 days
  4. 106 days
Slater, Ch. 16, pp. 427
92A loan runs from February 10, 2024 to April 03, 2024. Exclude the first date and include the last. How many actual days are charged?

Calculation

  1. 55 days
  2. 54 days
  3. 53 days
  4. 52 days
Slater, Ch. 16, pp. 427
93A loan runs from November 18, 2025 to February 06, 2026. Exclude the first date and include the last. How many actual days are charged?

Calculation

  1. 80 days
  2. 82 days
  3. 81 days
  4. 79 days
Slater, Ch. 16, pp. 427
94A loan runs from May 09, 2026 to August 21, 2026. Exclude the first date and include the last. How many actual days are charged?

Calculation

  1. 105 days
  2. 106 days
  3. 104 days
  4. 103 days
Slater, Ch. 16, pp. 427
95A loan runs from December 20, 2024 to March 11, 2025. Exclude the first date and include the last. How many actual days are charged?

Calculation

  1. 82 days
  2. 80 days
  3. 83 days
  4. 81 days
Slater, Ch. 16, pp. 427
96A 75-day note is dated March 18, 2025. Excluding the issue date, what is the maturity date?

Calculation

  1. June 01, 2025
  2. May 31, 2025
  3. June 02, 2025
  4. June 08, 2025
Slater, Ch. 16, pp. 427
97A 60-day note is dated January 20, 2024. Excluding the issue date, what is the maturity date?

Calculation

  1. March 20, 2024
  2. March 19, 2024
  3. March 21, 2024
  4. March 27, 2024
Slater, Ch. 16, pp. 427
98A 120-day note is dated October 25, 2025. Excluding the issue date, what is the maturity date?

Calculation

  1. March 01, 2026
  2. February 21, 2026
  3. February 23, 2026
  4. February 22, 2026
Slater, Ch. 16, pp. 427
99A 95-day note is dated June 07, 2026. Excluding the issue date, what is the maturity date?

Calculation

  1. September 17, 2026
  2. September 11, 2026
  3. September 10, 2026
  4. September 09, 2026
Slater, Ch. 16, pp. 427
100A 140-day note is dated November 15, 2024. Excluding the issue date, what is the maturity date?

Calculation

  1. April 04, 2025
  2. April 05, 2025
  3. April 03, 2025
  4. April 11, 2025
Slater, Ch. 16, pp. 427
101A $6,000.00 loan at 6.00% runs 120 days. Payments of $900.00 on day 30 and $1,200.00 on day 80 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the adjusted principal immediately after the second payment?

Calculation

  1. $3,999.24
  2. $3,972.75
  3. $4,002.75
  4. $3,900.00
Slater, Ch. 16, pp. 431-433
102A $8,500.00 loan at 7.50% runs 150 days. Payments of $1,100.00 on day 35 and $1,450.00 on day 87 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the adjusted principal immediately after the second payment?

Calculation

  1. $5,950.00
  2. $6,172.79
  3. $6,154.80
  4. $6,092.82
Slater, Ch. 16, pp. 431-433
103A $12,000.00 loan at 9.00% runs 180 days. Payments of $1,300.00 on day 40 and $1,700.00 on day 94 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the adjusted principal immediately after the second payment?

Calculation

  1. $9,465.29
  2. $9,266.07
  3. $9,386.07
  4. $9,000.00
Slater, Ch. 16, pp. 431-433
104A $7,500.00 loan at 8.00% runs 135 days. Payments of $1,500.00 on day 45 and $1,950.00 on day 101 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the adjusted principal immediately after the second payment?

Calculation

  1. $4,232.34
  2. $4,200.60
  3. $4,050.00
  4. $4,275.60
Slater, Ch. 16, pp. 431-433
105A $18,000.00 loan at 5.50% runs 210 days. Payments of $1,700.00 on day 50 and $2,200.00 on day 108 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the adjusted principal immediately after the second payment?

Calculation

  1. $14,520.65
  2. $14,100.00
  3. $14,607.29
  4. $14,383.15
Slater, Ch. 16, pp. 431-433
106A $6,500.00 loan at 6.00% runs 120 days. Payments of $900.00 on day 30 and $1,200.00 on day 80 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the final balance due at maturity?

Calculation

  1. $4,479.44
  2. $4,530.00
  3. $4,509.30
  4. $4,449.58
Slater, Ch. 16, pp. 431-433
107A $9,000.00 loan at 7.50% runs 150 days. Payments of $1,100.00 on day 35 and $1,450.00 on day 87 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the final balance due at maturity?

Calculation

  1. $6,515.27
  2. $6,731.25
  3. $6,688.57
  4. $6,601.92
Slater, Ch. 16, pp. 431-433
108A $12,500.00 loan at 9.00% runs 180 days. Payments of $1,300.00 on day 40 and $1,700.00 on day 94 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the final balance due at maturity?

Calculation

  1. $10,062.50
  2. $9,988.11
  3. $9,567.67
  4. $9,777.89
Slater, Ch. 16, pp. 431-433
109A $8,000.00 loan at 8.00% runs 135 days. Payments of $1,500.00 on day 45 and $1,950.00 on day 101 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the final balance due at maturity?

Calculation

  1. $4,676.28
  2. $4,747.48
  3. $4,790.00
  4. $4,711.88
Slater, Ch. 16, pp. 431-433
110A $18,500.00 loan at 5.50% runs 210 days. Payments of $1,700.00 on day 50 and $2,200.00 on day 108 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the final balance due at maturity?

Calculation

  1. $14,659.38
  2. $15,193.54
  3. $14,891.44
  4. $15,123.50
Slater, Ch. 16, pp. 431-433
111A $7,000.00 loan at 6.00% runs 120 days. Payments of $900.00 on day 30 and $1,200.00 on day 80 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the total interest paid over the loan?

Calculation

  1. $86.13
  2. $140.00
  3. $119.37
  4. $33.24
Slater, Ch. 16, pp. 431-433
112A $9,500.00 loan at 7.50% runs 150 days. Payments of $1,100.00 on day 35 and $1,450.00 on day 87 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the total interest paid over the loan?

Calculation

  1. $161.02
  2. $93.33
  3. $296.88
  4. $254.35
Slater, Ch. 16, pp. 431-433
113A $13,000.00 loan at 9.00% runs 180 days. Payments of $1,300.00 on day 40 and $1,700.00 on day 94 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the total interest paid over the loan?

Calculation

  1. $510.94
  2. $585.00
  3. $289.71
  4. $221.23
Slater, Ch. 16, pp. 431-433
114A $8,500.00 loan at 8.00% runs 135 days. Payments of $1,500.00 on day 45 and $1,950.00 on day 101 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the total interest paid over the loan?

Calculation

  1. $173.17
  2. $255.00
  3. $212.63
  4. $39.46
Slater, Ch. 16, pp. 431-433
115A $19,000.00 loan at 5.50% runs 210 days. Payments of $1,700.00 on day 50 and $2,200.00 on day 108 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. What is the total interest paid over the loan?

Calculation

  1. $239.98
  2. $299.72
  3. $539.70
  4. $609.58
Slater, Ch. 16, pp. 431-433
116A $7,500.00 loan at 6.00% runs 120 days. Payments of $900.00 on day 30 and $1,200.00 on day 80 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. How much interest is saved compared with making no payments before maturity? Round the no-payment interest to cents.

Calculation

  1. $150.00
  2. $129.43
  3. $57.19
  4. $20.57
Slater, Ch. 16, pp. 431-433
117A $10,000.00 loan at 7.50% runs 150 days. Payments of $1,100.00 on day 35 and $1,450.00 on day 87 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. How much interest is saved compared with making no payments before maturity? Round the no-payment interest to cents.

Calculation

  1. $270.14
  2. $142.37
  3. $312.50
  4. $42.36
Slater, Ch. 16, pp. 431-433
118A $13,500.00 loan at 9.00% runs 180 days. Payments of $1,300.00 on day 40 and $1,700.00 on day 94 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. How much interest is saved compared with making no payments before maturity? Round the no-payment interest to cents.

Calculation

  1. $533.75
  2. $305.98
  3. $607.50
  4. $73.75
Slater, Ch. 16, pp. 431-433
119A $9,000.00 loan at 8.00% runs 135 days. Payments of $1,500.00 on day 45 and $1,950.00 on day 101 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. How much interest is saved compared with making no payments before maturity? Round the no-payment interest to cents.

Calculation

  1. $270.00
  2. $227.78
  3. $85.55
  4. $42.22
Slater, Ch. 16, pp. 431-433
120A $19,500.00 loan at 5.50% runs 210 days. Payments of $1,700.00 on day 50 and $2,200.00 on day 108 are made. Use the U.S. Rule and a 360-day year; round each interval interest to cents. How much interest is saved compared with making no payments before maturity? Round the no-payment interest to cents.

Calculation

  1. $625.63
  2. $69.72
  3. $317.62
  4. $555.91
Slater, Ch. 16, pp. 431-433

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