Q2-MATH 11-EXAM

What is the amount of time in years that money is borrowed or invested called?

• Rate

• Maturity/Future Value

• Principal Amount

• Interest

What is the date on which the total amount borrowed, including interest, is to be completely repaid?

• Loan Date

• Origin Date

• Maturity Value

• Maturity Date

Who is the person or institution that invests the money or makes the funds available?

• Business Mathematics

• Bank

• Lender

• Creditor

If all other factors are the same, which type of loan is better for the borrower: simple interest or compound interest?

• Compound Interest

• Simple Interest

• They are the same.

If all other factors are the same, which type of loan is better for the lender: simple interest or compound interest?

• Compound Interest

• Simple Interest

• They are the same.

How is 23% written as a decimal?

• 0.23

• 2.3

• 0.023

• 23.0

How is 5% written as a decimal?

• 0.005

• 0.05

• 0.5

• 5.0

How is 5.6% written as a decimal?

• 0.0056

• 5.6

• 0.56

• 0.056

What is 4.3% written in decimal form?

• 0.0043

• 4.3

• 0.043

• 0.43

In the simple interest formula I=Prt, what does t represent?

• interest

• Time, in hours

• Principal

• Time, in years