summative test in general mathematics

It is the amount of time in years the money is borrowed or invested.

• Principal Amount

• Maturity/Future Value

• Interest

• Rate

It is the date on which the total amount borrowed with interest is to be completely repaid.

• Loan date

• Maturity Value

• Maturity Date

• Origin Date

It refers to the person or institution that invests the money or makes the funds available.

• Creditor

• Lender

• Business Mathematics

• Bank

If everthing else is the same, which is better for the borrower, a simple interest loan or a compound interest loan?

• Simple interest

• Compound interest

• They are the same.

If everything else is the same, which is better for the lender, a simple interest loan or a compound interest loan?

• Simple Interest

• Compound Interest

• They are the same.

How do you write 23% as a decimal?

• 23.0

• 2.3

• 0.23

• 0.023

How do you write 5% as a decimal?

• 5.0

• 0.5

• 0.05

• 0.005

What is 5.6% written as a decimal?

• 5.6

• 0.56

• 0.056

• 0.0056

Christine takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. Is she does not make any payments, how much interest will she owe at the end of 4 years?

• $1800

• $18000

• $16800

• $33000

Aiydan puts $5000 into a savings account with a 3% interest rate. The interest compounds yearly. How much money will he have in his account after 8 years?

• $150

• $5300

• $6333.85

• $40786.54