Free Printable AFA-Final Exam 2025

1.

What is the formula to calculate percent change between two values, $A$ (original) and $B$ (new)?

a)

$\frac{B - A}{A} \times 100\%$

b)

$\frac{A - B}{B} \times 100\%$

c)

$\frac{A + B}{A} \times 100\%$

d)

$\frac{B}{A} \times 100\%$

2.

Which formula represents simple interest?

a)

$I = Prt$

b)

$I = P(1 + rt)$

c)

$I = P(1 + r)^t$

d)

$I = \frac{P}{rt}$

3.

What is the standard formula for compound interest when interest is compounded monthly?

a)

$A=P(1+\frac{r}{n})^{tn}$

b)

$A = P + Prt$

c)

$A = Prt$

d)

$A = P(1 - r)^t$

4.

Which formula is used to calculate the monthly payment $M$ for a loan with principal $P$ , monthly interest rate $r$ , and $n$ total payments?

a)

$M=\frac{p\left(\frac{r}{n}\right)(1+\frac{r}{n})^{nt}}{(1+\frac{r}{n})^{nt}-1}$

b)

$M=P(1+\frac{r}{n})^{nt}$

c)

$M = Prt$

d)

$M = \frac{P}{n}$

5.

A principal of $500 is invested at a simple interest rate of 4% per year for 3 years. What is the interest earned?

a)

$60

b)

$40

c)

$50

d)

$30

6.

If $1,000 is invested at an annual compound interest rate of 5% for 2 years, what is the total amount at the end of 2 years? (Round to the nearest dollar)

a)

$1,100

b)

$1,103

c)

$1,053

d)

$1,200

7.

Which of the following is NOT required to calculate simple interest?

a)

Principal

b)

Time

c)

Interest rate

d)

Number of compounding periods

8.

A loan of $2,400 is to be repaid in 12 monthly installments at a monthly interest rate of 1%. Which formula would you use to find the monthly payment?

a)

$M=\frac{P\left(\frac{r}{12}\right)(1+\frac{r}{12})^{12t}}{(1+\frac{r}{12})^{12t}-1}$

b)

$M = Prt$

c)

$M = P(1 + r)^{12}$

d)

$M = \frac{P}{12}$

9.

Calculate the percent change if a value decreases from 200 to 150.

a)

-25%

b)

-20%

c)

25%

d)

20%

10.

A principal of $1,200 is invested at a simple interest rate of 3% per year for 5 years. What is the total amount at the end of 5 years?

a)

$1,380

b)

$1,200

c)

$1,800

d)

$1,500

11.

If you invest $2,000 at a monthly compound interest rate of 6% for 3 years, what is the total amount at the end of 3 years? (Round to the nearest dollar)

a)

$2,393

b)

$2,360

c)

$2,380

d)

$2,180

12.

A loan of $10,000 is compounded weekly with an interest rate of 0.5% over 5 years..

What is the total paid out?

a)

$12,008

b)

$10,253

c)

$13,190

d)

$12,190

13.

A savings account offers a 2% annual interest rate, compounded annually. If you deposit $500, how much will you have after 4 years? (Round to the nearest dollar)

a)

$541

b)

$520

c)

$540

d)

$510

14.

You borrow $5,000 at a simple interest rate of 7% per year for 2 years. How much interest will you pay?

a)

$700

b)

$350

c)

$1,400

d)

$1,000

15.

A car loan of $15,000\ is\ to\ be\ repaid\ over\ 12\ months\ at\ a\ monthly\ interest\ rate\ of\ 0.4\%.\ What\ is\ the\ value\ of\$ "n" in the monthly payment formula?

a)

12

b)

36

c)

24

d)

48

16.

If a bank offers 4% annual interest compounded daily, how much will a $1,000 deposit grow in 5 years? (Round to the nearest dollar)

a)

$1,217

b)

$1,200

c)

$1,221

d)

$1,500

17.

A loan of $8,000\ is\ to\ be\ repaid\ in\ 12\ monthly\ installments\ at\ a\ monthly\ interest\ rate\ of\ 0.5\%.\$

What value is "r" in the monthly payment formula?

a)

0.5

b)

0.05

c)

0.005

d)

5

18.

A person invests $3,000 at 5% annual compound interest for 4 years. Calculate the total amount at the end of 4 years. (Round to the nearest dollar)

a)

$3,640

b)

$3,625

c)

$3,500

d)

$3,647

19.

A product’s price drops from $200 to $75. What is the percent decrease?

a)

24%

b)

63%

c)

55%

d)

13%

20.

If you invest $4,000 at a simple interest rate of 3.5% per year for 6 years, what is the total interest earned?

a)

$847

b)

$700

c)

$600

d)

$840

21.

A savings account offers 2.5% annual interest compounded annually. If you deposit $2,500, how much will you have after 5 years? (Round to the nearest dollar)

a)

$2,829

b)

$2,752

c)

$2,813

d)

$2,627

22.

You borrow $7,500 at a simple interest rate of 6% per year for 4 years. What is the total amount you will repay?

a)

$9,300

b)

$8,800

c)

$8,940

d)

$9,469

23.

A loan of $12,000 is to be repaid over 4 years. What is the monthly payment with an interest rate of 0.3%. Calculate the monthly payment. (Round to the nearest dollar)

a)

$1,012

b)

$252

c)

$357

d)

$1,100

24.

If a bank offers 3% annual interest compounded annually, how much will a $5,000 deposit grow to in 10 years? (Round to the nearest dollar)

a)

$6,270

b)

$6,720

c)

$6,000

d)

$5,300

25.

You invest $10,000 at an annual compound interest rate of 8% for 5 years. What is the total amount at the end of 5 years? (Round to the nearest dollar)

a)

$14,679

b)

$14,693

c)

$13,500

d)

$12,000

AFA-Final Exam 2025

Total questions: 25

Worksheet time: 13mins

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