Ordinary vs Exact Interest
Authored by Hon Costello
8th - 12th Grade
CCSS covered
Used 80+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Single-payment loan is
A loan you repay with one payment after a specified period of time.
A written promise to pay a certain sum of money on a specific date in the future.
The total amount you must repay for a loan.
A loan you repay over a period of time.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A promissory note is
A loan you repay with one payment after a specified period of time.
A written promise to pay a certain sum of money on a specific date in the future.
The total amount you must repay for a loan.
A loan you repay over a period of time.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Maturity Value is
A loan you repay with one payment after a specified period of time.
A written promise to pay a certain sum of money on a specific date in the future.
The total amount you must repay for a loan.
A loan you repay over a period of time.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ordinary Interest
interest calculated based on a 360-day year
interest calculated based on a 365-day year
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Exact Interest
interest calculated based on a 360-day year
interest calculated based on a 365-day year
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anita’s bank granted her a single-payment loan of $5,200 for 60 days to pay for her new merchandise for her candle shop. Determine the interest of the loan if the rate is 7.5% ordinary interest
$65
$5265
$64.11
$5264.11
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anita’s bank granted her a single-payment loan of $5,200 for 60 days to pay for her new merchandise for her candle shop. Determine the maturity value of the loan if the rate is 7.5% ordinary interest
$65
$5265
$64.11
$5264.11
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